Growing urge for knowledge has hiked the demand for virtual classrooms across the globe. These virtual classrooms allow the student to attend the lectures at remote locations without skipping the beat on the current topic. As a result, these classrooms are trending heavily. However, these special classes require whiteboards that can impart knowledge in an interactive manner.. This demand has given the interactive whiteboard market momentum. According to a latest report by Transparency Market Research, growth of the global interactive whiteboards market rides on the growing number of specialty courses and institutes that offers these courses across the globe.
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Looking at the opportunities leveraged by the players at global level, the interactive whiteboards market is expected to witness 8.7% CAGR in the forecast period of 2016 to 2024. Additionally this growth rate is expected to aid the market to reach to the value of US$ 1.21 bn during the projected time frame.
Education Sector Drives Maximum Revenue
The interactive whiteboards find maximum application in education sector. These whiteboards provide an interactive environment that to impart accurate and precise knowledge of the subject to the students. Based on the growing popularity and easy access of the internet, the education institute are extensively using these whiteboards. As a result, education sector dominates the end-user segment of global interactive whiteboard market these days.
Additionally, technologies such as Internet of Things and cloud computing allow the institutions to adopt the learning pattern of the students. This results in the formulation of study materials in simple and easy-to-understand manner. This advantage further accelerates the adoption of interactive whiteboards in their classrooms which further boosts the growth of market.
Popularity of Fixed Type Whiteboards to Rise
Based on the type of product fixed type whiteboards are leading the segment. These products use latest techniques such as gamification of course making it easy for the students to understand concepts. Moreover, application of this type of whiteboards in corporates conference rooms for presentations and product description is another factor that fuels the demand for interactive whiteboards across the globe. This hiked demand in corporates is the root cause that drives the growth of global interactive whiteboards market.
Asia Pacific to Emerge as the Largest Consumer of Interactive Whiteboards
Rising number of corporate office of multiple MNCs in India and China has augmented the demand for interactive whiteboards in Asia Pacific which has helped the region to emerge as the fastest growing region in global interactive whiteboards market.
Additionally, booming education industry in India and government initiatives promoting e-learning to enhance the literacy rate of the country are some more factors that aids Asia Pacific to dominate the regional segment of global interactive whiteboards market.
Furthermore, presence of prominent players such as Panasonic Corporation, LG Display, Sharp Corporation, and Samsung who are the pioneers of display devices also augments the growth momentum of Asia Pacific in the market of interactive whiteboards market.
Highly Consolidated and Competitive
At present, Microsoft Corporation, Google Inc., Cisco Systems, Inc., and Boxlight Corporation are the major players that dominates the global interactive whiteboards market making it a highly consolidated market. Since there are few players that dominates the dynamics of the market, various new players are entering the market.
However, the demand for interactive whiteboards drives a competitive scenario in the market and influx of new players is further fueling this competition. To withstand this competition and have a profitable future in the market, the players are focusing on bringing innovative products in the market. This strategy allows the players to retain their existing customers and attract new one for the expansion of their business.
For example, in 2017, two interactive displays were introduced in the market by Panasonic. These displays had the facility to convert themselves into interactive whiteboards creating a distinguished genre of multipurpose interactive whiteboards. This move elevated the customer base of the company by 11% in following year.
The study presented here is based on a report by Transparency Market Research (TMR), titled, “Interactive Whiteboard Market (IWB) (Type – Resistive Membrane, Electromagnetic, Infrared, Ultrasonic, Laser Scanner; End-use – Education, Corporate, Government; By Size – Small, Medium-sized, Large) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024.”
The global interactive whiteboards market is segmented on the basis of:
- Resistive Membrane
- Laser Scanner
- End-use Adoption
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