According to our latest study on "Board Management Software Market Size and Forecast (2020-2030), Global and Regional Share, Trend, and Growth Opportunity Analysis - by Deployment, End-User, and Geography. The Board Management Software market size 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.
Continuous Product Innovation by Market Players to Provide Lucrative Opportunities for Board Management Software Market Growth During Forecast Period
The report includes growth prospects owing to the current market Board Management Software market trends and their foreseeable impact during the forecast period. As board management software helps an organization's board of directors manage their responsibilities regarding strategic planning and performance reviews, its demand is increasing globally. Market players are continuously working on producing more advanced and innovative board management software to cater to the growing demand. A few of the product developments are mentioned below:
In August 2023, BoardPAC announced the launch of its revolutionary AI chat feature QME within its platform. With this introduction, the company will be able to provide board members, company secretaries, and executives with boardroom interactions and enhance the decision-making process.
In June 2023, Azeus Convene announced the release of Convene 7.0, which includes new and improved board portal capabilities designed to increase boardroom efficiency, collaboration, and governance. The goal of the update is to enhance Convene's current core features and advantages while reinventing the meeting experience and enabling better governance. Convene 7.0, which was purposefully created for boards in a variety of sectors, turns meeting difficulties into useful features.
In May 2023, Govenda announced the launch of their new artificial intelligence, GabiiTM. GabiiTM, an acronym for Govenda Artificial Board Intelligence Innovation, helps business boards make better decisions and avoid compliance risks ahead of time. In order to solve these problems, this new AI speeds up corporate boards' compliance management and decision-making processes. To comprehend requests and help corporate secretaries with their daily administrative tasks, Gabii uses natural language processing.
Such innovations and advancements by market players by adding new features and capabilities to the software are expected to boost the growth of the board management software market during the forecast period.
Key Findings of Board Management Software Market Study:
The Board Management Software market report emphasizes the key factors driving the market and showcases/exhibits/depicts the developments of prominent players. The Board Management Software market forecast is estimated on the basis of various secondary and primary research findings such as key company publications, association data, and databases. The Board Management Software market analysis has been performed by considering the following segments: type, application, and geography.
Based on end-user, the Board Management Software market report is segmented into corporate, education, healthcare, government, and others. The corporate segment held the largest Board Management Software market share in 2022. The corporate sector includes both non-financial and financial corporations. Public and private businesses that manufacture items and offer non-financial services to the public are included in the non-financial company sector. On the other hand, financial corporations are any resident corporations or quasi-corporations that are primarily involved in financial intermediation, or the transfer of cash from lenders to borrowers, or closely connected with auxiliary financial operations. The board management software in the corporate sector helps improve governance. It also helps the boards of financial institutions make insightful decisions. Furthermore, both non-financial and financial corporations require convenient and secure methods for storing, managing, and organizing documents that contain regulations, guidelines, and requirements. The need for board management software is increasing in the market as it provides an encrypted and secured environment for managing governance documents.
The Europe Board Management Software market is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. The Germany held the largest Board Management Software market share in 2022. More than 20% of the entire revenue of established German banks such as Commerzbank and Deutsche Bank came from their digital banking services in 2020. In Germany, the number of businesses providing digital banking services has been rising quickly in the last several years. In Germany, there were over 1,500 Fintech businesses as of 2020. Fintech businesses that are active in Germany include N26, Fidor Bank, SolarisBank, and Auxmoney. In addition, a lot of Fintech businesses provide online banking. For instance, Solarisbank offers digital banking services in addition to infrastructure services for financial organizations. Furthermore, N26, Fidor Bank, Monzo, and Revolut are Fintech businesses that provide digital banking services in Germany. Deutsche Bank offers a vast array of online banking services. With such a growing adoption of digitization in the banking sector, it is also expected that the adoption of board management software will also increase, as it can help board members manage their duties easily.