Report : North America Board Management Software Market Forecast to 2031 - Regional Analysis - by Deployment (Cloud and On-Premises) and End User (Corporate, Education, Healthcare, Government, and Others)
At 8.9% CAGR, North America Board Management Software Market is Speculated to be Worth US$ 2,398.61 Million by 2031, says Business Market Insights
According to Business Market Insights’ research, the North America board management software market was valued at US$ 1,215.38 million in 2023 and is expected to reach US$ 2,398.61 million by 2031, registering a CAGR of 8.9% from 2023 to 2031. Growing technological advancement and growing adoption of cloud-based solutions are among the critical factors attributed to drive the North America board management software market growth.
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 technology. 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.
On the contrary, high cost of software hampers the growth of North America board management software market.
Based on deployment, the North America board management software market is bifurcated into cloud and on-premises. The cloud segment held 70.5% market share in 2023, amassing US$ 856.42 million. It is projected to garner US$ 1,773.63 million by 2031 to register 9.5% CAGR during 2023–2031.
In terms of end user, the North America board management software market is segmented into corporate, education, healthcare, government, and others. The corporate segment held 47.4% share of North America board management software market in 2023, amassing US$ 575.87 million. It is anticipated to garner US$ 1,198.73 million by 2031 to expand at 9.6% CAGR during 2023–2031.
Based on country, the North America board management software market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 86.6% share of North America board management software market in 2023. It was assessed at US$ 1,052.62 million in 2023 and is likely to hit US$ 2,112.21 million by 2031, registering a CAGR of 9.1% during 2023–2031.
Key players operating in the North America board management software market are Aprio Inc, Azeus Convene, Boardable Board Management Software Inc, BoardPAC Inc, BoardPaq LLC, Diligent Corporation, Nasdaq Inc, Passageways Inc, and Govenda, among others.
- In 2021, BoardBookit announced it has rebranded to Govenda. The new name and brand reflect the company's expanding vision and growing suite of corporate governance products. The product evolution, from a board portal to a board relationship and compliance management platform, is the driving force behind the rebranding.
- In 2020, Passageways, in partnership with The Canadian Society of Association Executives (CSAE), announced a special offer for all Canadian associations through December 31, 2020. Effective immediately, all CSAE members will get a 20% discount for OnBoard. For associations that are not yet CSAE members, Passageways will include a one-year membership to CSAE coupled with their OnBoard subscription.
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