Web based portals are quickly becoming one of the popular corporate governance gizmos. The advantages of board portals such as enhanced board communication with document review capabilities, web conferencing, labor relation enhancements, easy login, video and audio clips sharing capabilities, and questionnaires functionalities has increased the market penetration of board portal in recent years; Moreover, board portal also facilitate document sharing technology, data encryption, and password protection in an organization.
Growing government regulation and increasing board duties are encouraging organization to update their board processes and practices. With globalization and increasing mobility the demand for fast, secure and efficient board communication and data sharing requirement has increased considerably during the past years. The data security has been a critical issue in the Board portal market in the past few years.
Increasing vulnerability of cyber security, inefficient risk management capability of board portal, and continuously varying auditing and accounting platforms, changing tax environment, and issue regarding transition to web portal, are expected to be the major hindrances for web portal market during the forecast period. Moreover, lack of awareness among the end users, unskilled workforce and high initial cost of board portal has also been hindering the widespread adoption of this technology in several service based industries, particularly in the developing markets of Asia-Pacific and South America.
The blue chip companies’ held majority of the board portal market share in 2014. Financial services sector are by far the largest end users of board portal services; however in recent years the board portal market has moved beyond catering to its traditional end users to include medium and large sized manufacturing and IT services industries. The board portal services are expected to witness considerable growth in IT services sector and healthcare industries in developing market of Asia-Pacific region during the forecast period.
Based on delivery models the Global board portal market can be broadly classified as, SaaS model, hosted model, and enterprise software licensing model. On the basis of delivery mode the global board portal market can be further classified as web based tool, iPad, android, and windows.
Europe was the largest market of board portal in 2014, followed by North America. The market dominance of the developed regions can be attributed to the high adoption of board portal services by financial services providers. Asia-Pacific board portal market is still in its initial stage; however, the region is expected to witness the fastest growth during the forecast period; owing to increasing industrialization, growing healthcare industry and rising FDI in financial sector in developing countries such as China and India. County wise the U.S. and Canada are the largest market in North America. Germany, the U.K., France, Spain, and Italy have dominated European board portal market. China, Japan, India, South Korea and Australia are major board portal market in Asia-Pacific.