New York, United States, Feb. 13, 2024 (GLOBE NEWSWIRE) -- Disclosure management systems enabled numerous firms to publish their financial statements expediently by automating the process of preparing financial statements and offering the flexibility of multiple output forms, such as a paper copy, PDF document, or XBRL file. Using disclosure management in reporting, an organization can prepare and modify clearly labeled extensible business reporting language (XBRL) submissions to a regulatory body, such as a 10K or 10Q filed to the SEC or another comparable government agency. You can create financial statements, comments, and supporting schedules using Microsoft Word or Excel. These documents can be mapped and provided in PDF, XBRL, HTML, or EDGAR formats.
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Increasing Reporting Process Complexity Characterized by Variable File Formats Drives the Global Market
According to Straits Research, “The global disclosure management market size was valued at USD 890.80 million in 2022. It is projected to reach USD 3,453.96 million by 2031, growing at a CAGR of 16.25% during the forecast period (2023-2031).” When succeeding software generations gradually stop supporting older formats, new formats or versions of designs may eventually become obsolete. Data may become inaccessible if the software does not help backward compatibility with prior file formats. Both commercial and open-source arrangements can become obsolete. Businesses may use planned obsolescence to convince customers to purchase new products, while open-source software groups may stop supporting outdated formats.
Regulation and innovation's effects on the financial market: Financial innovation, which initially tends to be more arduous and less understood, is mainly driven by market forces. Corporate financial reporting is becoming more sophisticated to keep up with the US tax legislation. Complexity causes market inefficiencies (such as a more extraordinary investor, preparer, audit, and regulatory expenditures). It results in inefficient capital allocation, restricting communication between a firm and its stakeholders. The United States has seen multiple catastrophic financial crises over the previous 20 years. This complexity will increase demand for cloud-based or on-premise disclosure management technologies.
File Formats and Document Standards for Financial Services Extension-Designated File Creates Tremendous Opportunities
A free and open platform for exchanging business information is called XBRL (eXtensible Business Reporting Language). It has replaced prior paper-based reports with more pertinent and precise digital data and is now widely used as a standard format. XBRL files can transfer various data types, including ledgers, financial records, and balance sheets. Software like Rivet Software's Dragon View XBRL Viewer and APIs like Aspose, which enable data processing of all types of corporate information from preparation to analysis, are supported.
A messaging standard called Financial Information Exchange (FIX) Protocol was created mainly for the real-time electronic exchange of securities transactions. Owning and upholding the FIX public-domain specification is FIX Protocol, Ltd. FIX has developed as the de facto messaging standard in the global equities markets for pre-trade and transaction communication. It is growing into the post-trade area and the derivatives and foreign currency fixed-income markets to facilitate straight-through processing.
Regional Analysis
North America is the most significant revenue contributor and is anticipated to grow at a CAGR of 16.40% over the projection period. The North American disclosure management market is expected to expand rapidly due to the technological development of countries like the United States and Canada. The increase in requirements is a result of the SEC mandate in the United States, which calls for all public and private businesses listed with it to submit their reports in the eXtensible Business Reporting Language. Before this, the area's companies outsourced the tagging of their XBRL reports, gradually increasing the time and money spent on their efforts and manual processes and controls. The growing need to follow industry regulations to sustain market competition is one of the critical factors impacting the market need for disclosure management in the field.
Europe is anticipated to grow at a CAGR of 15.90% during the forecast period. This tendency is accelerating in many other parts of the world due to the incorporation of ESEF into legislation, representing a substantial step for corporate transparency and financial analysis in Europe. Markets and regulators worldwide are switching from paper to structured data. Searching, comparing, and analyzing data will be significantly easier whenever business information is available in human and digital machine-readable formats. Significant technological advancements in artificial intelligence (AI) and large-scale data analysis, which Europe will be in a perfect position to take advantage of, may result in a fundamental change in banking and industry over the next ten years. Disclosure management features include standardization, automation, and ease of report preparation and review, including reporting in the XBRL format.
Key Highlights
- Based on components, the global disclosure management market is bifurcated into software and service. The software segment is the major contributor to the market and is estimated to grow at a CAGR of 16.60% during the forecast period.
- Based on deployment, the global disclosure management market is bifurcated into on-premise and cloud. The cloud segment is the major contributor to the market and is estimated to grow at a CAGR of 17.20% during the forecast period.
- Based on the end-user industry, the global disclosure management market is bifurcated into BFSI, IT and telecom, healthcare, retail, manufacturing, and other end-user industries. The BFSI segment is the major contributor to the market and is estimated to boost at a CAGR of 17.30% during the forecast period.
- North America is the major revenue contributor and is expected to increase at a CAGR of 16.40% during the forecast period.
Competitive Players
The global disclosure management market's major key players are SAP SE, Oracle Corporation, Workiva, Inc., Insight software., LucaNet AG, Data Tracks Global Private Limited, Tagetik Software S.r.l. (Wolters Kluwer N.V.), CoreFiling Limited, Trintech, Inc., IRIS Carbon (IRIS Business Services), and Donnelley Financial Solutions (DFIN).
Market News
- In March 2022, International Document Services, Inc. was purchased by Wolters Kluwer Governance, Risk and Compliance (GRC), according to a contract signed with The Reynolds and Reynolds Company (IDS). With end-to-end capabilities ranging from document generation to eClosing, loan analytics, and lien solutions, the acquisition expands on GRC's already established leadership in digital loan compliance.
- In December 2021, Verisma, a market leader in healthcare disclosure management technology and services, received funding from NewSpring Healthcare. Verismo is given a quicker timeline thanks to this sizeable investment. They'll be able to reduce obstacles to adequate disclosures and keep up with market needs, including escalating volume and regulation.
Global Disclosure Management Market: Segmentation
By Component
- Software
- Service
By Deployment Type
- On-Premise
- Cloud
By End-User Industry
- BFSI
- IT and Telecom
- Healthcare
- Retail
- Manufacturing
- Other End-user Industries
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
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