Growing Technological Advancement to Fuel Board Management Software Market Growth During Forecast Period
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. With all the above benefits of the integration of AI and blockchain in the board management software, it is expected that the adoption of board management software powered by AI is expected to increase globally.
Board Management Software Market: Industry Overview
The report includes board management software market forecast by deployment, end user, and geography. Based on deployment, the market is segmented into cloud and on-premises. By end user, the market is divided into corporate, education, healthcare, government, and others. Geographically, the market is categorized into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. In terms of revenue, North America dominated the board management software market share in 2022.
Digital transformation has become a key priority for the European Union (EU). The EU has established two primary objectives for the digital transformation of businesses by 2030: first, over 90% of SMEs are expected to attain a minimum level of digital intensity, and second, 75% of EU corporations are expected to leverage cloud computing services, Big Data analysis, or artificial intelligence. Thus, the growing digitization in the region is expected to fuel the growth of the board management software market in Europe in the coming years.
Europe is a diverse market with a group of more than 40 countries. Western European countries are more advanced than the Nordic and Eastern European countries, which is a key factor contributing to the high adoption of technological solutions across all industries in the western part of Europe. Economically strong countries such as Germany, the UK, Italy, and Spain have significantly implemented advanced solutions.
The region is witnessing a rise in the digitization in various industries including BFSI. Nearly every notable banking institution in Europe has a digital transformation strategy in place. Offering digital services and goods round the clock and enhancing the customer experience are the main goals of most banking digitalization plans. The importance of having an efficient internal control system and a suitable tone at the top is acknowledged by banks. Thus, the growing digitization in the banking sector is expected to fuel the growth of the board management software market in Europe. In addition, the demand for cloud-based services is increasing in Europe due to its growing need to reduce costs and simplify IT infrastructure. According to Eurostat, in 2021, ~41% of enterprises in the region incorporated cloud computing. Thus, the growing adoption of cloud-based services is expected to bolster the board management software market growth during the forecast period.
The National Health Service (NHS) is undergoing a financing reform to support the transformation of health and social care through technological applications such as high-speed connectivity, digital skills, and cyber resilience. To back this, the UK government is making various investments in the digitization of the healthcare sector. For instance, in June 2022, the UK government announced an investment of US$ 182.38 million (£150 million) over the next 3 years to support social care and enable digital healthcare transformation. Similarly, in October 2023, the Department of Health and Social Care announced an investment of US$ 36.40 million (£30 million) in innovative technology for the NHS. Thus, such growing investments in the digitization of the healthcare sector is further expected to fuel the growth of the board management software market in the UK.
Asia Pacific is witnessing growing digitization in its healthcare sector. The governments of various countries in the region are taking different initiatives to enhance and digitize the healthcare system. For instance, in March 2022, the Australian government announced an investment of US$ 74.91 million (AUD 107.2 million) to modernize the Australian healthcare system. Thus, such government initiatives are expected to fuel the growth of the board management software market in APAC.
Board Management Software Market: Competitive Landscape and Key Developments
The board management software market analysis is carried out by identifying and evaluating key players in the market across different regions. 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. As per the company press releases, below are a few key developments:
- In 2023, Govenda, the creator of the Board Success Platform™, added a powerful governance tool to its portfolio: Govenda Committee Suite™. The suite is designed to provide a secure space for stakeholder conversations and meetings to take place and secure workrooms for better collaboration for faster and more well-informed decisions.
- In 2023, BoardPAC, a trailblazer in board meeting automation solutions, announced the upcoming launch of its revolutionary AI chat feature, “QME,” within its esteemed platform. This innovative addition marks a significant leap forward, positioning BoardPAC as the pioneering board portal to introduce such cutting-edge functionality.
- In 2024, BoardPAC has consistently been at the forefront of innovation, investing heavily in the evolution of its solutions to enhance efficiency during board meetings. It announced the latest addition to its board meeting automation solutions – the AI Meeting Minutes Generator.
- 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.