At 10.3% CAGR, Asia Pacific Board Management Software Market is Projected to be Worth US$ 1,799.78 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the Asia Pacific board management software market was valued at US$ 823.56 million in 2023 and is expected to reach US$ 1,799.78 million by 2031, registering a CAGR of 10.3% from 2023 to 2031. Increasing enhancement in security features and growing adoption of cloud-based solutions are among the critical factors attributed to drive the Asia Pacific board management software market growth.

As businesses switch to online platforms, the risk of cybercrime rises significantly, making workplace security measures more crucial than ever. Boards need to be aware of security risks posed by both external and internal sources, such as negligent internal staff members and external hackers. To cater to such problems, software developers are continuously working on providing more secure board management software. Similarly, in October 2022, Convene announced the launch of its new Digital Signature Suite, which is specifically designed with powerful features for more secure and faster signing workflows for its board governance clients across the government, private, and non-profit sectors within the GCC region. This complete suite of digital signature tools is compliant with both internal and external regulations. Thus, such innovations by market players can help provide enhanced and secure software. Furthermore, as software helps store sensitive documents automatically in a central, secure location with extra security measures, ensuring that firm information is protected by controlled access and secure central lodging, its demand is accelerating the board management software market growth globally.

On the contrary, high cost of software hampers the growth of Asia Pacific board management software market. 

Based on deployment, the Asia Pacific board management software market is bifurcated into cloud and on-premises. The cloud segment held 65.3% market share in 2023, amassing US$ 537.91 million. It is projected to garner US$ 1,243.34 million by 2031 to register 11.0% CAGR during 2023-2031.

In terms of end user, the Asia Pacific board management software market is segmented into corporate, education, healthcare, government, and others. The corporate segment held 50.8% share of Asia Pacific board management software market in 2023, amassing US$ 418.01 million. It is anticipated to garner US$ 960.06 million by 2031 to expand at 11.0% CAGR during 2023-2031.

Based on country, the Asia Pacific board management software market is categorized into China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 31.9% share of Asia Pacific board management software market in 2023. It was assessed at US$ 263.00 million in 2023 and is likely to hit US$ 622.01 million by 2031, registering a CAGR of 11.4% during 2023-2031.

Key players operating in the Asia Pacific board management software market are Azeus Convene, Boardable Board Management Software, Inc, BoardPAC Inc, Diligent Corporation, Nasdaq Inc, and Passageways Inc, 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.

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