Board Portal Market - Forecast(2020 - 2025)
Board Portal Market is forecast to reach $9.4 billion by 2025, growing at a CAGR 17.8% from 2020 to 2025. A board portal is a system that secures and completes works based on internet technology that will be used to facilitate management meetings, communication and collaboration between directors and the board of directors. Due to the fast adoption of cloud-based technology and it integration with the database services of the company, the global board portal market is rising at a rapid pace over the past few years, which enables organizations to operate their own applications on cloud platform. Board Portal is used for providing content to the directors either on mobile devices or on different websites. The key objective in the future is to introduce the most affected innovations which affect the business of the Board Portal. Companies are increasingly showing interest in this thing that take everything from paper-based formats to all digital board materials planning, delivery and retrieval. The Board Portal is mostly driven by efforts to develop communications systems. Increasing interest in Internet technology is also expected to drive potential business growth.
Key Takeaways
- Due to the rapid growth of cloud-based technology integration with the company's database services, the global board portal market has expanded rapidly over the past few years, enabling organizations to run their own applications on the cloud platform.
- The Board Portal is driven mainly by efforts to develop communications systems. It is anticipated that increasing interest in Internet technologies will boost Board Portal's market growth
- The Board Portal Market segment of SaaS is expected to be both the largest and the fastest growing segment over the estimated period.
- North America is expected to be the market leading region during the forecast period. North America region has seen a high rate of software services adoption among many industries, particularly in the financial and educational sectors.
- Many of the challenges that hospital boards face today include high board numbers, pressures on financial management and the need for well-trained board members. The solution to this perplexing compromise is incorporating portal software from a board of hospitals.
By Type- Segment Analysis
During the forecast period the SaaS Model is expected to grow at a CAGR of 19.4%. SaaS segment of Board Portal Market is projected to be the largest as well as the fastest growing segment over the estimated period. The growth of SaaS models contributes to make board portal software more accessible. Board Portal software is deployed by either IT, or a subscription-based software as a service (SaaS). With the cost reduction of on-demand computing power, a major increase in internet connectivity and the growth of smartphone and tablet device vendors, many companies will deliver board portal services at lower costs and in a more accessible way. SaaS Model has gained popularity among different end-user segments and is expected to retain substantial market share in the forecast period as a result of higher platform protection measures and lower initial and continuation costs for customers. The SaaS solutions also allow companies to produce consumer data and information unique to each industry.
By Application - Segment Analysis
The BFSI segment is expected to grow at a higher CAGR of 21.2% during the forecast period. Through reducing the expense of on-demand processing resources, substantially growing internet connectivity and rising mobile and tablet device vendors can deliver board portal software to BFSI at lower cost and in a more accessible way. A broad range of applications for asset tracking in the BFSI that is currently being explored, which includes several safety measures, and target identification solutions that are increasing the Board Portal market and are expected to have huge growth over the forecast period.
By Geography - Segment Analysis
North America currently dominates the global Board Portal market with a share of more than 41.4%. During the forecast period North America is projected to be the market leading region. North America region has seen a high rate of adoption of software services among many industries, particularly in the financial and educational sectors. The increasing exchange of confidential documents over a protected platform has reduced the risk of information or financial data being lost. The securing of board communications and sensitive information inside an organization with enhanced security factors is therefore profusely driving the market. The cloud-based business End-User is experiencing a large-scale adoption of advanced technology and telecommunications in the region. Furthermore, the involvement of the region's major players based on new product launches is expected to infuse tremendous market growth.
Drivers – Board Portal Market
- Increasing Cybercrimes
Cybercrime is rapidly increasing. Cyber-attacks evolve from the perspective of what they are aiming for, how they affect organizations, and the changing methods of attack. Board Portals have the highest level of security which is anticipated to help growth of market. Using the highest grade of encryption everything on board portals is secured. They also use other security applications to make it as safe as possible. Safety is updated periodically to keep up with emerging threats. Access to a document or chat may be limited, so that viewing permission can only be granted to members with a need to know. Messaging and emailing are fully secure, too. Administrators can address problems via email, and then share them with any board members they choose. These security measures will drive growth of the board portal market.
- Adaption of board portal software in healthcare industry
Many of the problems facing hospital boards today include high board numbers, financial management demands, the need for well-informed board members, and continuing education. In these rapidly evolving times, a board portal software is required by the hospital board of directors, to significantly streamline governance, distribute information and communicate effectively. The 2018 Healthleaders Media Industry Survey found that while 69 % of hospital chief executives said their boards were strong or very strong, 11 % said their boards were weak or poor. This is also because of the large number of members who form the board of directors of hospitals. The answer to this perplexing compromise is to integrate portal software from a hospital board. In the middle, the software reaches boards and their representatives by enhancing contact. The board portal software is optimized for the coordination of hospital boards with a single shared interface for all board documents and activities and thus it is anticipated to boost the market growth of Board Portal.
Challenges – Board Portal Market
- Balancing security issue
Equilibrating effective protection while preserving ease of access is a special concern for "high value properties," federal information that can result in substantial harm if mishandled or compromised. The very nature of HVAs makes them a prime target for criminals and foreign adversaries who are seeking to profit from them. And while security investments may provide considerable defense against such threats, they can’t solve every underlying issue that drives the risk of information. This is a major concern which is anticipated to hinder market growth of Board Portal.
Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in Board Portal Market. Board Portal Market is expected to be dominated by major companies such as Admincontrol, Aprio, Banc Intranets LLC, BoardEffect Inc., BoardVantage Inc., Candlestiq LLC, Computershare Governance Services Inc., Diligent Corporation, Directors Desk LLC, eShare Ltd., ICSA Boardroom Apps Limited., Modevity LLC., M29 Technology and Design, Passageways, StreamLink Software Inc., Leading Boards, and Thomson Reuters.
Acquisitions/Technology Launches
- In Aug 2016, BoardEffect launched the Integration Panel which is the first of its type in the portal board industry. With this ground-breaking innovation, BoardEffect enables its board portal to be easily integrated with any solution that supports the work of governing bodies.
- In June 2018, Passageways, launched a new version of the web application OnBoard. OnBoard is an intentionally designed third-generation board meeting solution to improve meetings with organisations of all sizes
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