Market overview:
The company secretarial software market industry is projected to grow from USD 5.4009 billion in 2023 to USD 8.543 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.90% during the forecast period (2023 - 2032). Basically, the company secretarial software is considered a perfect software solution, which streamlines annual filing and corporate recordkeeping need in compliance with local and regional regulation.
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Key Players:
Key Companies in the Company Secretarial Software market include,
- Anglia Registrars Ltd (U.K.)
- Axardigital (India)
- Volody (India)
- CimplyFive (India)
- Corporatek Inc. (Canada)
- Diligent Corporation (U.S.)
- Vistra (China)
- GreatSoft (China)
- Wolters Kluwer N.V. (Netherlands)
- Atlas Computer Systems Limited (U.K.)
- BTCSoftware Limited (U.K.)
- First Order (U.K.)
- BOARDEFFECT (U.S.)
- Nomisma Solution Ltd. (U.K.)
Based on the requirements of the enterprises, the company secretarial software can be deployed on the cloud or on-premise. The Company Secretarial Software Market is driven due to the increasing requirements to comply with the dynamic secretarial standards among different verticals across the world.
There are many benefits associated with company secretarial software, including the flexibility and ease of managing entries, unlimited data, saving time, and managing company records deployed in different industries like IT and telecommunication, banking, insurance, and financial services.
Market segmentation:
Segmentally, the worldwide Company Secretarial Software Market has been categorized on the basis of Deployment, Component, Vertical, and Organization Size. On the basis of the deployment segment, the current market has been segregated into cloud-based and on-premise. Among all, the cloud-based segment is projected to account for a higher CAGR in the analysis period of 2023 to 2032.
The worldwide market has been classified into various components, such as services and solutions. In 2018, the solution segment was registered to account for the largest market share during the assessment period because many verticals are deploying this solution to comply effectively with the dynamic secretarial standards. On the other hand, the service segment includes support maintenance and, training consulting.
In terms of the vertical segment, the global market is segmented into different verticals such as Telecommunication, Banks, IT, Insurance, and others. Out of all, the banks' segment is accounted to be the largest share for 2018. Further, the same segment is anticipated to acquire the largest share in the research period. Depending on the organizational size segment, the current market has been divided into large enterprises and small medium enterprises. Of these, the small medium enterprise is predicted to generate the highest CAGR over the review period of 2023 to 2032.
Regional analysis:
As per the Company Secretarial Software Market report, the market has been segregated into the Middle East Africa, Asia-Pacific, Europe, South America, North America, and others.
In terms of market share, the European region is dominating the global market during the forecast period due to the rising focus on company secretarial software among various sizes enterprises and growing continuous investment in the region. Moreover, this region has the presence of potential software providers that is enhancing the regional market growth. Further, the growing demand for effectively managing compliances is contributing to generating the highest market share in the UK.
In the competition, North America has gained the second leading position. Here, the US country is projected to account for the largest share during the forecast period.
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Industry news
In February 2017, a partnership contract was signed between the companies CimplyFive and TaxSutra for different services and knowledge sharing. This partnership has aimed to promote compliance in the corporate sector of India.
Company Secretarial Software Industry Developments:
January: Wolters Kluwer acquires Brainloop, a leading provider of cloud-based compliance software.
February: Jordans, a leading provider of company secretarial software in the UK, launches a new version of its software with a number of new features.
March: Axar Digital, a provider of company secretarial software in India, raises $10 million in Series A funding.
April: Loomion, a provider of company secretarial software for the legal industry, launches a new integration with Microsoft Teams.
May: Corporatek, a provider of company secretarial software for small and medium-sized businesses, announces a partnership with Google Cloud.
June: InfosunSystem, a provider of company secretarial software in China, launches a new version of its software with a number of new features.
July: TaxCalc, a provider of company secretarial software for accountants, announces a new partnership with Intuit.
August: Secretarial Software, a provider of company secretarial software for businesses of all sizes, releases a new version of its software with a number of new features.
September: Azeus Systems, a provider of company secretarial software in Japan, announces a new partnership with Microsoft.
October: A new report by MarketWatch predicts that the global company secretarial software market will reach $10 billion by 2028.
November: A new report by Gartner predicts that the adoption of cloud-based company secretarial software will grow by 20% in 2023.
December: The company secretarial software industry continues to grow, with a number of new vendors entering the market and existing vendors expanding their offerings.
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