Our-in depth analysis of the global interactive whiteboard market includes the following segments:
By Screen Size:
By End User:
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The interactive whiteboard market, in terms of value, is estimated around USD 3.96 Billion in 2016 and is expected to grow rapidly during the forecasting period at a CAGR of around 6.23%. Due to demand for digital classrooms and gamification and increasing popularity of interactive whiteboard with artificial intelligence stimulate the market of interactive whiteboard globally. It support various file formats such as PPTs, PDFs and HTML images. Interactive whiteboard can be used for corporate seminars, mailing copied, presentations and website postings.North America holds the largest market share of interactive whiteboard in terms of revenue as they support the use of e-learning and smart classrooms in schools that is aligned to the educational curriculum. Developed countries such as U.S, Canada and Mexico provide schools sufficient aid to procure interactive whiteboard and also promote technological advances in the education sector. It was estimated that Americas had the interactive whiteboard market share of about 41% in 2016.
Asia Pacific is anticipated to be the fast growing market due to e-learning initiatives in developing countries such as China, India and Japan. Government has invested large amount of money in the education sector and also due to the presence of some key manufacturers such as LG Display, Samsung, Sharp Corporation and Panasonic, stimulate the market of interactive whiteboard in the APAC region.Europe also accounted the huge market share of interactive whiteboard in terms of revenue. The increasing adoption of blended learning in educational institutions, which results in the implementation of interactive whiteboard into their education systems bolster the growth of interactive whiteboard market. Middle East and Latin America are anticipated to show a steady growth in the interactive whiteboard market in the near future due to the growing influence of the digital learning.
Rising investment in the education sector by the government is one of the major factors driving the interactive whiteboard market. Increasing adoption of technology has led to the interaction among students. Quick and easy content development drives the demand for interactive whiteboard. Sudden boom in e-learning and virtual learning market also increase the demand for interactive whiteboard globally.Gamification in corporate and education sectors and adoption of digital learning helps the market of interactive whiteboard to grow. Key technologies of interactive whiteboard are infrared, electromagnetic pen, resistive membrane and capacitive. Among these technologies the resistive membrane segment captured the largest market share. Hitachi recently developed the StarBoard LINK EZ2-Pen, a portable interactive system which stimulates the growth of interactive whiteboard market globally. Availability of substitute technologies such as tablets and interactive flat panels act as barriers in the growth of interactive whiteboard market. Lack of skilled professionals and high cost of interactive whiteboard are restraining the growth of interactive whiteboard market globally.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.