The Company Secretarial Software market size is projected to grow from USD 5.71 billion in 2024 to USD 8.54 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.15% during the forecast period (2024 - 2032). Additionally, the market size for Company Secretarial Software was valued at USD 5.4 billion in 2023.
Increased emergence of large enterprises and employee productivity is likely to be the key market drivers intensifying the market growth.
Figure1: Company Secretarial Software Market, 2024 - 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Market CAGR for the past few years is expected to rise during the forecast period due to government plans to modernize cities. Company secretarial software industry provides numerous benefits, saving time, including the flexibility and ease of managing unlimited entries and data of a company; it is extensively deployed across numerous industries comprising IT and telecommunication, banking, financial services, and insurance. Countries targeting to connect the large population of cities with rural areas can lead to heavy investments in rail infrastructure.
Growth and expansion of railroad projects to provide a consistent backup for trade and being important to supply and logistics chains can drive the company secretarial software industry. Auctions and bids invited by governments to renovate the railways can incentivize the manufacturers of company secretarial software. Therefore, the increasing emergence of large enterprises will drive market growth during the forecast period.
An increase in the number of smart and connected devices, the implementation of cloud computing, and the emerging technologies such as artificial intelligence and the use of Internet have resulted in the advancement of different workplaces. Attributed to the increase in entrance of web & mobile applications and software as service-based solutions in companies, the demand for leading communication tools for effective communication is rising at a fast pace, which enhances the growth of the company secretarial software market over the forecast period.
Industries worldwide are implementing digital technologies to enhance business operations and management. These digital workplaces are integrating with various tools to enhance coordination, including employee engagement tools. The growing awareness of work-life balance propels companies' management to focus on employee well-being. Similarly, integrating employee engagement enhances the employee's ability to manage the work efficiently. For instance, as stated in the Gallup Report 2021, businesses worldwide reported a 21% increase in profitability through highly engaged employees. It is expected to drive the demand for effective company secretarial software and other interactive tools to drive the company secretarial software market revenue.
The Company Secretarial Software Market segmentation, based on components, includes solutions and services. The services category generated the most income during the forecast period. This company secretarial software services provides remote access to systems and transmits files in various formats between computers. Apart from managing everyday message exchanges, communications, company secretarial software is being used to conduct meetings and discussions in real time.
The Company Secretarial Software Market segmentation, based on deployment, includes on-premises and cloud. The cloud segment dominated the market, accounting for major market revenue over the forecast period. The internally established company secretarial software provides full control to the organizations over the cloud-based software. It helps the managers use the employee data per organizational or operational needs.
The Company Secretarial Software Market segmentation, based on organization size, includes large enterprises and small & medium enterprises. The large enterprises' category generated the most income over the forecast period. It is due to vast numbers of employees with cultural and geographic differences. Enterprises with multi-location businesses need help understanding and engaging the employees seamlessly. It is likely to surge the demand for company secretarial software across large enterprises.
Figure 2: Company Secretarial Software Market by Organization Size, 2022 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The Company Secretarial Software Market segmentation, based on vertical, includes banks, insurance, IT and telecommunication. The IT and telecommunication segment dominated the market, accounting for major market revenue over the forecast period. With the growing number of startups, the adoption of software for transferring real-time information in the organization. This adoption is to access the information from several locations to support the performance.
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. North America dominates the company secretarial software market in revenue and market owing to increasing digital transformation across numerous industries such as telecom, retail, and banking and increasing investments and allocating budgets for digital and marketing channels among the enterprises in this region. Further, the US secretarial software market held the largest market share, and the Canadian company secretarial software market was the fastest-growing market in North America.
Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, the Rest of Europe, China, Japan, India, Australia, the Rest of Asia-Pacific, the Middle East, Africa, and Latin America.
Figure 3: Company Secretarial Software Market SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe company secretarial software market is expanding the most in the region. It has the greatest number of enterprises and communication service providers. The most lucrative cloud computing service in communication is also well-developed and catered at affordable rates in Europe. Further, the German company secretarial software market held the largest market share, and the UK company secretarial software market was the fastest growing market in the European region.
The Asia-Pacific company secretarial software market will continue to project the highest compound annual growth rate during the forecast period focusing on the growing adoption of IoT-based sensors and devices and AI-driven predictive and advanced analytics tools to provide personalized services to both B2C and B2B consumers in this region. Moreover, China’s company secretarial software market held the largest market share, and the Indian company secretarial software market was the fastest-growing in the Asia-Pacific region.
