Board Management Software Market Share and Trends - 2031

Board Management Software Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Deployment (Cloud and On-Premises), End User (Corporate, Education, Healthcare, Government, and Others), and Geography

  • Report Code : TIPRE00012431
  • Category : Technology, Media and Telecommunications
  • Status : Published
  • No. of Pages : 145
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Board Management Software Market Share and Trends - 2031

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The board management software market size is projected to reach US$ 3.33 billion in 2023 and is expected to reach US$ 6.44 billion by 2031; it is estimated to record a CAGR of 8.6% from 2023 to 2031.

The report includes growth prospects considering current board management software market trends and driving factors influencing the market growth. Some of the market trends includes technological advancement and growing awareness regarding the benefits of board management software and communication and collaboration among top level executives

Board Management Software Market Analysis

Board management software allows the board members to have access to all the critical data and make smart decisions remotely in real time. Board management software can also help cut down on hours spent preparing minutes of meeting, as all documents can be uploaded to the cloud instead of assembling, printing, and providing hard copies. Administrators can also set up committees, call meetings, ask for votes, make surveys, and share information using board management software. Agendas for meetings can be made once and kept as templates for further use. Board management software can also offer strict controls over who gets access to what information. Administrators have easy access to change profiles, add or remove members, and help with lost passwords. Although a member may be added to many committees, only the select members of the committee have access to secret committee information. Thus, the board management software particularly helps streamline administration, eliminate key pain points, improve communications, increase engagement, and enhance organizational governance.

Board Management Software Market Overview

Board management software assists an organization's board of directors in managing their duties for strategic planning and performance reviews. The program enables board members to participate in meetings, vote on business problems, and make comments on documents. It is also useful for storing, sharing, and reviewing papers. The software helps attach board packages to the agenda of board meetings by uploading them. The software also makes it possible to record board meeting minutes and distribute them to all parties involved and also helps pull up previous meeting minutes to discuss.

With the growing awareness regarding the benefits of board management software, such as improved collaboration, simplified management, and reduced turnaround time, its demand is increasing in the market. Also, the rising demand for enhanced security by organizations is fueling the growth of the board management software market. Furthermore, various market players are continuously working on providing innovative solutions to customers by adding different features and capabilities. In addition, the market is witnessing the growing adoption of cloud-based technology as it can provide real-time updates and increase the productivity and efficiency of the board members.

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Board Management Software Market: Strategic Insights

Board Management Software Market

  • CAGR (2023 - 2031)
    8.6%
  • Market Size 2023
    US$ 3.33 Billion
  • Market Size 2031
    US$ 6.44 Billion

Market Dynamics

GROWTH DRIVERS
  • Growing Awareness Regarding Benefits of Board Management Software
  • Increasing Enhancement in Security Features
FUTURE TRENDS
  • XXXXXXX
  • XXXXXXX
  • XXXXXXX
OPPORTUNITIES
  • Growing Technological Advancement

Key Players

  • Aprio Inc.
  • Azeus Convene
  • Boardable Board Management Software, Inc.
  • BoardBookit, Inc.
  • BoardPAC Inc.
  • BoardPaq LLC.
  • Diligent Corporation
  • Governance and Executive Systems, Inc.
  • Nasdaq, Inc.

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

Deployment
  • Cloud
  • On-Premises
End User
  • Corporate
  • Education
  • Healthcare
  • Government
  • Others
Geography
  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Board Management Software Market Drivers and Opportunities

Increasing Enhancement in Security Features to Favor Market

As businesses switch to online platforms, the risk of cybercrime rises significantly, making workplace security measures more crucial than ever. Boards need to be aware of security risks posed by both external and internal sources, such as negligent internal staff members and external hackers. To cater to such problems, software developers are continuously working on providing more secure board management software. For instance, in November 2022, Govenda introduced the Govenda Committee Suite, a potent governance tool, to its collection. The suite is intended to offer a safe environment for stakeholder conversations and meetings, as well as secure workspaces for improved teamwork and quicker, more informed decision-making. Similarly, in October 2022, Convene announced the launch of its new Digital Signature Suite, which is specifically designed with powerful features for more secure and faster signing workflows for its board governance clients across the government, private, and non-profit sectors within the GCC region. This complete suite of digital signature tools is compliant with both internal and external regulations. Thus, such innovations by market players can help provide enhanced and secure software. Furthermore, as software helps store sensitive documents automatically in a central, secure location with extra security measures, ensuring that firm information is protected by controlled access and secure central lodging, its demand is accelerating the board management software market growth globally.

