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.