Board Management Software Market Analysis and Forecast to 2031: By Deployment Type (On-Premise, Cloud-Based), End User (BFSI, Education, Healthcare, Government, Others), and Region

Board Management Software Market Analysis and Forecast to 2031: By Deployment Type (On-Premise, Cloud-Based), End User (BFSI, Education, Healthcare, Government, Others), and Region

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.

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.

Global Board Management Software Market Segmental Overview

The report analyses the global board management software market based on deployment type, end user, and region.

Global Board Management Software Market by Deployment Type

Based on deployment type, it is bifurcated into on-premise and cloud-based. The cloud-based segment is expected to have the largest board management software market share in 2021. Over the years, the demand for cloud-based systems is expected to grow substantially due to the cloud-based board management software offering enhanced flexibility, scalability, and security to its users. Further, it allows the end users to receive automatic software updates without additional capital expenditures, improving technology competitiveness. Due to these factors mentioned above, the cloud-based board management software is expected to receive the main market attraction resulting in market growth.

Global Board Management Software Market by End User

Based on end user, it is segmented into BFSI, education, healthcare, government, and others. The BFSI segment is expected to be the largest segment in the board management software market in 2021. In the BFSI sector, adopting a board meeting management software to implement end-to-end board meeting activities can signify a board’s commitment to innovation, security, and efficiency. Thus, the BFSI segment will likely hold a major market share in 2021.

Geographical Analysis of Global Board Management Software Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The North America market is expected to hold the majority of the market share in 2021 owing to increasing awareness about managing the board operations. Additionally, the software developers of board management are mostly present in North American region. This, in turn, boosts the demand for board management software in the North American region.

Major Players in the Global Board Management Software Market 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.

Recent Developments

• March 2022, Boardable had released a new plan that is completely free for use by anyone ready to level up their board experience. The new offering allows boards and committees to co-ordinate virtual and hybrid meetings while ensuring everyone has the materials they need all in one place, free of charge.
• January 2022, Diligent had announced incredibly strong year-over-year growth for its mission-driven business, resulting in more than 8,500 clients across the primary education, community healthcare, public sector, and nonprofit entities globally.
• December 2020, Boardable announced it had raised US$ 8M Series A led by Base10 Partners with participation from Seed investor High Alpha. Boardable helps nonprofits better manage their board members and the meetings they attend, virtually or in person, and that helps nonprofits execute their mission more effectively.

Frequently Asked QuestionsQ1. How big is the board management software market?Ans. The global board management software market size was US$ 3.1 billion in 2021 and is anticipated to reach US$ 8.5 billion in 2031, growing at a rate of 10.6% from 2022 to 2031.Q2. What is the board management software market growth rate?Ans. The growth rate of the board management software market is 10.6% from 2022 to 2031.Q3. Which region holds a major market share for the board management software market?Ans. North America holds a major market share of the board management software market in 2021.Q4. Which segment accounted for the largest board management software market share?Ans. Based on deployment type, it is bifurcated into on-premise and cloud-based. The cloud-based segment is expected to have the largest board management software market share in 2021.Q5. Who are the key players in the board management software market?Q6. What are the factors driving the board management software market growth?Ans. The major factor driving the growth of the market is multiple benefits of board management software.Q7. What are the key growth strategies of board management software market players?Ans. The key growth strategies of board management software market players are product launch, partnerships, and government initiatives.Q8. Which region will provide more business opportunities for the board management software market during the forecast period?Ans. The Asia Pacific region will provide more business opportunities for the board management software market during the forecast period.

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