Leading market players are investing heavily in research and development to expand their product lines, which will help the Company's Secretarial Software Market grow even more. Market participants are also including various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, company secretarial software industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global company secretarial software industry to benefit clients and increase the market sector. Major players in the company secretarial software market, including Anglia Registrars Ltd (U.K.), Axardigital (India), Corporatek Inc. (Canada), and others, are attempting to increase market demand by investing in research and development operations.
Nudge Corporation designs and develops application software. The company offers a platform that engages, educates, and rewards frontline managers and employees to improve team performance and increase profitability. Nudge Rewards serves customers worldwide. In April 2020, Nudge Corporation launched a frontline activation suite of features designed to activate dormant frontline workforces. Nudge helps to navigate four key recovery stages, including field execution, recruitment, onboarding, and sustained performance, that advance existing benchmarks for employee engagement.
DXC Technology is an American information technology (IT) consultancy services company located in Ashburn, Virginia. The company was founded on April 3, 2017, when Hewlett Packard Enterprise's Enterprise Services business unit merged with the Computer Sciences Corporation. The company provided business-to-business IT services. In September 2021, DXC Technology announced a collaboration with Qualtrics to integrate Qualtrics' Employees into DXC's Modern Workplace service solution. The solution integration supports the company with insights such as employees' feedback, real-time sentiments, productivity, and more.
In order to fully automate the current company secretary services, IT software and platform provider ARB Bhd introduced its self-developed cloud company secretary (CoSec) platform in 2021 under the name "ARB Cloud Cosec". The ARB Cloud Cosec enables the services to be aimed at company secretary firms, publicly traded corporations (PLCs), and small and medium-sized businesses (SMEs) by integrating all businesses in Malaysia. The group will benefit from a regular income of RM100 million annually thanks to the implementation of ARB Cloud Cosec. ARB Group hopes to take 10% of the PLCs market and another 20% of the SMEs market in the near future.
August 2022 Oak Engage, an internal communication company secretarial software, has transformed the efficiency of NatWest entirely. It claims that using Oak Engage has improved efficiency and provided a good service.
In September 2020 Smarp Oy launched an Al-powered analytics suite. This suite combines the Al and real-time analytics to measure the impact of employee communication.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 5.4 billion |
| Market Size 2024 | USD 5.71 billion |
| Market Size 2032 | USD 8.543 billion |
| Compound Annual Growth Rate (CAGR) | 5.15% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019- 2021 |
| Market Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Deployment, Organization Size, Vertical, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, Latin America, Africa |
| Key Companies Profiled | Â Anglia Registrars Ltd (UK), Axardigital (India), Volody (India), CimplyFive (India), Corporatek Inc. (Canada), Diligent Corporation (US), Vistra (China), GreatSoft (China), Wolters Kluwer N.V. (Netherlands), Atlas Computer Systems Limited (UK), BTCSoftware Limited (UK), FirstOrder (UK), BOARDEFFECT (US), Nomisma Solution Ltd. (UK) |
| Key Market Opportunities | Increase in modernization and technological advancements in the company secretarial software. |
| Key Market Dynamics | A surge in compliance with secretarial standards |
Company Secretarial Software Market Highlights:
Frequently Asked Questions (FAQ) :
The Company Secretarial Software Market size was valued at USD 5.4 Billion in 2023.
The global market is projected to grow at a CAGR of 5.15% during the forecast period, 2024-2032.
North America had the largest market share globally.
The key players in the market are Corporatek Inc. (Canada), GreatSoft (China), Atlas Computer Systems Limited (U.K.), BOARDEFFECT (U.S.), Nomisma Solution Ltd. (U.K.), BTCSoftware Limited (U.K.) and Volody (India).
The cloud category dominated the market in 2022.
Large enterprises had the largest share of the global market.
Senior Research Analyst Ankit gupta is an analyst in market research industry in ict and semi industry. with post-graduation in "telecom and marketing management" and graduation in "electronics and telecommunication" vertical he is well versed with recent development in ict industry as a whole. having worked on more than 150+ reports including consultation for fortune 500 companies such as microsoft and rio tinto in identifying solutions with respect to business problems his opinions are inclined towards mixture of technical and managerial aspects.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
