Technology has helped businesses break cross-border barriers, thus more and more corporations are going global now. Yes, that is a satisfactory sight for growth and development purposes, but this expansion also means corporations have to manage more personnel at all levels.
Ensuring collaboration between senior corporate management was one of the biggest challenges for organizations, but that problem has been immensely solved by SaaS solutions, such as board portal software.
In fact, the online board portal is not limited to corporations; business owners from different sectors are using this cloud-based technology to ensure maximum collaboration between their senior-level officials. That is the reason why the virtual boardroom market is growing at a rapid pace every year.
Today, we are going to talk about the board of directors portal, its major benefits, and the latest board portal market trends.
What is board portal software?
Board portal or board governance software is a cloud-based virtual space specifically designed for the board of directors and senior management in any organization. The platform works as a data repository and an online space where users can upload and share corporate material.
In addition to that, board members can conduct virtual board meetings, cast votes digitally, initiate a motion, start discussions, etc.
Board portal market: Key players
The board room market was valued at a colossal $3360 million figure back in 2020, and according to the market forecast, this figure may climb up to $7930 million by 2030.
There are hundreds of virtual boardroom sellers in the market, but most of the market share is captured by big names, including Nasdaq, Diligent Corporation, Computershare Limited, BoardVantage, Directors Desk, Boardpac LLC, BoardEffect, Azeus Systems limited, and several other names.
Board portal market: Main trends
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The emergence of SaaS solutions
The rise of SaaS solutions is one of the major contributing factors in board portal market growth. Businesses are looking for secure channels to share and store their confidential business information. Additionally, globalization has made it more difficult for corporations to provide a reliable platform to their cross-border senior company officials.
In such situations, board portal software is one of the most preferable solutions for companies. They are remotely accessible from anywhere in the world and are no less than “safe havens” for board communication and collaboration.
Currently, some of the major users of hosted and SaaS models include non-profit organizations, BFSIs, oil and energy, education, healthcare, etc. Apart from that, increasing board duties and government regulations are also major factors in the adoption of board portal technology.
An increase in cybercrimes has also forced organizations to switch to more reliable solutions. Rapid product development, multiple-layered security, automated board document management, and user-friendliness have made board portals an automatic choice for businesses. Yes, the initial costs are on the higher side, but the board portal’s role in more efficient corporate governance is simply outweighing the costs.
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Board portal market: Market share trends
Among several other regions, North America is currently one of the largest markets of board portal software. A significant number of virtual boardroom users are based in this region.
Further segregation shows that educational and financial institutions in North America are the biggest consumers of SaaS-based solutions, including board portals, and have immensely contributed to the growth of boardroom software in the region. Financial institutes in North America are primarily using the board of directors’ portals for seamless and secure exchange of information.
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Board portal market: Industry-wise trends
Although board portals have penetrated different industries, including education, healthcare, oil and energy, etc., financial services have an impactful share in board portal market growth.
Financial institutions deal with highly sensitive and confidential information, and board portals act as a secure data repository and a reliable medium for the exchange of documents.
What strengthens board portals’ case more in the financial sector or any other industry is no additional requirement of staff or hardware for maintenance purposes. Organizations just have to buy a subscription from board portal vendors and can start using the tool immediately after setup.
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Better remote board meetings experience
Currently, virtual board meeting tools have become a vital element in board meetings. This mainly happened due to globalization but the Covid-19 outbreak also pushed businesses to collaborate through virtual platforms to maintain social distancing. This was another triggering factor in board portal market growth.
Although the Covid juggernaut has slowed down significantly, organizations are still persistent in using virtual platforms for board meetings and collaboration, and the trend is expected to prevail in 2022.
Keeping that in mind, virtual boardroom providers are investing more in product development to meet the stringent requirements of board portal users. For instance, some latest board portal software allows board members to engage in video conferencing and have complete access to board material at the same time, thus improving their efficiency.
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Automation in board document management
Organizations’ search for automation and speedy document sharing channels is what made board portals a top choice for them. Processes like sharing and archiving board material used to take at least a couple of days, but thanks to the boardrooms, this can take place in minutes.
Apart from that, the ability to save templates for future use is another useful feature of board portals. For example, a board book created once can serve as a template for the next ones, thus saving a lot of time for board members.
Final words
The current market trends show that the future of the board portal market is very promising and rightly so. Organizations are shifting to safer and more effective digital channels for better collaboration, automated document management, and secure data storage platforms. Board portal software provides all of these features and therefore is an optimal solution for your business.
