In today’s fast-paced digital businesses world, corporate leaders and boards often face ever-increasing demands on their time. They are notoriously time-poor, so seeking ways to drive efficiency is always a priority.
That’s where board management software comes to the rescue that not only facilitates board administration but helps businesses get ahead of the competitors.
The Global board portal market was valued at $2.8 billion in 2018 and is projected to grow by a whopping $10.43 billion in 2026, growing at a compound annual growth rate of 200.15%.
There are two factors which explain such an explosive growth: reduced litigation risk, and increased information security. Keep reading to find out more about the state of the virtual boardroom market.
What is a board portal?
The board portal provides a central, secured, and shared workspace for the board and team members to store, share, and collaborate on ideas so they can make timely decisions.
The platform makes virtual board meetings more strategic and forward-looking. What’s more, board management software not only facilitates board governance but simplifies fiduciary.
It comes with a gamut of useful tools, from annotation tools to advanced search tools to board document management and plenty more.
Which region is leading the board portal market?
Market research has recently published a comprehensive report on the global board portal market that sheds light on how businesses are opting for cloud-based portals to shape their future.
Business practices involve due diligence, storing, managing, and analyzing data-driven reports. The board portals help business leaders achieve all of this and a lot more in a single platform. That’s because cloud solutions are cost-efficient, expedite the collaboration process, and offer global accessibility.
It comes as no surprise that mind-boggling North America (the U.S and Canada) has shown drastic growth in the adoption of paperless meeting solutions.
Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, and Africa) are now also resorting to board portals to gain a competitive edge in their respective verticals.
Top drivers of the boardroom software growth
Board management software enables businesses to jumpstart their next deals as the solution helps automate much of the work for you and boosts work engagement.
Here are some other factors that explain its growth in popularity and establishment.
Improved security
The adoption of innovative technologies has surged in recent years, and with more technology comes an increased threat of cybercrime. Nonetheless, board portal software offers the highest-level security.
Whatever happens on the portal stays there, and everything is protected with the help of encryption and other advanced tools. Security is a crucial factor that drives the growth of the board portal market.
Adoption of BYOD (Bring Your Own Devices)
With the increase in innovative technologies, internet connectivity is also increasing and thus necessitating a better understanding of business processes at the ground level by remote workers.
Moreover, as the board is already familiar with the mobile interface, they will find it easy to adapt to the virtual board software. Consequently, the global market of board portals is likely to grow as the usage of BYOD rises.
Board portal market: Deployment mode
Usually, board portals are segmented into on-premise and cloud-based platforms. Cloud portals have grown in popularity in the past few years. Also, businesses across the globe prefer cloud solutions to on-premise deployment.
Cloud computing is dubbed better than on-premise. It’s because they are affordable, accessible from anywhere regardless of location, quick deployment, and offer a high level of security.
Also, cloud solutions remove the hassle of updating and maintaining the systems, enabling you to invest your resources into fulfilling the strategic goals.
Board portal market: Industry vertical
The market is classified into numerous segments based on the industry verticals, such as Banking, financial services, insurance (BFSI), IT & Telecom, Healthcare & Life Science, Oil & Gas, Non-profit, and Education.
Of which, BFSI has dominated the global board portal market. That's because board portals not only enhance corporate governance but make collaboration easy via crisper presentations and short agendas.
The IT & Telecom sector comes in second place whereas Healthcare and life sciences fall in third place. The board portal market is expected to grow at a considerable CAGR (compound annual growth rate). Why?
That’s because board portals are used in all aspects of board management, helping the board make informed decisions.
Top manufacturers of board management software
Recently, manufacturers have started investing in R&D so they can come up with innovative solutions and lure buyers. Following is the list of giant players operating in the global market that you can trust with your confidential data:
The takeaway
Board portals have evolved over the years and are becoming an essential suite that supports the entire business venture. With that, always go for the solution that fits the needs of your business and is easy to use.
The Middle East, African, and European markets are also following the footprints of North America to make the most out of their business deals.
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