Board Portal Market size is expected to cross USD 34 Billion by the end of 2036, growing at a CAGR of 17.5% during the forecast period, i.e., 2024- 2036. In the year 2023, the industry size of board portal was over USD 5 Billion. The primary factor fueling the market's expansion is organizations’ growing concerns about security. Over the past ten years, there has been an increase in the demand for data and security breach cases. The data that is kept on servers and in the cloud has led to an increase in security breaches in businesses. The anticipated damage of a ransomware assault on IT behemoth Cognizant in 2020 is between USD 50 and USD 70 million. According to cybersecurity ventures, by 2021, cybercrime will cost the world USD 6 trillion USD.
In addition to these, the rising demand for digital document management is also a major factor in boosting the board portal market growth. With development in software technology, remote working, and the demand for file backup and retrieval, digital document management has grown drastically over the years. File-sharing, remote editing, and device interoperability are standard requirements for any team, executive, or board. The development of digital document management has been facilitated by the capacity to collaborate, approve, share, and oversee critical organizational functions from a distance. Board portals featuring digital document management provide data transfer, device operability, and e-approval (by e-signatures) from any point in the globe. According to Record Storage Systems, 2020, document issues like retrieval and organizations represent 21.3% of productivity loss, while nearly 7.5% of paper documents are lost.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~ 17.5% |
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Base Year Market Size (2023) |
~ USD 5 Billion |
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Forecast Year Market Size (2036) |
~ USD 34 Billion |
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Regional Scope |
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Delivery Model (Enterprise Model, Hosted, Software as a Service (SaaS))
Board portal market from the SaaS segment is expected to hold 49% of the revenue share by 2036. Board portal software is becoming more reasonably priced due to the emergence of SaaS models. IT or a subscription-based software as a service provider deploys the Board Portal software (SaaS). Owing to the decreasing cost of on-demand computer power, increased internet accessibility, and the popularity of smartphones and tablets, software manufacturers are now able to provide board portal software to a greater number of organizations at a more affordable and easily accessible price. At present, tablets are used by around 1.28 billion people. When it comes to computer devices, 91% of internet users still think that smartphones are their preferred method of accessing the internet. In 2021, smart devices brought in about USD 60 billion in sales globally.
Generation (Generation 1.0, Generation 2.0, Generation 3.0, Generation 4.0)
The generation 3.0 is expected to account for 42% of the global board portal market by the end of 2036. This is because notes and annotations in third-generation board portals are automatically synchronised across devices and enable the mapping of the entire meeting agenda. This makes it possible to display the entire agenda, including the time allotted. Moreover, fingerprint sensors on iOS devices and the filing of papers in distinct folders arranged according to meetings offer extra security. These elements are all in charge of driving this segment's market expansion.
Our in-depth analysis of the global board portal market includes the following segments:
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Delivery Model |
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Generation |
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End-User |
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North American Market Forecast
The board portal market in the North America region is expected to hold the largest share of about 34% by the end of 2036. The board portal in this region has been driven by the early deployment of advanced technologies and the growing adoption of smart technologies in this country. Additionally, a number of advantages provided by board portals assist organizations in various ways, including facilitating the easy preparation and distribution of files, annotating documents prior to meetings, enabling access to documents from any location, facilitating seamless real-time communication, and enhancing corporate social responsibility. Additionally, features like an attendance tracker, e-signature, two-way authentication, industry-leading security, and ease of use are all included in board meeting management software. The rise of startups and organizations in the area is the main factor contributing to the board portal's growth. The survey indicates that between 2023 and 2027, almost 75% of businesses are likely or very likely to use big data analytics, cloud computing, e-commerce and digital trade, and AI technologies. Additionally, over 86% of businesses intend to implement digital platforms and apps.
Europe Market Statistics
Board portal market in Europe region is predicted to hold second largest share of about 25% during the forecast period. The growth of the board portal market is due to the region's high acceptance rate of cloud-based technologies and their integration with portal services, which allow businesses to operate their apps on cloud platforms.
Author Credits: Abhishek Verma, Hetal Singh
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