Moreover Rising Need to Strengthen Security Standards for Confidential Documents in Most Organizations Driving the Growth of Board Portal Market.
Hyderabad, India - July 20, 2021 /MarketersMedia/ —
Board Portal Market size is expected to reach $2849.7 million by 2026 at a CAGR of 17.0% during the forecast period 2021-2026. 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. In addition it is used for providing content to the directors either on mobile devices or on different websites. As cybercrime is increasing rapidly, the demand for a secure meeting platform for boards has been increasing widely.
Board Portal Market Segment Analysis - By Type
Vendor Hosted/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 as a result of higher model security measures and lower initial and continuing costs incurred by customers. In addition, SaaS solutions also allow companies to generate industry-specific customer data and intelligence. The growth of SaaS models contributes to making board portal software more accessible. Meeting Management Software is implemented either by IT or subscription-based software as a service (SaaS).
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Board Portal Market Segment Analysis - By End User
Healthcare sector for this board meeting management software market is growing at a CAGR of 22.6% in the forecast period. Rising adoption of board portals in hospitals is an intuitive step and with the ability to have tremendous paper and printing savings, productivity increases for administrative staff who streamline distribution of materials, savings in binding and delivery of printed materials, information security, convenient board access anywhere with an internet connection and streamlined distribution of changed and added materials hospitals are preferring board portal.
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.
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.
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.
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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
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.
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.
Related Reports :
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https://www.industryarc.com/Report/19275/virtual-meeting-software-market.html
B. Virtual Data Room Market
https://www.industryarc.com/Research/Virtual-Data-Room-Market-Research-500564
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Release ID: 89037015
