Board Portal Market size was valued at USD 2,753.8 million in 2021, growing at a significant CAGR of 11.3% during 2022–2028. Over the last decade, there has been an increase in the number of data and security breaches. Because of the data kept on servers and in the cloud, there have been increased security breaches in enterprises. The necessity for better governance structure and steps to develop safe and secure ways of transmitting information among board members, directors, and top-level management has resulted in a surge in demand for enhancing IT infrastructure services in sectors such as healthcare and education. The growing concern about company security is the primary driver of industry expansion. The revenue of the board portals market is increasing as services are expanded into many industry categories, including banking, utilities, insurance, retail, oil & gas, consumer products, construction, manufacturing, healthcare, telecommunications, universities, and healthcare. Furthermore, the industry can benefit from increased R&D expenditures for the creation of technologically improved software for various applications, as well as the development of enhanced programs for the iPad, Android, and Windows, which are opportunities for the market. Also, conducting board portal platform awareness programs in underdeveloped countries, providing low-cost subscriptions, entry of market players into emerging countries due to rapid corporate sector development, and providing additional benefits with subscriptions such as cloud storage availability, special discount offers, and free trial subscriptions all help to boost board portal market revenue. Moreover, the increased demand for digital document management is another important driver of market expansion. Digital document management has increased dramatically over the years, due to advancements in software technology, remote working, and the necessity for file backup and retrieval. Any team, executive, or board should have file-sharing, remote editing, and device interoperability as standard requirements. The capacity to work, approve, share, and manage essential tasks of an organization remotely has assisted the emergence of digital document management. Data transfer and operability through multiple devices, as well as e-approval (by e-signatures) from any geographic location around the world, are ensured by board portals with digital document management. Additionally, the market is likely to benefit from a growth in the adoption of the bring with own device trend, which will be accompanied by increased mobile network coverage.
Recent Market Developments:
In March 2021, Computershare, Inc. announced the acquisition of the assets of Wells Fargo Corporate Trust Services. Wells Fargo Corporate Trust Services offers a diverse variety of trust and agency services connected with debt securities issued by banking and securities industries, public and private corporations, government entities.