Board Portal Market Overview:
The Global Board Portal Market was valued at USD 2.78 Billion in 2022 and is anticipated to reach USD 10.98 Billion by 2030, growing at a CAGR of 21.19%.
A board portal is a tool designed to streamline secure digital communication among members of a board of directors. Typically, these portals incorporate various features such as messaging, voting tools, meeting agendas, and tools for managing meeting minutes. By leveraging advancements in mobile hardware and cloud technology, board management software replaces traditional methods involving paper, printing, and emails. This software simplifies every stage of the board meeting process, making communication more efficient and seamless for all involved parties.
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Impacting Growth Factors:
The market for board portal software is experiencing growth driven by various factors. Increased concerns about security regarding confidential business information, coupled with the integration of cloud-based technologies into board portal software, are contributing significantly. Additionally, the rising demand for enhanced data sharing capabilities, alongside the effects of globalization and increased mobility, are fuelling this growth. There’s also a notable demand for fast and secure board communication solutions.
However, certain challenges hinder the market’s growth. Stringent government regulations, complex security issues, and the challenge of managing risks pose significant obstacles. Nevertheless, there are opportunities on the horizon. The adoption of the bring your own device (BYOD) trend, along with the proliferation of mobile networks, is expected to create numerous opportunities for the market to expand and innovate.
COVID 19 Impact:
Globally, the COVID-19 epidemic has had a significant impact on nearly every industry. Furthermore, the supply chain for networking equipment and electronic components has been interrupted by lockdown enforcements and restrictions on the transit of resources and non-essential items in several nations. Due to this, the supply of electronic components needed for the production of network equipment has been delayed.
Throughout the epidemic, businesses have kept growing their cloud and application development services. Customers might manually release applications from a variety of firms prior to the epidemic.
Growing requests for space and services at data centres are the result of new insights gained by businesses regarding work-from-home (WFH) and data accessibility during the lockdown period.
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Challenges of this Report:
The increasing adoption of cloud technology has heightened the threat to cybersecurity. As more company data is stored online, it becomes vulnerable to cyberattacks. Given that the board portal typically contains highly sensitive information, any misuse or exposure of this data could lead to catastrophic consequences for the business. While investing in security measures can offer a considerable defines against such risks, it’s important to acknowledge that they may not address every underlying issue, posing a serious threat to the market’s growth.
Market Segments:
The Global Board Portal Market is divided based on End-User, Delivery Mode, and Geography. Regarding Delivery Mode, the market is split into Hosted and SaaS. Over the forecast period, the global board portal market for SaaS is expected to be the largest and fastest-growing segment. The growth of SaaS models is reducing the cost of board portal software. IT or a subscription-based software-as-a-service provider deploys Board Portal software. With the decreasing cost of on-demand computing power, increased internet accessibility, and the proliferation of smartphones and tablets, software companies can now provide board portal software to many more businesses at an economical rate and in a more improved way. In terms of End-User, the market is categorized into Public Companies, Private Companies, and Public Sector Enterprises.
The Board Portal Market Key Players
- Diligent Corporation
- Board Maps
- Nasdaq, Inc.
- Azeus Systems Holdings Ltd. (Azeus Convene)
- Computershare Limited
- Director point LLC
- Boardman LLC
- Modality, LLC
- and Dili Trust.
Regional Analysis:
Europe was the biggest market for board portals, with North America coming in second. One possible explanation for the market domination is the adoption of board portal services by financial services organizations. Despite being stagnant in its early stages, the Asia-Pacific board portal market is expected to grow at the fastest rate over the estimated period due to rising industrialization, a growing healthcare industry, and increased foreign direct investment (FDI) in the financial sector in developing nations like China and India. The United States and Canada are thought to be the two biggest marketplaces in North America. France, Spain, Italy, Germany, and the United Kingdom dominate the European board portal market. The most important board portal markets in Asia-Pacific include those in China, South Korea, India, and Japan.
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