ALBANY, New York, April 5, 2019 /PRNewswire/ -- The global interactive whiteboard market holds a moderately fragmented vendor landscape, says Transparency Market Research (TMR) in a recently published report. This is because of an extensive number of small, medium, and large-scale companies operating in the interactive whiteboard market. Samsung Electronics Co., Seiko Epson Corporation, Hitachi, Promothean Limited, and Panasonic Corporation are the leading players in the global interactive whiteboard market.
A key strategy adopted by players in the global interactive whiteboard market to retain their dominance over the market includes constant product innovations along with delivering quality services for satisfying students' preferences. The leading companies in the market have taken several initiatives on the marketing front for enhancing their growth prospects. Their unique technology solutions and services are aimed at improving student learning as well as making students' teams more productive. Along with this, numerous small and medium sized firms who are looking for fundamental policies and strategies in order to cement their foothold in the market.
According to experts from TMR, the global interactive whiteboard market is expected to gain revenue worth US$526.8 mn by the end of 2024, elevating up from a valuation of US$1.21 bn in 2015. Experts project this growth to occur at a promising CAGR of 8.7% during the forecast period from 2016 to 2024.
Among various types of end-use adoption, the education segment showcases the largest share in the market and is also expected to boost the global interactive whiteboard market. This is due to the interactive whiteboard's ability to provide improved learning processes, which result in increasing its popularity in the education sector. Region wise, Asia Pacific is expected to remain dominant in the global interactive whiteboard market throughout the assessment period. This is attributed to heavy investments in the education sector and rising student population in the region.
Soaring Demand for Enhancing Education Quality Fillips Market
Interactive whiteboard is basically an interactive display which is connected to a computer. Use of a projector further helps in displaying the connected computer or laptop onto the whiteboard screen. Such whiteboard screens can be controlled by using stylus, pen, or even by fingers, as they are touch sensitive. Rapid emergence of virtual classrooms and adoption of e-learning courses has resulted in an increased demand for interactive whiteboards, which in turn is driving the global interactive whiteboard market. These boards offer an engaging, adaptive, and user-friendly learning experience. Therefore, interactive whiteboards are gaining maximum popularity across various sectors include corporate, government, and most importantly education. Such USPs are also fueling growth in the global interactive whiteboard market.
Furthermore, rising investments in Information and Learning Technology (ILT) infrastructure in universities and rapid development of mobile learning application and digital content are also providing impetus to the growth of the global interactive whiteboard market. Along with these, rising trend of gamification in the education sectors is also anticipated to boost interactive whiteboard market over the forecast period.
Interactive Flat Panels Substituting Traditional Whiteboards at Alarming Rate
Rapid adoption of several substitute technologies such as tablets and interactive flat panels appear as a big challenge in the global interactive whiteboard market. These technologies work without projectors and have longer life than interactive whiteboards. Thus, their adoption rate is increasing, which is responsible for hampering the growth of the market. Nonetheless, persistent demand for interactive whiteboards in the corporate sector for presentations and meetings is believed to overcome challenges in the future.
The review is based on a market research report by 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".
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