The number of startups, acquisitions, partnerships, and joint ventures has increased during the last decade. Hundreds of organizations have gone global, and cross-border or cross-continent partnerships and acquisitions have helped businesses grow on a massive scale. It is obvious that when businesses expand, they need more workforce and professionals to manage business affairs.
Similarly, the changing job preferences have propelled organizations to use alternative routes of communication and collaboration. This triggered the demand for secure online communication channels like board portal software. Virtual board software is one of the most adopted business solutions in recent years, and the coming years will see exceptional growth.
But what triggered businesses to use this technology? How is the current board portal market behaving, and what is expected in the future? Read on the website on to find all the answers.
What exactly is board portal software?
A board portal or virtual boardroom is a cloud-based online platform particularly developed to ensure seamless communication between senior company management such as the board of directors, CEOs, CFOs, project teams, independent advisors, shareholders, investors, etc.
Board management software not only helps senior management communicate safely but also allows the board members to collaborate with their teams to manage assigned projects.
Boardrooms can be used for storing and sharing board material, preparing and conducting online board meetings, and dealing with clients, partners, and shareholders.
Current board portal market and future projections
According to the latest findings, the current global board portal market is worth $3360 million (in 2022). Most importantly, the projections look exciting as the market is expected to grow to $7930 million by 2030.
Virtual boardroom software is globally used in various industries, including non-profit organizations, oil and energy, education, healthcare, banking sector, and financial and insurance services.
Apart from that, the following regions will continue to dominate the virtual boardroom market;
- North America (Mexico, Canada, and the United States)
- Asia Pacific (Vietnam, Malaysia, Philippines, Thailand, Indonesia, Australia, India, Korea, Japan, and China)
- Europe (Turkey, Russia, Italy, France, United Kingdom, and Germany)
- Africa and the Middle East (South Africa, Nigeria, Egypt, UAE, and Saudi Arabia)
- South America (Argentina, Brazil, and Columbia)
Major players in the global board software market
Following organizations have been dominating the global boardroom market:
- Nasdaq
- Diligent corporation
- Computershare limited
- iDeals Solutions
- Azeus system limited
- Boardpac LLC
- Streamlink software incorporation
- Sherpany
- Directorpoint LLC
- Boardvantage
- BoardEffect
Major board portal trends in 2022
Three major aspects triggered boardroom market growth in 2022. They include:
- Cybersecurity
- Automation
- Improved online board meeting experiences
1. Cybersecurity
Cybersecurity, just like the past few years, is a matter of grave concern for corporations, enterprises, and organizations around the globe. Despite strict countermeasures, hackers and unethical business practices have created more trouble and the situation deteriorated further. Online meeting solutions connected directors, professionals, managers and investors, but they also paved the way for hackers.
Cyberthreats forced businesses to look for secure alternatives, triggering demand for board portals. Virtual boardrooms employ the most robust security measures to minimize the effects of cyberattacks. The best part is that virtual board portal vendors adopt a proactive approach to prevent data thefts and other cyber security issues.
2. Automation
It is due to board management software that businesses can easily shift from manual to automated management models. Streamlining corporate governance is the most notable achievement of board portals.
Corporate governance heavily relies on board materials that include audited financial statements, the company’s policy manuals, previous meeting minutes & agendas, board books, and other important corporate documents.
Virtual boardrooms have made it possible for organizations to safely store their board material in a centralized and fully controlled place that is easily accessible for senior business officials.
Virtual board software makes sure that board members have 24/7 access to board material. Boardroom users can share, annotate, and edit documents. Depending on their access level in the boardroom, board members can download and print documents for their use.
3. Improved online board meeting experience
Board portals are paperless meeting solutions that not only save funds but streamline board meetings. Boardrooms facilitate management at all levels during board meetings. For example, it is easy to prepare and share board meeting agendas through customizable built-in templates.
Furthermore, board software is equipped with all necessary online board meeting tools such as videoconferencing, polls, electronic voting, Q&A sessions, shareable documents, private and public annotations, shared documents, etc.
At the end of the meeting, board secretaries can easily prepare meeting minutes and send a soft copy to all participants.
Summing it up
The board portal market, especially during the Covid-19 lockdowns, has seen tremendous growth, and the projections look very positive for the future. North America continued to be the dominant contributor to the industry growth. Moreover, automation, cybersecurity, and the demand for secure and improved online meeting solutions became the major factors in board portal market growth.
