Board Management Systems Market Size 2022 Global Industry Revenue

To keep up with today’s world, the board of directors is always hunting for ways to drive efficiency as they are notoriously time-poor and face ever-increasing demands.

That’s where board management software comes in very handy as it makes the practices of the board and management team members more efficient.

Also, the board portal software market is projected to reach $2849.7 million by the end of 2026, growing at a CAGR of 17%; here’s why the virtual board software market is growing:

• Offers the highest level of security
• Reduces litigation risk
• Facilitate collaboration, communication, and management meetings between the board and corporate leaders

Perhaps that’s why the majority of the 500 Fortune companies are now resorting to board portals for secured internal business operations.

Board management software market analysis: Regional framework

The board management software market is segregated across several geographic regions, including Canada, North America, the Middle East, Europe, Asia Pacific, South America, etc.

With well-established business hubs such as in Canada and USA, the demand for board portals has grown exponentially.

Nonetheless, as virtual boardrooms become more prevalent and businesses understand more about the potential benefits, European and Asian markets are expected to grow even more.

Region	Major players
South America	Brazil, Argentina
North America	Mexico, USA, Canada.
Europe	Spain, Italy, Germany, UK, France
Asia Pacific	Australia, India, China, Japan, South Korea
Africa and Middle East	South Africa, UAE, Saudi Arabia

As far as the revenue is concerned, the virtual board software market is growing at the rate of 15.9% in North America, followed by the Asia Pacific and European regions.

Since business operations involve all, from due diligence to storing, managing, and analyzing data-driven analytics, the board portal allows the board to carry all of this and much more in a single platform.

Board management software market segment analysis: By end user

Insights depict that the board management software is most prominently used in the following industries:

• Education
• Health
• IT, telecom
• Oil and gas
• Banking, financial services, and insurance
• Life and sciences

IT and Telecom and BFSI sectors have been dominating the global virtual boardroom market. That’s because board management software comes in handy in all aspects related to board management and enhances corporate governance. 

Also, the health sector is growing at a CAGR (compound annual growth rate) of 22%. That’s because the adoption of the board portal not only saves a lot of money on paper and printing but streamlines administrative work that, in turn, increases productivity.

Board management software market drivers

Since the outbreak of the pandemic, businesses around the globe are heavily relying on cloud-based solutions such as virtual boardrooms. 

That’s because virtual board software provides a workable paperless meeting solution and also eliminates the need for physical board packs, reduces travel costs, etc.

Let’s take a look at some of the key drivers behind the significant growth of the board portal market:

Adoption of cloud-based solutions integration with the companies portal services

The demand for board management software has dramatically risen over the last few years owing to the increase in adoption of cloud-based solutions integration with the organization’s portal services which allow them to run their own apps on the platform.

Also, the board has access to confidential information, organized databases, meeting agendas, etc., all in one single place that provides the board with more effective use of resources and time.

Better document protection and security

Albeit advancements in technology have made lives easy, one can’t deny the fact that with increased tech comes the threat of cybercrime.

Fret not; the board portal has all the board needs to optimize its business operations efficiently without compromising on the security aspect.

Whatever happens in the organization’s portal stays there, and the cloud-based solution offers the complete business suite with advanced security tools.

Bring-Your-Own-Device (BYOD) policy

Bring your own device programs have significantly grown in the tech landscape as with innovative tech, internet connectivity has also increased, necessitating a better grasp of business operations at the ground level by remote workers.

Thus, BYOD (bring your own device) works as the catalyst for the company to promote employee efficiency while maintaining security.  

Consequently, the global market of board management software is more likely to expand as the use of BYOD rises.

Final Verdict 

Over time, board management software has evolved and will continue to grow in the coming years. That’s because it has become an essential suite that supports the overall corporate venture.

Nevertheless, you need to consider some factors before choosing the right board portal solution, including security, meeting management tools, document management tools, etc.

Also, you need to ensure whether you have the right skills or training and whether the vendor offers assistance for seamless integration with your company’s portal; otherwise, it will be a waste of money. Always choose the solution that fits your business requirements.