Global Board Portal Market Size (2023-2030)

The Global Board Portal market size is anticipated to grow at a CAGR of 21% from 2023 to 2030. The growth is mainly due to rise in awareness of security standards in business communication across the world.

Industry Overview

A board portal is a collaborative, centralized, secure, custom-built software that permits board of directors and other administrators to access board documents and communicate securely with other board members. It is deployed by IT, or a subscription-based, software as a service (SaaS). This software aids in information sharing, decision making, risk management and accountability which in turn, reinforces good governance. The portal allows members to schedule meetings, compile and distribute minutes of meetings, initiate digital signatures, upload documents, manage workspaces, and grant file permissions to users.

Furthermore, board portal software provides the highest level of security because it employs the highest level of encryption and security applications to restrict access to documents, conversations, and confidential emails. This meeting management software is gaining popularity as it has evolved from paper-based formats to all-digital board materials planning, delivery, and retrieval. As a result, these factors are expected to boost the use of Board Portal Software in the projected period.

COVID-19 Impact on Global Board Portal Market

COVID-19 is believed to increase the usage of board portals among the various economic sectors. In high-stress circumstances that require timely communication, a board portal can help administrators quicky respond and take decisions that are appropriate concerning to COVID-19.

Necessity for adopting secure board portal software with end-to-end encryption has scotched due to increasing occurrence of cyber-attacks during the pandemic.

Market Drivers

• Rising Demand for Digital Document Management

With the growing popularity of virtual workspaces and remote work in today's world, it's critical for a firm to choose a highly secure portal that adheres to worldwide privacy and security standards. Members have the flexibility and convenience of logging on to board portals from any Internet-enabled device at any time and from any location, owing to the utilization of web portals and mobile applications.

• Growing popularity of Board Portal Software:

Growing adoption and knowledge of the software and its potential benefits are projected to drive board portal market growth in their respective industries.

• Benefits of Board Portal software:

Organizing paperless meetings aids companies to save on paper costs and resource hours because of the ease of distributing digital board packs. This, in turn, saves an organization’s time and money. The portal provides better source of control of documents and security systems. The members can access information from any location and at any time. These advantages, put together are boosting the growth of the global board portal market.

• High adoption of cloud-based technologies:

The board software is gaining traction in recent times due to the high acceptance of cloud-based technology integration with enterprise’s portal software, which facilitates companies to operate their own applications on cloud platforms.

Market Restraints

• The initial installation costs of board portals are relatively higher.
• Limited awareness on the security of these portals in many sectors pose a serious threat to the market-wide adoption of board portals.

BOARD PORTAL MARKET REPORT COVERAGE:

Segment Analysis

The Global Board Portal market is segmented based on types of delivery model, deployment, type of end-user enterprise and industries, and company size.

Global Board Portal Market – By Type of Delivery Model

• Enterprise Software Licensing Model or Onsite Model
• Hosted or Client Hosted Model                               
• Vendor-Hosted or Software as a Service (SaaS)
• Other third-party hosted model

SaaS Model or Vendor-Hosted Model is anticipated to grow at a CAGR of 20%. It is projected to be the rapidly growing segment over the forecast period. This makes the software more accessible and convenient. It is deployed by IT, or a subscription-based software as a service (SaaS).

SaaS offers lower initial and subscription costs for the customers. It also helps businesses to generate information about its customers. With the decreased cost of on-demand computing power, increased Internet accessibility, and the rise of smartphone and tablet device manufacturers, various firms will be able to provide portal services at a cheaper cost and in a more open manner. Furthermore, because of increased platform security measures and cheaper initial and ongoing expenses for clients, SaaS model has gained popularity among various end-user groups and is inclined to retain significant market share over the forecast period.

Global Board Portal Market – By Deployment

• Cloud
• On premise

Due to the widespread adoption of cloud-based technology integration with corporate portal software, which allows firms to run their own apps on cloud platforms, global demand for board software has risen quickly in recent years.

