According to a new market report published by Transparency Market Research entitled “Interactive Whiteboard Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024,” the global interactive whiteboard (IWB) market is decreasing at a CAGR of 8.7% and is expected to reach a value of US$ 526.8 Mn by 2024 during the forecast period from 2016 to 2024.
Rising investment in the education sector is one of the major factors driving the IWB market. Increasing adoption of technology has led to improved collaboration and interaction among students. Also, the quick and easy content development and integration capabilities of the whiteboard are expected to drive its demand. Furthermore, the increasing popularity of e-learning and virtual learning is expected to increase the demand for IWBs. However, rising adoption of substitute technologies, such as interactive flat panels and tablets, is expected to hamper the growth of IWB market during the forecast period.
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IWBs are used in the corporate sector for meetings and presentations. In 2015, Asia Pacific held the major market share in terms of revenue generated for IWBs globally, followed by North America. However, Middle East and Africa and Latin America are forecast to grow steadily during the near future.
Among the types of IWBs, resistive membrane IWBs held the largest market share of approximately 50% in 2015, due to rising demand from education sector. The high population density of school-aged children in Asia Pacific is expected to drive the demand for IWBs in the region. In terms of end-use adoption, the education sector accounted for a major revenue share in 2015 and it is also expected to remain the dominant segment during the forecast period. The medium-size segment was the largest of the IWB market in 2015 and it would continue its run in the top position throughout the forecast period. Due to price constraints and desire for multi-user functionality, medium-sized whiteboards are expected to generate strong demand during the forecast period.
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Some of the key players operating in the IWB market are Smart Technologies Inc., Promethean Limited, Seiko Epson Corporation, Hitachi, Ltd., Samsung Electronics Co., Ltd., Sharp Corporation, Panasonic Corporation, Julong Educational Technology Co. Ltd, Mimio, Inc., and LG Electronics, Inc.