Board Portal Market Market Trends
Growth Drivers
- High Uptake of Public Cloud Technology Integrated with Portal Services Provided by the Organisation- The need for board portal software has increased significantly on a global scale in recent years as a result of the widespread adoption of cloud-based technology integration with enterprise portal services, which allows businesses to run their own apps on cloud platforms. In addition, because all information is available on one platform, cloud-based board portals offer a more efficient use of time and resources. The majority of organizations' growing requirement to tighten security requirements for sensitive documents is also fuelling the board portal market expansion. Additional board meeting management software restricts access to unauthorized individuals while providing the appropriate people with access to information and data. The cloud houses 60% of all corporate data worldwide. Global energy consumption is accounted for by cloud data centres at 3%. The annual revenue from cloud infrastructure services is USD 178 billion. Ninety percent of major businesses have implemented a multi-cloud infrastructure.
- Software Adoption for Board Portals in the Healthcare Sector- Hospital boards are currently confronted with a number of challenges, such as large board sizes, financial management expectations, the requirement for knowledgeable board members, and ongoing education. The hospital board of directors requires board portal software in these quickly evolving times in order to drastically simplify governance, exchange information, and collaborate efficiently. This is also explained by the big number of hospital board of directors’ members. The introduction of hospital board portal tools is the solution to this confusing compromise. The programme increases touch between the boards and their members in the middle.
- Increasing Internet Penetration- BYOD programmes become essential in the technological landscape as a result of the growing demand for remote workers to comprehend business processes at the ground level and the global expansion of internet usage. As a result, BYOD is starting to show promise as a catalyst for helping the company value an employee's productivity without sacrificing security. India's internet penetration rate increased from approximately four percent in 2007 to nearly 48.7 percent in 2022.
Challenges
- High Cost Associated with the installation- Board portal installation is somewhat more expensive. As a result, a lot of companies still prepare their board documents in large paper packages and mail them out before meetings. The board portal market expansion of board portals in their respective end-user industries may be fuelled in the future by increased awareness of the software and its possible applications. Numerous industries, such as financial services, education, healthcare, oil and energy, and others, employ board portals.
- The market's adoption of board portals is hampered by end users' lack of knowledge about the security and dependability of these services in the oil and gas industry and elsewhere.
- These services are also being hampered by worries about data security and privacy related to using meeting management software.
Board Portal Market: Key Insights
Regionally, the global market is segmented into five major regions comprising North America, Asia Pacific, Europe, South America, and Middle East & Africa. Among the markets in these regions, the North America board portal market is estimated to hold leading market share throughout the forecast period by attaining a revenue of USD 1,153.78 Million in 2021 and USD 4,639 Million in 2029, and growing at a CAGR of 19%. U.S. in the North America region is expected to garner a revenue of USD 671.50 Million in 2021 while the number for Canada is projected to be USD 482.28 Million for the same year.
Europe market is projected to hold second leading stance by garnering a revenue of USD 945.50 Million in 2021 and USD 3,353.64 Million in 2029, growing at a CAGR of 17.15%, owing to the high adoption of cloud-based technologies’ integration with the organization’s portal services, which enable organizations to run their applications on cloud platforms in the region. In European region, United Kingdom is projected to generate significant growth opportunities for the market growth by attaining a revenue of USD 174.92 Million in 2021 while Russia is projected to reap USD 161.68 Million in revenue during the same year. Since there is an increasing requirement to improve security practices for confidential documents in most organizations today, especially in countries such as the United Kingdom, France, Germany, and others, the adoption of cloud networks stimulates the market growth in the region. Moreover, the European Cloud Initiative and Cloud Strategy by the European Commission is working towards developing cloud computing in Europe with research and innovation actions under the Horizon 2020 Programme and Digital Europe Programme, which will create a plethora of opportunities for the board portal market this region.
According to the data provided by European Union, about 36% of EU enterprises used cloud computing in 2020, primarily for e-mail and storage of files. Furthermore, the increasing data privacy laws in the region, such as General Data Protection Regulation (GDPR), which is drafted and passed by the European Union, are increasing the dependence on GDPR-compliant software in the region such as BoardFolio by Praxonomy Azeus Convene Board Management software, and others.
The North America region is expected to be one of the leading markets on account of the increasing virtual meetings and cloud–based services. The presence of significant board portal software providers, including Nasdaq Inc., Diligent Corporation, and, Passageways, in the region also contributes to the market's growth. U.S. and Canada are the primary market for board portal software in North America. In the region, the growth of the board portal is primarily led to the increasing number of start-ups and organizations.
According to the United States Census Bureau, the number of firms and the number of business establishments in the United States in 2017 were 59,96,900 and 78,60,674, respectively. Moreover, well-established IT infrastructure in the region also boosts the market for board portal software. Additionally, the market in Asia Pacific is estimated to account for around USD 700.86 Million in 2021 and is estimated to witness growth in upcoming years. CLICK TO DOWNLOAD SAMPLE REPORT
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
12.1% |
|
Base Year Market Size (2024) |
USD 3.12 Billion |
|
Forecast Year Market Size (2037) |
USD 13.77 Billion |
|
Regional Scope |
|
