Board Portal Market Segmentation by Delivery Model (Enterprise Model, Hosted, Software as a Service (SaaS), and Others); Generation (Generation 1.0, Generation 2.0, Generation 3.0, and Generation 4.0); End-Use Industry (BFSI, Healthcare, Oil & Gas, Education, and Others) – Global Demand Analysis & Opportunity Outlook 2029
Buy Now Report ID: 3141 | Published Date: Feb 09, 2023Global Board Portal Market
Growth Drivers
Challenges
Regionally, the global market is segmented into five major regions comprising North America, Asia Pacific, Europe, South America, and Middle East & Africa. Among the markets in these regions, the North America board portal market is estimated to hold leading market share throughout the forecast period by attaining a revenue of USD 1,153.78 Million in 2021 and USD 4,639 Million in 2029, and growing at a CAGR of 19%. U.S. in the North America region is expected to garner a revenue of USD 671.50 Million in 2021 while the number for Canada is projected to be USD 482.28 Million for the same year.
Europe market is projected to hold second leading stance by garnering a revenue of USD 945.50 Million in 2021 and USD 3,353.64 Million in 2029, growing at a CAGR of 17.15%, owing to the high adoption of cloud-based technologies’ integration with the organization’s portal services, which enable organizations to run their applications on cloud platforms in the region. In European region, United Kingdom is projected to generate significant growth opportunities for the market growth by attaining a revenue of USD 174.92 Million in 2021 while Russia is projected to reap USD 161.68 Million in revenue during the same year. Since there is an increasing requirement to improve security practices for confidential documents in most organizations today, especially in countries such as the United Kingdom, France, Germany, and others, the adoption of cloud networks stimulates the market growth in the region. Moreover, the European Cloud Initiative and Cloud Strategy by the European Commission is working towards developing cloud computing in Europe with research and innovation actions under the Horizon 2020 Programme and Digital Europe Programme, which will create a plethora of opportunities for the board portal market this region.
According to the data provided by European Union, about 36% of EU enterprises used cloud computing in 2020, primarily for e-mail and storage of files. Furthermore, the increasing data privacy laws in the region, such as General Data Protection Regulation (GDPR), which is drafted and passed by the European Union, are increasing the dependence on GDPR-compliant software in the region such as BoardFolio by Praxonomy Azeus Convene Board Management software, and others.
The North America region is expected to be one of the leading markets on account of the increasing virtual meetings and cloud–based services. The presence of significant board portal software providers, including Nasdaq Inc., Diligent Corporation, and, Passageways, in the region also contributes to the market's growth. U.S. and Canada are the primary market for board portal software in North America. In the region, the growth of the board portal is primarily led to the increasing number of start-ups and organizations.
According to the United States Census Bureau, the number of firms and the number of business establishments in the United States in 2017 were 59,96,900 and 78,60,674, respectively. Moreover, well-established IT infrastructure in the region also boosts the market for board portal software. Additionally, the market in Asia Pacific is estimated to account for around USD 700.86 Million in 2021 and is estimated to witness growth in upcoming years. CLICK TO DOWNLOAD SAMPLE REPORT
The global board portal market is segmented by delivery model into enterprise model, hosted, software as a service (SaaS), and others, and by generation, the market is segmented into generation 1.0, generation 2.0, generation 3.0, and generation 4.0. Under delivery model, the software as a service (SaaS) segment is estimated to account for highest share and attain 77.12% of the market share in 2021. The software as a service (SaaS) segment is estimated to achieve revenue of USD 2,549.83 Million in 2021 and is estimated to garner USD 9486.67 Million in 2029. With the reduction of cost of on-demand computing power, a significant growth in internet accessibility and the rise of smartphones and tablets software vendors, and increasing dependence on cloud-based software and services, the software as a service (SaaS) delivery model is anticipated to be largest as well as fastest growing over the forecasted period. On the basis of generation, the generation 3.0 segment is estimated to garner highest market revenue by the end of 2029 owing to the fact that in third generation board portals, notes and annotations are automatically synced between devices and allow the mapping of the complete meeting agenda. This allows to exhibit all the agenda items, also comprising the scheduled time.
Furthermore, the storage of documents in separate folders, grouped by meeting and fingerprint sensors in iOS devices also provide additional security measures. All these factors are responsible to propel the market growth for this segment. The generation 3.0 segment is expected to achieve revenue of USD 1913.02 Million in 2021 and is estimated to garner USD 6715.13 Million in 2029.
Furthermore, different regions have different level of penetration of market segments. For instance, in North America, the market size for software as a service (SaaS) segment and generation 3.0 segment is estimated to be USD 890.72 Million and USD 663.42 Million for 2021, respectively. Additionally, in Europe, the market size for software as a service (SaaS) segment and generation 3.0 segment is estimated to be USD 732.77 Million and USD 545.56 Million for 2021, respectively.
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global board portal market that are included in our report are Nasdaq, Inc., Computershare, BoardPaq LLC, Diligent Corporation, Admincontrol AS, Passageways, BoardEffect LLC, Dilitrust SAS, eShare, Aprio, and others.
Key Reasons to Buy Our Report
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Abhishek Verma, Hetal Singh
Ans: The increasing security concern in organizations along with the rising demand for digital document management are the major factors responsible for the growth of the market.
Ans: The market is anticipated to attain a CAGR of 17.10% over the forecast period i.e., 2021-2029.
Ans: The limited technical know-how and reliability and nascent technology & operating costs are estimated to act as barriers to the market growth.
Ans: North America is estimated to create notable growth opportunities for market growth over the forecast period.
Ans: The major players in the market are Nasdaq, Inc., Computershare, BoardPaq LLC, Diligent Corporation, Admincontrol AS, Passageways, among others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented delivery model, generation, and end-use industry.
Ans: The generation 3.0 segment is anticipated to hold largest market size in value and is estimated to display significant growth opportunities.
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