DUBLIN--(BUSINESS WIRE)--The "Disclosure Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Disclosure Management Market is expected to register a CAGR of 16.32% over the forecast period from 2021 - 2025.
Companies Mentioned
- SAP SE
- Oracle Corporation
- Workiva, Inc.
- Certent, Inc.
- LucaNet AG
- DataTracks Global Private Limited
- Tagetik Software S.r.l. (Wolters Kluwer N.V.)
- CoreFiling Limited
- Trintech, Inc.
- IRIS Carbon (IRIS Business Services)
- Donnelley Financial Solutions (DFIN)
- OCR Services, Inc
Key Market Trends
Cloud is Expected to Witness Significant Growth
- The shift towards digital reporting for various companies globally is underway. The SEC mandate in the US, ESMA mandate in Europe, and the CIPC mandate in South Africa require all public and private entities listed with it to file their reports in the XBRL standard. Companies filing to regulators worldwide are increasingly adopting cloud solutions compliance applications that facilitate collaborative working and enable the process, time, and cost efficiencies. The cloud-based solutions can offer several advantages for collaborative authoring, especially in the context of something as critical as the compliance reporting process.
- Furthermore, unpublished financial data has the highest risk of data security. Emails are the most insecure way to send across financial reports, especially if they contain highly sensitive unpublished data. Emails are prone to virus attacks and other cybersecurity risks. Apart from this, humans could also be a point of data misuse. While evaluating SaaS solutions, make sure the platform is hosted on a reliable cloud hosting provider such as Microsoft Azure, Amazon, or Google. There are tight data security measures for data such as data encryption, user access controls that ensure that data is accessible only to authorized users.
- The overall preparation process of compliance reports is highly iterative with tight deadlines. The need to deal with a lot of numbers and text with even more edits and iterations could be daunting if the organization does not have an efficient way of working. SaaS solutions offer a centralized way of working where all changes done in the document reflect instantaneously in all output formats, including XBRL, Word, and PDF. Working on a SaaS solution offers an advantage as the organization can always work on the most updated version of the documents and track and review not just the document but also the XBRL.
North America is Expected to Hold Major Share
- The contemporary reporting is moving to the Internet, with the regulations in the North American region is requiring company reports to be published in the eXtensible Business Reporting Language, an international business-information standard commonly known as XBRL. Typically, companies initially outsource the tagging of their XBRL reports, thereby adding incremental manual processes and controls and cost and time expenditures, to their efforts. These incremental manual processes adversely affect the quality of XBRL formatted disclosures as recognized by the US Securities and Exchange Commission (SEC), which routinely provides feedback on common and material errors in company reports. Due to this, many companies in the region are adopting disclosure management solutions.
- A working paper published by New York University School of Law examined the effects of late quarterly and annual filings on more than 2,000 companies that had never previously delayed SEC filing. They found that accounting issues are the most common reason for late filings and often determine the severity of the impact. Among the sampled companies, delayed SEC filings of Forms 10-Q and 10-K were an average of 41 days late when accounting was involved, more than three times later than the average delay because of corporate events (13 days) or uncertain reasons (11 days), where these delays could be addressed by the usage of robust disclosure management solutions by the company.
- In October 2019, Certent, Inc., announced that it is deepening its partnership with Vena Solutions, a provider of financial process management software. Certent's Disclosure Management platform accesses the financial performance data present in Vena and allows customers to link it across multiple Microsoft products. Vena and Certent will expand in North America, targeting mid-market and enterprise companies.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Force Analysis
4.3 Assessment on the impact due to COVID-19
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increasing complexity in the reporting process characterized by different file formats
5.2 Market Challenges
5.2.1 Multiple constraints related to regulatory disclosure processes
6 MARKET SEGMENTATION
6.1 By Component
6.2 By Deployment Type
6.3 By End-User Industry
6.4 Geography
6.4.1 North America
6.4.2 Europe
6.4.3 Asia Pacific
6.4.4 Rest of the World
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
8 INVESTMENT ANALYSIS
9 FUTURE OF THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/1xrbmd
