Company Secretarial Software Market Driven By Demand Surge to Grow Exceptionally
Global Company Secretarial Software Market is expected to reach USD 3.04 Billion by 2025, registering a CAGR of 5.3% during the forecast period, 2019–2025. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the market in the coming years.
The growing need to comply with dynamic secretarial standards and the continuous adoption of cloud-based software solutions is expected to drive the overall market. Additionally, enterprises are continuously investing in deploying such solutions, thereby creating additional opportunities in the market.
The global company secretarial software market is fragmented, with several small- and mid-size players offering their solutions to enterprises. However, few key players dominate the market with a significant market share and also record intense rivalry. Few of these players are Wolters Kluwer, Axardigital, Diligent Corporation, and Corporatek. These players compete based on price, software features, and market presence. Apart from these players, a few of the small- to mid-sized players have emerged as innovators; these players include CimplyFive, Volody, and Relate Software. Companies such as Computershare Limited and TMF Group offer secretarial services and entity management software to enterprises; however, they do not provide dedicated company secretarial software. Hence, they do not compete directly with the aforementioned players in the market.
Global Company Secretarial Software Market has been segmented based on Component, Deployment, Enterprise Size, Vertical, and Region.
Based on component, the company secretarial software market has been segmented into solution and service. The solution segment includes tools or software used for streamlining corporate recordkeeping and annual filing required to be kept up to date in compliance with the local regulations. The service segment includes professional services offered by solution providers. These professional services include training & consulting and support & maintenance services. In 2018, the solution segment accounted for the larger share in the overall market. Secretarial software is being used by enterprises of all sizes to manage their book-keeping. With the continuously rising demand for such tools in the verticals, including banks and insurance, the market share for the solution segment is expected to be larger during the forecast period.
Based on deployment, the company secretarial software market has been segmented into on-premise and cloud. The on-premise segment accounted for the larger market share in the year 2018; however, the cloud-based segment is expected to grow at a higher CAGR during the forecast period. The reasons for the same are the comprehensive benefits offered by cloud-based solutions such as flexibility, cost-effectiveness, and security.
Based on enterprise size, the company secretarial software market has been segmented into small & medium enterprises and large enterprises. Small and medium enterprises in the IT industry vertical are expected to demand such tools and services in the coming years due to the continuous need for complying with dynamic regulations in these enterprises. Due to this, the small and medium enterprise segment is expected to register a higher CAGR during the forecast period.
Based on vertical, the company secretarial software market has been segmented into banks, insurance, IT, Telecommunication, and others. The banks segment held the largest share in the year 2018 due to the continuously rising demand for these solutions.
The key players of the Global Company Secretarial Software Market are Axar Digital Services Pvt. Ltd. (India), Volody (India), CimplyFive (India), Corporatek (North America), Diligent Corporation (Australia), Vistra (India), Informdirect (UK), GreatSoft (South Africa), Wolters Kluwer (Netherlands), Atlas Computer Systems Limited. (UK), BTCSoftware Limited (UK), FirstOrder (UK), BOARDEFFECT (US), NOMISMA SOLUTION (UK), and Relate Software (India)
The regional analysis for the global company secretarial software has been done for North America, Europe, the Asia-Pacific, and the Middle East & Africa, and South America.
The market in Europe accounted for the largest market share in 2018, and it is expected to register rapid growth during the forecast period. The key driving factor for the growth of the company secretarial software market in the region in the coming years is the growing demand for these solutions among enterprises operating in the UK, Germany, and France.
The market in the Asia-Pacific region is expected to register the highest CAGR during the forecast period. For the purpose of analysis, the Asia-Pacific has been categorized as China, Japan, India, and the rest of Asia-Pacific. This growth can be attributed to the adoption of cloud computing technology. The Increasing demand for the effective streamlining of the bookkeeping process, among the enterprises is one of the key reasons driving the growth of the market.
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