Growing Adoption of Cloud-Based Solutions

Cloud computing is now a necessary component of all businesses and industries. The cloud method, which serves as a catalyst for growth, has radically transformed the way firms function. Organizations that move to the cloud can choose a subscription-based model that fits their budget, which eliminates the need for expensive hardware and installation. Rather than paying for unnecessary or undesired services, the majority of cloud solutions give businesses the option to pay for the resources they actually utilize. Furthermore, businesses can benefit from a fast deployment cycle with cloud solutions, as products go online in weeks rather than months. As cloud technology makes it simple for teams to view, modify, and share documents and data at any time and from any location, it enhances team cooperation. With cloud-based workflow and file-sharing tools, the company may get real-time updates and increase its productivity and efficiency. Organizations, particularly small firms, can profit from cloud computing by saving time and money, avoiding large investments, and utilizing the expertise of third parties. Thus, all the above benefits of cloud-based board management software are expected to fuel board management software market growth in the upcoming years.

Board Management Software Market Report Segmentation Analysis

Key segments that contributed to the derivation of the board management software market analysis are deployment, end user, and geography.

  • Based on deployment type, the board management software market is bifurcated into cloud and on-premise. The cloud-based segment accounted for a significant market share in 2022.
  • Based on end user, the market is segmented into corporate, education, healthcare, government, and others. The corporate segment holds the largest share of the board management software market and is expected to record the highest CAGR during the forecast period.

Board Management Software Market Share Analysis by Geography

The geographic scope of the board management software market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

  • China dominates the board management software market share in Asia Pacific.
  • China is witnessing tremendous growth in the digitization of various sectors. In 2022, the digital economy of China reached about US$ 6.99 trillion (CNY 50.2 trillion), as per Xia Xueping, head of the Chinese Academy of Cyberspace Studies. Also, by June 2023, the country had about 1.08 billion Internet users and Internet penetration increased to 76.4% from 42.1% from 2012. Furthermore, the country is witnessing growing technological advancements.
  • Artificial intelligence (AI) technologies, particularly AI foundation models, are evolving quickly and drastically changing the real and digital worlds. AI is increasing productivity and providing new impetus for the growth of several businesses in China. Thus, all the above factors are expected to increase the adoption of board management software in China during the forecast period.

Board Management Software Market Report Scope

Report Attribute Details
Market size in 2023 US$ 3.33 Billion
Market Size by 2031 US$ 6.44 Billion
Global CAGR (2023 - 2031) 8.6%
Historical Data 2021-2022
Forecast period 2024-2031
Segments Covered By Deployment
  • Cloud
  • On-Premises
By End User
  • Corporate
  • Education
  • Healthcare
  • Government
  • Others
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • Aprio Inc.
  • Azeus Convene
  • Boardable Board Management Software, Inc.
  • BoardBookit, Inc.
  • BoardPAC Inc.
  • BoardPaq LLC.
  • Diligent Corporation
  • Governance and Executive Systems, Inc.
  • Nasdaq, Inc.
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

    Board Management Software Market News and Recent Developments

    The board management software market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:

    • Azeus Convene, a leader in board governance solutions, and Advanced Systems & Technologies Company, [atm], a renowned advanced technology and cutting-edge smart digital solutions provider, are pleased to announce the signing of a Memorandum of Understanding (MOU). This strategic alliance aims to drive innovative board governance solutions throughout the Kingdom of Saudi Arabia (KSA) and the Gulf Cooperation Council (GCC) markets. (Source: Azeus Convene, Press Release, 2023)
    • Azeus Convene, a global provider of IT solutions for boards and organizations, will continue to expand its operations and localize the delivery of its products, solutions, and client support across the GCC region. (Source: Azeus Convene, Press Release, 2022)

    Board Management Software Market Report Coverage and Deliverables

    The “Board Management Software Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

    • Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
    • Market dynamics such as drivers, restraints, and key opportunities
    • Key future trends
    • Detailed PEST/Porter’s Five Forces and SWOT analysis
    • Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
    • Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
    • Detailed company profiles
    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    This text is related
    to segments covered.

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    This text is related
    to country scope.

    Frequently Asked Questions


    What is the incremental growth of the global board management software market during the forecast period?

    The incremental growth expected to be recorded for the global board management software market during the forecast period is US$ 3.11 billion.

    What will be the market size of the global board management software market by 2031?

    The global board management software market is expected to reach US$ 6.44 billion by 2031.

    Which are the key players holding the major market share of the global board management software market?

    The key players holding majority shares in the global board management software market are Aprio Inc, Azeus Convene, Diligent Corporation, Nasdaq Inc, and Admincontrol.

    What are the future trends of the board management software market?

    Growing technological advancement is anticipated to play a significant role in the global board management software market in the coming years.

    What are the driving factors impacting the global board management software market?

    The growing awareness regarding benefits of board management software and increasing enhancement in security features are the major factors that propel the board management software market.

    What is the estimated market size for the global board management software market in 2023?

    The global board management software market was estimated to be US$ 3.33 billion in 2023 and is expected to grow at a CAGR of 8.6% during the forecast period 2023 - 2030.

    The List of Companies - Board Management Software Market

    1. Aprio Inc
    2. Azeus Convene
    3. Boardable Board Management Software Inc
    4. BoardPAC Inc
    5. BoardPaq LLC
    6. Diligent Corporation
    7. Nasdaq Inc
    8. Passageways Inc
    9. Govenda
    10. Admincontrol

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