The global board portal market is estimated to achieve revenue of USD 3,305.96 Million in 2021 and is estimated to garner USD 11,685.15 Million in 2029 by growing at a CAGR of 17.10% over the forecast period i.e., 2021-2029. The increasing security concern in organizations is the major driver responsible for the market growth. Rising cases of data and security breaches have been observed over the past decade. An increase in security breaches in organizations has been on the rise due to the data stored on servers and the cloud. Ransomware attack on IT giant Cognizant in 2020 had the estimated impact of USD 50-70 million. Cybersecurity Ventures forecasted that cybercrime will cost the world USD 6 trillion by 2021. IBM’s X-Force Threat Intelligence Index found the banking, financial services, and insurance sector as the most breached industry. The 2020 report for the past year found 8.5 million records were “compromised,” a 200% rise from the previous year, with misconfigured servers, which accounted for 86% of the compromised records. The report also mentioned a dramatic increase in malware, especially ransomware attacks, with the US being the primary regional target. The 2021 edition of the report saw a further increase in ransomware, accounting for 23% of all attack types. The rising demand for digital document management is also a major factor for boosting the market growth. With the 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 ability to work, approve, share, and manage essential tasks of an organization remotely has aided the rise in digital document management. Board portals with digital document management ensure data transmission and operability through various devices and e-approval (through e-signatures) from any geographic location around the world. Record Storage Systems, 2020, said that almost 7.5% of paper documents are lost while document challenges such as retrieval and organizations account for 21.3% productivity loss. Remote access feature for documents is essential in the current situation of a global pandemic that has led to individuals working remotely. Board portals usually come integrated with document management tools that ensure the aforementioned advantages while ensuring data safety. The Association of Intelligent Information Management (AIIM) conducted a survey showed 70% of respondents planned to expand document processing to more digitally made document. Additionally, the survey also found many companies were in the early phase of digital transformation, and 41% of them were focused on replacing paper forms with e-forms. Along with the features provided by the management system, the cost benefits and savings made over their time of usage have also been a major factor of their deployment. Ademero estimates an average savings of USD 120 due to the finding and replacing of a lost paper document. Printers, cartridges, paper, writing tools, shredders, photocopiers, paperclips, folders, and cabinets added up to around USD 400,000 a year for an average company.
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.
FREQUENTLY ASKED QUESTIONS
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.
The market is anticipated to attain a CAGR of 17.10% over the forecast period i.e., 2021-2029.
The limited technical know-how and reliability and nascent technology & operating costs are estimated to act as barriers to the market growth.
North America is estimated to create notable growth opportunities for market growth over the forecast period.
The major players in the market are Nasdaq, Inc., Computershare, BoardPaq LLC, Diligent Corporation, Admincontrol AS, Passageways, among others.
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.
The market is segmented delivery model, generation, and end-use industry.
The generation 3.0 segment is anticipated to hold largest market size in value and is estimated to display significant growth opportunities.
Global Board Portal Market
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