Board portal software has become one of the most crucial aspects of many companies, making the practices of boards and management team members more efficient.
This is a comprehensive software that gives professionals convenient access to agendas, minutes, organized databases, and sensitive documents while automating numerous otherwise time-consuming processes. As such, it has become exceedingly popular with companies all over the world.
Within this article, we’ll cover various factors contributing to board management software growth, explore what these solutions mean to various markets and which industries are using virtual board software.
Since the COVID-19 pandemic started, businesses all over have significantly changed their practices to cope with social distancing guidelines and keep employees safe. As such, there has been a rise in the number of companies adopting a virtual boardroom as a workable paperless meeting solution.
This software incorporates numerous robust features including agenda sharing, scheduling capabilities, digital voting, watermarking as well as holding virtual board meetings.
When board portals first hit the market, they promised additional security for sensitive corporate documents. However, they have since developed into fully-fledged cloud-based management tools for an online board meeting like this https://boardsoftware.net/virtual-board-meetings/, live discussion, and more.
According to recent research, the board portal market is expected to grow at a CAGR of 10.6% until 2028. This figure is attributed to the increasing demand for virtual board management solutions and automated processes, as well as a need to reduce business costs across many industries. Some other factors attributing to the huge growth of the board portal software include:
- Greater need for efficient decisions and processes
- Huge demand for cloud-based platforms for businesses activities
- Growing need for scalability in business operations
The board portal software market is divided across multiple continents and geographic regions, including North America, South America, Asia Pacific, Europe, Africa, and the Middle East.
With well-established business hubs like the United States and Canada, North America is the region where board portal demand is expected to grow exponentially in the coming years. However, expect Asian and European markets to expand further, as virtual board management solutions become more common and enterprises learn more about the potential benefits.
|Major Country Players
|United States, Canada, Mexico
|United Kingdom, Germany, France, Spain, Italy
|China, India, Japan, South Korea Australia
|Middle East and Africa
|United Arab Emirates, Saudi Arabia, South Africa
As far as global revenue, North America holds the largest revenue, closely followed by Europe and the Asia Pacific regions. The United States is the single largest revenue-product country in North America, while Germany is the most dominant revenue producer in the world and should remain so for the next few years.
Currently, the global board portal software market is very fragmented and numerous names are jostling to be the biggest player in the market; many companies are investing lots of money into development and research into new features that make board management processes more efficient.
According to online data and customer reviews, some of the top players in the board portal software market include:
- Diligent Corporation
- Nasdaq, Inc.
- Boardable Board Management Software Inc.
- BoardPAC Inc
- BoardPaq LLC
- Azeus Convene
- Aprio Inc
- BoardBookit, Inc.
The global board portal software market is divided by deployment type in two primary categories:
- On-premise software: These types of software are installed directly on the client’s device and are much quicker than cloud-based portals; they can be customized to suit the client’s requirements. However, on-premise board portals are much more expensive to buy and maintain, but they are also the most secure.
- Cloud-based software: This type of platform is built on a remote server and is accessible via the internet. Most cloud-based board portals are subscription-based. However, they are less secure than on-premise board portals.
The boardroom software market can also be segmented by enterprise size:
- Small and medium enterprises: The board portal is used to track company goals, aid communication and collaboration among team members, and reduce admin costs and other expenses by switching to paperless processes.
- Large enterprises: These portals are used to monitor and manage important board processes and governance tasks, facilitate the decision-making process, and ensure the company complies with business regulations.
However, the end-user of the global virtual board portal market can be divided into:
- Public and private companies
- Public sector organizations
Insights show that board portals are most commonly used in the following industries:
- Financial services
- Energy and oil
Boardroom software market can also be divided into enterprise models, such as:
As you can see, the global board portal software market is set to continue to grow. However, companies still need to consider which specific board portal will meet their requirements. As such, any business should conduct thorough research into their virtual boardroom. In addition, they’ll need to ensure they have the necessary skills and training (as well as professional assistance) to implement the virtual boardroom and make their business practices more efficient.