New York , March 21, 2024 (GLOBE NEWSWIRE) -- The global board portal market size is expected to expand at 17.5% CAGR from 2024 to 2036. The market is anticipated to garner a revenue of USD 34 billion by the end of 2036, up from a revenue of USD 5 billion in the year 2023. This growth of the market is poised to be encouraged by rising internet penetration. All across the globe, internet users totaled over 5 billion as of January 2024. Hence, the market demand for board portals is also predicted to rise.
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Furthermore, the number of people working remotely has also risen owing to COVID-19 and this trend of remote working is estimated to continue. In 2023, close to 11% of full-time employees were working from home, whereas about 27% were employed in a hybrid model. As a result, the demand for board portals is also set to rise since it makes communication and collaboration easier. It alters the need for paper-based practices with secure and efficient digital solutions. Therefore, with the growing number of people working from home the market is rising.
Board Portal Market: Key Takeaways
- The North American market to gather the highest share.
- Generation 3.0 segment to generate the largest market share.
- Market in Europe to have notable growth in the market.
Growing Urban Population to Boost the Growth of Global Board Portal Market
It has been estimated that about 4 billion of the worldwide population is predicted to be residing in urban regions by 2030. Furthermore, urbanization creates an upward moment in digitalization. This is because with more urban population the need for efficient supply of products & services which is greatly satisfied through the internet. Hence, this factor is also predicted to dominate the expansion of the market for board portals as more organizations will be needed to enhance their process to satisfy the demand of the growing urban population.
Board Portal Industry: Regional Overview
The global board portal market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing IoT-Connected Devices to Expand Market Growth in North America
The North American market for board portals is set to gather the highest market share of about 34% over the coming years. This growth of the market in this region is poised to be dominated by rising IoT-connected devices. For instance, it is predicted that by 2030 there will be over 6 billion IoT-connected devices.
Rising Spending on Public Cloud to Drive the Market Expansion in Europe
The European market for board portals is projected to generate the largest share in the market of about 25% over the coming years. This is predicted to be influenced by rising investment in public cloud. In Europe, close to USD 170 billion of investment is set to be made in public cloud in 2024 which is predicted to rise over USD 297 billion in the year 2027.
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Board Portal Segmentation by Generation
- Generation 1.0
- Generation 2.0
- Generation 3.0
- Generation 4.0
The generation 3.0 segment is predicted to gather the highest share in the market at about 42% over the coming years. The major factor influencing the segment growth is rising investment in AI. In 2022, the total corporate investment in the globe in artificial intelligence (AI) totaled over USD 91 billion.
Board Portal Segmentation by End-User
- BFSI
- Healthcare
- Oil & Gas
- Education
The oil & gas segment is projected to generate the highest share in the market of over 40% over the coming years. This growth of the segment is poised to be dominated by rising consumption of oil & gas. In 2021, the total consumption of petroleum in the globe was approximately 96 million b/d.
Board Portal, Segmentation by Delivery Model
- Enterprise Model
- Hosted
- Software as a Service (SaaS)
A few of the well-known market leaders in the global board portal market that are profiled by Research Nester are Diligent Corporation, Nasdaq, Inc., Computershare, Inc., Directorpoint LLC, SHERPANY, Aprio Board Portal, Boardmaps • Boardpaq LLC, Modevity, LLC, StreamLink Software Inc., Azeus Systems Holdings Ltd., and others.
Recent Development in the Market
- Diligent Corporation announced a partnership with Heidrick & Struggles and Egon Zehnder. This partnership aims to post open board opportunities, especially for diverse candidates.
- An agreement with PureStream Trading has been announced by Nasdaq, Inc. The purestrem ATS will be completely hosted by Nasdaq on its Nasdaq Execution Platform.
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