ID: MRFR/ICT/7327-HCR | February 2021 | Region: Global | 141 pages
The company secretarial software is a software solution that streamlines corporate recordkeeping and annual filing required to stay in compliance with the regional or local regulation. The software offered in the market can be deployed on-premise or on the cloud, depending on the needs of the enterprise. The market is driven by the growing need to comply with dynamic secretarial standards across various industry verticals globally. Also, since company secretarial software offers several benefits besides saving time, including the ease and flexibility of managing unlimited data and entries and efficiently managing records of a company, it is widely deployed across various industries including banking, financial services, and insurance, and IT and telecommunication. The software is designed to cater to the needs of practicing chartered accountants, solicitors, and company secretaries. The purpose of the company secretarial software is to keep all the information from incorporation to filing of the annual returns. The other key purpose of this software is to enable enterprises to prepare e-forms, keep a record of these e-forms, and maintain a centralized repository of the complete data.
With the growth in the number of enterprises in developing regions such as the Asia-Pacific, South America, and the Middle East and Africa, the demand for such solutions is significantly increasing. The changing role of company secretaries and their increasing responsibilities have given rise to several operational complexities in managing information. Additionally, the increased burden of changing regulations in terms of the corporate governance code and dynamic regulatory compliance, specifically in the financial service, has led to increasing demand for efficient secretarial software solutions that can streamline the entire process, thereby driving the market. Providers of the software offer solutions that help enterprises in complying with companies’ acts implemented in different countries. For instance, CimplyFive offers the board leaders integrated software solution (BLISS), which is a cloud-based solution that automates routines and is an e-repository for secretarial records, providing on-time alerts to ensure compliance and effective corporate governance. Similarly, Volody offers cloud-based secretarial software that helps the company secretary of any enterprise to develop the agenda, get automatically filled ROC forms, and get a detailed list of compliance.
Global Company Secretarial Software Market is expected to expand at a 5.3% CAGR during the forecast period, reaching USD 3.04 Billion in 2025.
The Global Company Secretarial Software Market has been segmented based on Component, Deployment, Organization Size, Vertical, and Region.
Based on component, the company secretarial software market has been segmented into solutions and service. The service segment includes professional services offered by solution providers; these services include training & consulting and support & maintenance. The solution segment accounted for the largest share in the overall market in 2018. A large number of verticals are deploying such solutions to effectively comply with dynamic secretarial standards, which is driving the market.
Based on enterprise size, the company secretarial software market has been segmented into small & medium enterprises and large enterprises. The small & medium enterprises segment is expected to register the highest CAGR during the forecast period, 2019–2025
Based on deployment, the company secretarial software market has been segmented into on-premise and cloud-based segments. The cloud-based segment is expected to register a higher CAGR during the forecast period, 2019–2025
Based on vertical, the company secretarial software market has been segmented Banks, Insurance, IT, Telecommunication, others. Banks accounted for the largest share in the year 2018, and it is expected to account for the largest share in the forecast period as well.
Geographically, the global company secretarial software market has been segmented into the Asia-Pacific, North America, Europe, the Middle East & Africa, and South America.
Europe leads the market in terms of market share in the company secretarial software market. Some of the factors that are responsible for the growth of the market include continuous investment and focus on company secretarial software among enterprises of all sizes. The presence of several software providers in the market is another factor that significantly contributed to growth in Europe’s company secretarial software market in the year 2018. Europe has been segmented into the UK, Germany, France, Spain, Italy, and the rest of Europe. According to MRFR analysis, the UK is expected to gain the highest market share, followed by Germany and France. The company secretarial software market in this region is expected to grow due to the increasing demand for effectively managing compliances.
North America has occupied the second position in the market. For the purpose of this study, North America has been categorized into the US, Canada, and Mexico. Among these, the US accounted for the largest share in the overall market. However, Canada is expected to register the highest CAGR during the forecast period.
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).
Key Questions Addressed by the Report
Frequently Asked Questions (FAQ) :
The elevated compliance with secretarial standards is estimated to boost the global market.
An income level of USD 3.04 Billion in 2025 is foreseen for the global market.
A 5.3% CAGR is predicted to add to the market’s success in the forecast period.
Companies like Vistra (India), Informdirect (U.K.), GreatSoft (South Africa), Diligent Corporation (Australia) and Wolters Kluwer (Netherlands) are predicted to be direct the market.
The European region is estimated to retain the top tier position in the forecast period.