Board Portal Market - Forecast(2021 - 2026)
Board Portal Market Overview
Moreover board portal software offers the highest level of security as it uses highest grade of encryption and security applications for limited access to documents, chats and confidential mails. Further, companies are increasingly showing interest in meeting management software as it has taken everything from paper-based formats to all digital board materials planning, delivery and retrieval. Hence these factors enhances the adoption of Board Portal Software market in the forecast period 2021-2026.
Report Coverage
The report: “Board Portal Industry Outlook – Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the following segments of the Board Portal market
By Type: Enterprise Model/Onsite, Hosted/Client Hosted, Vendor Hosted/SaaS, Others (Third Party Hosted)
By Deployment: Cloud, On Premise
By End Use Industry: Oil and Energy, Education, BFSI, Healthcare, Government and Public Service, Law Firms, Media and Entertainment, ISP/Telecom, Others
By Organization Size: SME, Large Enterprises
By Geography: North America (U.S, Canada, Mexico), Europe(Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, SK, Aus and Others), South America(Brazil, Argentina and others), and RoW (Middle East and Africa)
Key Takeaways
- Board Portal software in North America is growing at significant rate owing to early adoption of advanced technologies and rising adoption of smart technologies has been driving the board portal in this region.
- The global demand for board software has been rising rapidly over the last few years due to the high adoption of cloud-based technology integration with the portal software of the enterprise, which enables companies to operate their own applications on cloud platforms.
- Vendor Hosted/Software as a Service (SaaS) is growing at a highest CAGR of 19.4% in the forecast period. This SaaS Model has gained popularity among various end-user segments and is expected to maintain substantial market share in the forecast period.
- Board Portal top 10 companies include NASDAQ, Computershare, Diligent, Azeus Convene, Visma/AdminControl., Aprio Inc., Passageways, BoardPaq LLC., Directorpoint LLC, and Modevity LLC among others.
Board Portal Software Market, 2020-2026
Board Portal Market Segment Analysis - By Type
With the cost reduction of on-demand computing power, a substantial increase in Internet accessibility and the rise of smartphone and tablet device vendors, several businesses will offer portal services at lower cost and in a more open manner. Moreover this model has gained traction between different end-user segments and is expected to hold considerable market share in the forecast period as a result of higher platform security measures and lower initial and continuing costs for customers. SaaS solutions also help businesses to generate customer data and information that is specific to each industry. Board Portal Software is easy to use, easily scalable and less prone to data loss favours an agile development life cycle and these are forcing the demand for SaaS model in the forecast period 2020-2025.
Board Portal Market Segment Analysis - By End User
Many of the issues facing hospital boards today include high board numbers, demands for financial management, the need for well-informed board members and continuing education. In these rapidly changing times, the hospital board of directors needs board portal software to dramatically streamline governance, share information and interact effectively. The 2018 Health Leaders Media Industry Survey found that while 69 per cent of hospital executives said their boards were strong or very strong, 11 per cent said their boards were weak or bad. This is also attributed to the large number of members of the hospital board of directors.
The answer to this perplexing compromise is the incorporation of portal tools from the hospital board. The board portal software is designed for the collaboration of hospital boards with a single shared interface for all board documents and activities and is therefore expected to fuel the market growth of Board Portal. Further using board portals for healthcare organizations, such as BoardBookit, can allow those brave, creative, flexible leaders to thrive in a changing environment. Moreover the decision to integrate board portals for pharmaceutical companies that will adapt and change as quickly as the pharmaceutical market is necessary, critical, and fundamental to modern board procedures.
Board Portal Market Segment Analysis - By Geography
Board Portal in North America is growing at significant rate of 15.9% owing to early adoption of advanced technologies and rising adoption of smart technologies in this country has been driving the board portal in this region. In addition several benefits offered by board portals, help organizations in different ways mainly through prepare and distribute files effortlessly, make pre-meeting annotations, to access documents anywhere, to allow seamless real-time collaboration, and enhance corporate social responsibility. Moreover features of board meeting management software are always up to date, easy to use, industry leading security, e-signature, two way authentication, attendance tracker and among others.
Further cloud-based business end-users in this region are 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. In 2019, Passageways, a global provider of secure, intuitive collaboration solutions, released third-generation OnBoard board portal software platform which is explicitly engineered to improve meeting outcomes for organizations of all sizes. Hence growing developments as such drive the market growth in the forecast period 2021-2026.
Board Portal Market Drivers
High adoption of cloud-based technologies integration with the organization’s portal services:
The global demand for board portal software has been rising rapidly over the last few years due to the high adoption of cloud-based technology integration with the portal services of the enterprise, which enables companies to operate their own applications on cloud platforms. In addition cloud-based board portals provide a more effective use of time and resources due to the availability of information on a common platform. Moreover rising need to strengthen security standards for confidential documents in most organizations driving the market growth. Further board meeting management software offers access to information and data to the right people and prohibits access to unauthorized persons.
In emerging cloud-based services, business information is stored online, resulting in a rapid increase in cloud-related cyber-attacks, which, in turn, increase the demand for stable and reliable software, such as board portal software: stimulating market growth. With the rising penetration of the Internet across the globe and the growing need for remote employees to understand the business process at ground level, BYOD programs have become crucial to the technical landscape. As a result, BYOD has emerged as a catalyst to enable the company to prioritize the efficiency of its employees without compromising protection. Hence these factors drive the growth of board portal in the forecast period 2021-2026.
Adoption of board portal software in healthcare industry:
Many of the issues facing hospital boards today include high board numbers, demands for financial management, the need for well-informed board members, and continuing education. In these rapidly changing times, the hospital board of directors needs board portal software to dramatically streamline governance, share information and interact effectively. For instance according to the report given by health leaders in 2018, more than 69 per cent of hospital executives said their boards were strong or very strong, 11 per cent said their boards were weak or bad.
This is also attributed to the large number of members of the board of directors of hospitals. The solution to this perplexing compromise is the incorporation of portal tools from the hospital board. In the middle, the software hits the boards and their members by increasing contact. Moreover board portal software is optimized for the collaboration of hospital boards with a single shared interface in the meeting management software for all board documents and activities and is therefore expected to fuel Board Portal's market growth.
Board Portal Market Challenges
Initial expense and lack of unskilled workforce:
The installation costs of board portals are relatively higher. Thus, many organizations still prepare board materials in big paper packets and mail them prior to each meeting. In future, awareness about the software and its potential applications may likely fuel the market growth of board portals in respective end user industries. Board portals are used in wide range of verticals which includes financial services, education, healthcare, oil & energy and others. However, limited awareness on the security and reliability of these services in oil & gas and some other end users pose challenge board portals adoption in market. Moreover, data security and privacy concerns associated with utilization of meeting management software are also an acting as hindrance for these services.
Board Portal Market Landscape
Software launches, acquisitions, Expansions, Partnerships and R&D activities are key strategies adopted by players in the Board Portal software market. In 2020, the market of Board Portal industry outlook has been fragmented by several companies. Board Portal top 10 companies include NASDAQ, Computershare, Diligent, Azeus Convene, Visma/AdminControl., Aprio Inc., Passageways, BoardPaq LLC., Directorpoint LLC, and Modevity LLC among others.
Acquisitions/Technology Launches
- In 2020, Diligent Corporation entered into a partnership with Heidrick & Struggles and Egon Zehnder, a joining founding partner of Spencer Stuart. These partnership aimed to posting open board opportunities specifically for diverse candidates within the Diligent Director Network to enhance their Modern Leadership initiative.
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