The global board management software market was valued at US$ 3.1 billion in 2021 and it is anticipated to grow up to US$ 8.5 billion by 2031, at a CAGR of 10.6% during the forecast period.
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Board management software is a technologically advanced solution that addresses the redundancies, deficiencies, and flaws of holding paper-based board meetings. The software effectively manages a board director’s workflow and processes. A board management software’s benefits include actual-time information dissemination, digitized documentation, automated meeting preparation, and clearer communication channels. Most firms opt for a vendor-provided board management solution that can be easily implemented within a company’s existing information technology (IT) systems and already have the required security standards.
Market Drivers and Trends
As technology has increased communication speed, it has also raised expectations for board directors to conduct their business differently. With the rise of cloud technology and digital access to important documents, boards cannot only rely on printed board packets before meetings to stay up to date. As more and more boards of directors realize the challenges of keeping the information updated and accessible, they have turned to board management software to streamline administrative work and help board members find information more easily.
Firstly, board members can access all the important information necessary to effectively deliberate and make decisions with the board software. In the context of a meeting, board members can quickly search through past documents to find answers instead of raising questions or requesting additional documents from administrative staff. Secondly, board management software reduces meeting preparation time from hours to minutes. Instead of printing, assembling, and shipping paper copies of materials, all documents are uploaded to the cloud. Thirdly, member collaboration is no longer confined to the boardroom. Votes, survey tools, and discussion boards allow committee members to provide feedback as their schedule permits while keeping to firm deadlines. Instead of relying solely on meetings to create urgency behind decisions, board management software can allow administrators to keep projects on schedule and can even reduce the need for frequent meetings. Further, board software provides specific controls over who has access to information.
Hence, the benefits of board management software such as streamlining administration, eliminating key pain points, improving communications, increasing engagement, and enhancing organizational governance help drive market growth.
Market Restraints and Challenges
In this modern era, cyber security should be a top priority in companies of all types and sizes. The number of threats and their sophistication is increasing by the day. Data has become the lifeblood of most organizations and the major driver of day-to-day operations and top-level decision-making. Security breaches that lead to loss of data can result in a catastrophe. Not taking cyber security seriously can lead to irreparable reputational damage, fines & issues with licensing in the case of regulated businesses, adverse media coverage, increased anxiety & stress levels in the workforce, business interruption, and breach of privacy & financial losses. And some of the board management solutions are unable to counter cyber-attacks. Thus, security concerns due to the lack of cybersecurity measures are acting as a restraining factor for the global board management software market.
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Global Board Management Software Market Segmentation
By Deployment Type
- On-Premise
- Cloud-Based
By End User
- BFSI
- Education
- Healthcare
- Government
- Others
Major Players in the Global Board Management Software Market
The key players studied in the global board management software market are Aprio Inc. (Canada), Azeus (Hong Kong), Boardable (US), Board Matters, LLC (US), BoardPAC Inc. (US), BoardPaq LLC (US), Diligent Corporation (US), Govenda (US), Nasdaq, Inc. (US), and Passageways, Inc (OnBoard) [US].
COVID-19 Impact
In 2020, the COVID-19 pandemic had been a major challenge in business functioning. Governments of several nations had imposed lockdowns to curb the spread of the disease. Hence, organizations are adopting board management software to manage board meetings, draft & finalize minutes, build & share agendas, vote digitally, help groups schedule, hold virtual meetings, and securely store, share & sign documents. This, in turn, is expected to boost the demand for global board management software.
Moreover, board management software helps organizations and different departments to manage tasks easily and effectively, which is projected to create a significant opportunity for the global board management software market for post-pandemic scenarios.
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