Board Management Software Market is expected to reach US$ 6.44 billion by 2031

Growing Digitization in Communication and Collaborative Tools Fuels Board Management Software Market Growth

According to our latest study on “Board Management Software Market Size and Forecast (2021–2031), Global and Regional Share, Trend, and Growth Opportunity Analysis – by deployment and end user, the market was valued at 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.

Artificial intelligence (AI) dramatically impacts many elements of corporate operations as it develops. Its inclusion in the board management software may aid in improving its functions further. Boards can gain greater insights into risk concerns, market trends, and business performance with the help of AI-powered data analytics technologies. AI systems are able to spot patterns and connections in real-time data sets that human decision-makers could miss. This enables boards to make better decisions, reduce risks, and capitalize on new opportunities. Routine board procedures, including agenda preparation, document management, and meeting scheduling, can be automated and streamlined by technologies. Further, natural language processing-enabled virtual assistants can manage action items, send reminders, and help with board member communication, all of which increase productivity and efficiency. Additionally, the integration of Blockchain technology allows for the nearly instantaneous verification of whether financial statements and corporate accounts adhere to the necessary accounting standards. As a result, the board will no longer be responsible for reporting, compliance, and auditing. The adoption of board management software powered by AI is, therefore, expected to propel the board management software market growth globally.

Board Management Software Market – by Region, 2023 and 2031

Source: The Insight Partners Analysis

The board management software market in North America is segmented into the US, Canada, and Mexico. The US accounted for the largest board management software market share in 2023. Mexico is witnessing tremendous growth in online learning. As per the report by UNESCO, in Mexico, the Telesecundaria program raised secondary school enrollment by 21% by combining broadcast instruction with in-class support and teacher training. Mobile learning devices have been used to disseminate educational information, supplement in-person or remote channels, and promote interactions between students, teachers, and parents in hard-to-reach places and during emergencies. These devices are frequently the only ones available to underprivileged learners. Thus, with a growing adoption of digital solutions in the education sector, the board members in educational organizations will progressively adopt board management software to manage their duties.

Board Management Software Market Report Segmentation and Scope:

The “Board Management Software market analysis” has been carried out by considering the following segments: type, application, and geography. Geographically, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America. Since the COVID-19 pandemic, various organizations and government bodies in North America have been working remotely. As remote work can help in providing cost reduction benefits, various large companies in the region have continued with remote work culture post pandemic. Thus, the rising demand for remote work is one of the major factors catapulting the overall board management software market share, as the required members of board meetings can manage their duties for strategic planning and performance reviews at their convenience. Furthermore, the region is witnessing a rise in digitization in the healthcare sector. According to Canada Health Infoway, Canadians are embracing digital health services, and it is also estimated that the demand for digital healthcare services will increase in the coming year. This online survey was conducted in November 2022 with 12,445 Canadians; it showed that 94% of Canadians were interested in accessing digital health services. Thus, growing digitization in the healthcare sector will also lead to the increasing adoption of board management software among board members as they will be able to manage all their duties remotely.

The US is witnessing a tremendous transition from onsite to remote work. According to the Pew Research Center survey, a third of employees (35%) who have jobs that can be done remotely do so exclusively from home. 6 out of 10 hybrid workers (59%) report working three or more days from home in a week, compared to 41% who report working from home just two days per week. As remote work provides the flexibility of work without hampering productivity, its demand is increasing, which further propels the demand for board management software. Canada is witnessing a rise in digitization in its healthcare sector. According to Canada Health Infoway, Canadians are embracing digital health services, and it is also estimated that the demand for digital healthcare services will increase in the coming year. This online survey was conducted in November 2022 with 12,445 Canadians; it showed that 94% of Canadians were interested in accessing digital health services. Thus, growing digitization in the healthcare sector will also lead to the increasing adoption of board management software among board members as they will be able to manage all their duties remotely.

Aprio Inc, Azeus Convene, Boardable Board Management Software Inc, BoardPAC Inc, BoardPaq LLC, Diligent Corporation, Nasdaq Inc, Passageways Inc, Govenda, and Admincontrol are among the prominent players profiled in the Board Management Software market report. In addition, several other players have been studied and analyzed during the study to get a holistic view of the market and its ecosystem.

Board Management Software Market Recent Developments:

The Board Management Software market forecast can help stakeholders plan their growth strategies. Companies in the market highly adopt inorganic and organic strategies such as mergers and acquisitions. As per the company press releases, below are a few recent key developments:

• In 2023, Nasdaq acquired Adenza, a company that develops risk management and related regulatory software for the financial services market, for US$ 10.5 billion. Nasdaq acquired Adenza from Thoma Bravo, a leading software investment firm, in cash and shares of common stock.
• In 2020, Passageways announced an important product upgrade to its award-winning OnBoard board management software platform that securely connects organizations and their boards of directors. Delivered as part of its OnBoard Accelerate initiative, the upgrade refines the user experience to make it even more intuitive, enhances security, prepares the platform for future accessibility improvements and support for additional languages, and introduces two new compelling features: Minutes Builder and D&O Questionnaires.
• In 2021, Passageways, Inc. unveiled a strategic update of the OnBoard board intelligence platform, including a new logo, brand identity, website, and a refreshed user experience.
• In 2021, OnBoard announced the launch of two innovative new capabilities that enable boards to continue digitally transforming boardroom experiences for increased effectiveness and optimized performance: Board Assessments and Skills Tracking.

Contact Us
 
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com