Global Board Portal Market – By Type of Enterprise

• Public Companies
• Private Companies

The rising awareness of administrators in private companies toward the adoption of the digitized services in order to protect the shareholder’s rights has uplifted the demand of board portals among private enterprises.

Global Board Portal Market – By Industry

• Oil and Energy
• Education
• Healthcare
• Law Firms
• Media and Entertainment
• IT and Telecom
• Financial Services
• Others

In this board meeting management software market, the healthcare sector is estimated to develop at a CAGR of 25% over the forecast period. With the ability to save a lot of money on paper and printing, increase productivity for administrative staff who streamline distribution of materials, save money on binding and delivery of printed materials, information security, convenient board access from anywhere with an internet connection, and streamlined distribution of changed and added materials, hospitals are preferring board portals.

Among other end-user industries, financial services sector is anticipated to have a significant share. Board portal software aids in enhancing efficiency of board meetings by ensuring safe document interchange. Financial institutions all over the world are adopting board portal technology into their organizational structures as a result of its cost-effective features.

Global Board Portal Market – By Regional 

• North America- North America currently dominates the global Board Portal market with a share of more than XX%. In North America region, the United States is estimated to produce $XX million in 2021, while Canada is supposed to generate $XX million. This region has seen a high rate of adoption of software services among many industries, particularly in the financial and educational sectors.
• Europe-This region is also expected to see a convincing growth in the board portal market as time awareness and security needs are increasing amongst the people. In the European region, the United Kingdom is expected to provide considerable market growth potential in 2021, with a revenue of $XX million. Furthermore, the European Commission's European Cloud Initiative and Cloud Strategy are working to develop cloud computing in Europe through research and innovation activities under the Horizon 2020 and Digital Europe Program, which will open up lots of new opportunities for the board portal market in this region.
• Asia-Pacific – The Asia Pacific board portal market is anticipated to reach $XX Mn by 2027. There has been an ongoing digital revolution and improvements in digital technology in the Asia Pacific region. This has provided benefits of digital technology adoption, such as enhanced corporate productivity and government encouragement for innovation in APAC countries. China accounted for a major revenue share in Asia Pacific board portal market with notable CAGR due to increasing adoption of advanced technologies in this region.
• Rest of the World – Middle East and Africa are the promising regions for the board portal market in upcoming years. Emerging industries and healthcare sectors in these regions are expected to fuel the growth of the board portal market.

Key Players of the Global Board Portal Market

1. Admincontrol AS
2. Aprio, LLC
3. Azeus Convene
4. BOARDABLE BOARD MANAGEMENT SOFTWARE, INC.
5. BoardBookit, Inc.
6. BoardPAC
7. BoardPaq LLC.
8. Diligent Corporation
9. Granicus, LLC.
10. iCompass Technologies
11. Nasdaq, Inc

Recent Development in the Global Board Portal Market

• Computershare, Inc. announced the acquisition of Wells Fargo Corporate Trust Services' assets in March 2021. Wells Fargo Corporate Trust Services provides a wide range of trust and agency services for debt securities issued by the banking and securities industries, as well as public and private enterprises and government agencies.
• Diligent Corporation signed a collaboration with Heidrick & Struggles and Egon Zehnder, a Spencer Stuart, a founding partner, in 2020. To support the Diligent Director Network's Modern Leadership programme, this partnership intended to advertise available board positions exclusively for diverse individuals inside the Diligent Director Network.
• Passageways, a global provider of safe, intuitive collaboration solutions, launched the third-generation OnBoard board portal software platform in 2019, which is specifically intended to improve meeting results for businesses of all sizes.
• BoardEffect launched the Integration Panel in August 2016, making it the first of its kind in the portal board business. BoardEffect's board portal may now be readily linked with any solution that supports the work of governing bodies thanks to this ground-breaking innovation.