The global corporate landscape is changing constantly which keeps the governing members on their toes. The role of organizational boards has become more critical as board members are responsible for steering the ship. Board members have to safeguard stakeholders’ interests, set a strategic direction for the organization, oversee management, manage risks, and address other environmental, social, and governance issues.
When it comes to effective governance, board portal or board governance software has become a key component. Virtual boardroom software assists board members in fulfilling their governance duties by streamlining multiple board processes. Using board portal software, board members can participate in board meetings, vote on business affairs, review board performance, and collaborate with stakeholders.
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Board management software: Revolutionized corporate governance
Board management or virtual board meeting software is an online board management tool that allows its users to share, store, and review documents, arrange meetings, review performance, assign and track board governance tasks, and even be involved in dealmaking.
These board management solutions are powered by certified boardroom vendors that comply with international and regional regulatory requirements.
The demand for board software is constantly increasing in the markets due to its multiple benefits such as reduced turnover time, simplified management, and improved collaboration. What’s more, digital security being the major threat and challenge for organizations is a key factor behind the growing demand for secure board software. The provision of innovative solutions by key players has played a vital role in the growing board meeting software market.
Is the boardroom market expected to do more in the future? What factors contribute to boardroom market growth and what trends to expect in the future? Let’s find out.
Board of Directors software market analysis
The virtual board portal market has already crossed the $3 billion figure and according to projections, it is expected to become a billion-dollar industry by 2031 at a CAGR of 8.6%.
Currently, board portal vendors offer two types of deployment (on-premise and cloud) while major consumers are small businesses, medium-sized organizations, and large-sized enterprises.
Geographical representation of board management software market
Geographically, board portal technology is used in five major regions including:
- North America
- Asia Pacific
- Europe
- Middle East and Africa
- Latin America
The United States and Canada stand as the leading consumers of boardroom technology in North America while China leads Asia Pacific. Germany and the UK are the top consumers in Europe.
Leading board portal companies in the global market
Top players in the virtual boardroom industry include:
- Diligent Corporation
- Azeus Convene
- BoardPaq
- BoardPAC
- Passageways
- Ad Incontrol AS (Visma)
- BoardPro
- iDeals Boards
- Nasdaq Incorporation
- Aprio Board Portal
- Leading Boards
- Computershare
Virtual board portal market drivers and opportunities
Below are the key factors driving the board management software market.
1. Increasing security threats
It will be next to impossible to find an organization that hasn’t incorporated adopted digitalization. Even businesses from less developed or growing countries are rapidly switching to online channels.
However, digitalization comes with perks and challenges at the same time. Where users can share data or collaborate electronically, there are opportunities for hackers and cybercriminals. Also, internal threats like users’ negligence pose challenges for management. According to statistics, there were over 30,000 cybercrime cases between October-November 2023 out of which, 900 involved small businesses.
Considering the growing security concerns, developers and service providers are constantly providing improved and secure collaboration platforms. For example, boardroom vendors have started offering dedicated committee management software.
It is an online committee management platform that allows all the stakeholders to safely collaborate and provide controlled digital workspaces.
Board portals are equipped with advanced security features—some boardroom vendors boast military-grade security. They employ features like granular access, multi-factor authorization, document access control, remote data wipe, and 256-bit SSL data encryption.
2. Adoption of cloud-based solutions
It is not hard to believe that cloud computing has become an essential part of modern-day businesses. Cloud-based solutions are beneficial in multiple ways. Here is how.
Cost-effectiveness
Most of the cloud-based software vendors offer subscription-based pricing models which allow the firms to use their services according to their needs. Businesses have to pay only for the resources they consume rather than wasting money on undesired or unnecessary services.
What’s more, using external cloud-based solutions eliminates the need to buy and maintain expensive hardware while there is no need to hire software developers or tech professionals.
Faster deployment
Cloud solutions have a faster deployment cycle; it hardly takes a few minutes or hours to fully set up cloud-based solutions. On the other hand, it may take weeks or sometimes months to develop, test, and implement a business solution.
Remote accessibility
One of the biggest reasons why cloud solutions are in high demand is because they allow users to access the platform from anywhere in the world. With businesses moving to hybrid work models, cloud-based solutions are the future.
Summing it up
The virtual board portal market is expected to reach the $6 billion figure by 2031. Major consumers by area include North America, Asia Pacific, and Europe while key industry players include Nasdaq, Diligent Corporation, Azues, iDeals Solutions, Boardpac, BoardPro, and Aprio board portals.
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