Interactive Whiteboard Market - A Rigorous Analysis Of Growth Factors
Posted: Dec. 28th, 2016
By the end of 2015, the interactive whiteboard global market was estimated to be 1 billion USD. However, according to the latest market analysis reports, it is expected to reach 2 billion USD mark by the end of 2020. Also, it is speculated that the compound annual growth rate will remain higher than 6% during 2016 to 2020.
The market analysis also shows a number of growth factors that affect the current rate of growth and provide the ground for the predictions. Here are the major ones:
1. Workplaces
The advancements in technology are providing more productive and efficient ways of doing things. All the major industries are affected by it.
For instance, in the production and design industries, a lot of computer simulation tools are being developed, that have improved the productivity manifold. Even the medical industry is not untouched by the influence of this technology.
In such workplaces, the interactive whiteboard has become a must-have device.
In other industries like marketing and consulting, these devices are helping in real time analysis of the metrics. Therefore, the demand for interactive whiteboards and similar devices is rising at a high rate.
2. Education
In education, the interactive whiteboards are providing ways of teaching and learning that are better than the conventional methods, and helping in creating the so-called smart classrooms.
Apart from this, the other reason for having the latest technology in education is to acquaint and prepare the students for the future full of tech innovations.
Therefore, more and more educational institutions are adopting this technology. As a result, it has become a standard in education and its demand in the education sector is increasing rapidly.
3. Globalization
Due to the same reasons of the technological growth, the globalization is increasing, and thereby, making the world smaller and smaller. Companies and business organizations are now operating at a global scale. And for managing the operations and better coordination and productivity, an effective system of real time communication is needed.
The interactive whiteboard along with the internet and computer technology is providing great ways of communication on the global level across geographical barriers. Video conferencing has become a feasible and productive alternative to the in-person meetings just because of the interactive whiteboards.
It is no denying fact that the globalization is going to increase further in future, and therefore demand for the technologies that make it possible is likely to increase accordingly.
4. Global Competition
The other by-product of the globalization is the increased global competition. More and more companies are now operating at a global level and making the competition in the market harder.
In order to survive, the companies and the businesses have to be equipped with the latest technologies in order to compete with the major players. Apart from this, technology has also become a symbol of the image in the market. Therefore, the market competition further increases the demand for the interactive whiteboards.
All the factors mentioned above give a strong implication towards the rapid rise in the interactive whiteboard market share. On the flip side, due to the high growth, the competition in the whiteboard industry is itself increasing leading to more advanced and innovative devices.
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