Interactive Whiteboard IWB Market Set to Witness Explosive Growth by 2030

Description

The global interactive whiteboard IWB market size is expected to grow from USD 4.2 billion in 2020 to USD 7.3 billion by 2027, at a CAGR of 6.0% from 2021 to 2027. An interactive whiteboard (IWB) or smartboard is an interactive display board, which is a touch screen linked to a computer. Usually, this type of board looks similar to a big computer screen, where the user can write & move images through a touch of a pen or with fingers.

The global interactive whiteboard (IWB) market is anticipated to witness significant growth during the forecast period. Factors such as the emergence of virtual classrooms & e-learning courses, government initiatives for digital education, and transformation of a traditional whiteboard into digital whiteboard drive growth of the interactive whiteboard (IWB) market. In addition, growth in digitalization & high adoption of electronics products boosts the overall market growth. However, lack of technical knowledge and high integration cost are major barriers to the global interactive whiteboard (IWB) industry. In addition, growth in the educational sector in Asia-Pacific is expected to create lucrative opportunities for the interactive whiteboard (IWB) industry.

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There is an increase in the number of touch sensors devices as touch-based devices are easier to access. Touch-based devices require a display panel to operate, which, in turn, helps in the growth of display devices. Thus, an increase in penetration of smart & connected devices with high-speed internet availability boosts the market's growth. These displays are incorporated with touch sensors, which the user can navigate and extract other information. Therefore, the trend of touch-based devices is driving the growth of the interactive whiteboard market.  

COVID-19 Impact on the Global Interactive Whiteboard IWB Market

The ongoing spread of the COVID-19 has become one of the biggest threats to the global economy. It is causing widespread concern and economic hardship for consumers, businesses, and communities across the globe. The “new normal” that includes social distancing and working from home has created edges with daily activities, regular work, needs, and supplies, causing delayed initiatives and missed opportunities. Factories across the globe have struggled to manufacture and assemble new devices as workers have stayed in their homes, and even the already available devices in various warehouses cannot be transported due to current rules & regulations, which, in turn, disrupted the global supply chains. COVID-19 has caused the semiconductor industry to mobilize quickly and make short-term decisions with long-term implications.

COVID-19 is having a large impact on both consumers and the economy. Electronics manufacturing hubs have been temporarily working at low efficiency to limit the COVID-19 spread among individuals. This has majorly affected the supply chain of the semiconductor market by creating shortages of components, finished goods, and materials. Lack of business continuity has ensured significant negative impacts on revenue, shareholder returns, and revenue, which are expected to create financial disruptions in the interactive whiteboard industry. The impact of COVID-19 on the manufacturing industry has significantly affected the global economy. Electronic components, such as sensors, ICs, and other semiconductor devices, are mostly imported from China. Attributed to the temporary shutdown of manufacturing units, the prices of semiconductor components have increased by 2-3%, owing to a shortage of supplies.

Global Interactive Whiteboard IWB Market Dynamics

Drivers: Increase in demand from the education sector

The growing demand for e-learning & interactive learning is a key factor driving the growth of the market globally. So, governments across regions are increasingly funding interactive learning models for schools to promote the interactive learning method.

According to CBCI Telecom, a technology company, IWBs help create visual memories retained for a longer time by the human brain compared to reading text. Research and survey studies have shown that people learn faster when the learning is interactive and two-way. All these factors have contributed to the increasing adoption of IWBs in the education sector.

Restraints: Lack of preparation for technology in several underdeveloped nations

An interactive whiteboard helps users to draw or write anything in digital form. However, several countries across Latin America and Southeast Asia lag in technology readiness and have poorly built infrastructure. In addition, they are struggling to manage digital devices across nations. Thus, lack of awareness, technology readiness, and poor network connectivity hamper market growth.

Opportunities: Progressive development of digital content

Governments of various countries have implemented initiatives to promote digital education. For instance, the European Commission adopted the Communication on the Digital Education Action Plan in 2018. In addition, the European Commission funds several programs on research and innovation for digital learning, such as Horizon 2020, 7th Framework Programme, and Competitiveness & Innovation Framework Programme. 

Similar other initiatives, such as the 2020 National Education Technology Plan in the U.S., Digital Education Learning Initiative Malaysia, and National Knowledge Network in India, are anticipated to fuel the digitalization of the education sector. These initiatives are expected to boost the adoption of laptops, tablets, stylus, which, in turn, is anticipated to offer remunerative opportunities to expand the interactive whiteboard market during the forecast period.

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 Scope of the Report

The study categorizes the interactive whiteboard IWB market based on offering, form factor, screen size, technology, and end-users at the regional and global levels.

By Offering Outlook (Sales/Revenue, USD Million, 2017-2027)

• Hardware
• Software

By Form Factor Outlook (Sales/Revenue, USD Million, 2017-2027)

• Fixed 
  1. Front Projection
     • Less than 50 Inch
     • 50 Inch to 70 Inch
     • 71 Inch to 90 inch
     • Greater than 90 Inch
  2. Rear Projection
     • Less than 50 Inch
     • 50 Inch to 70 Inch
     • 71 Inch to 90 inch
     • Greater than 90 Inch
• Portable
  1. Front Projection
     • Less than 50
     • 50 to 70
     • 71 to 90
     • Greater than 90
  2. Rear Projection
     • Less than 50
     • 50 to 70
     • 71 to 90
     • Greater than 90

By Screen Size Outlook (Sales/Revenue, USD Million, 2017-2027)

• Less than 50 Inch
• 50 Inch to 70 Inch
• 71 Inch to 90 inch
• Greater than 90 Inch

By Technology Outlook (Sales/Revenue, USD Million, 2017-2027)

• Infrared
• Resistive
• Capacitive
• Electromagnetic
• Others

By End-Users Outlook (Sales/Revenue, USD Million, 2017-2027)

• Education
• Healthcare
• Retail
• Corporate
• Others

By Region Outlook (Sales/Revenue, USD Million, 2017-2027)

• North America (US, Canada, Mexico)
• South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
• Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
• The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

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By offering, the hardware segment is projected to account for the largest market share 

On the basis of offering, the interactive whiteboard market is categorized into hardware and software. In 2020, the hardware segment accounted for the largest market share of 69.7% in the global interactive whiteboard IWB market. The hardware plays a key role in the interactive whiteboard, which is accountable for displaying content to the user and is one of the most vital aspects of the interactive whiteboard offering. Interactive whiteboard continuously improves its content with the help of hardware to become the most robust system. The hardware segment is expected to account for the largest share of the interactive whiteboard market during the forecast period due to growing demand for the interactive whiteboard in educational institutions & commercial verticals, rising retail space, and increasing infrastructural development in emerging economic countries. In addition, new technologies of displays, such as OLED and LED, are expected to provide lucrative opportunities for the hardware. Thus, this is expected to surge the demand for interactive whiteboards during the forecast period.

Asia Pacific accounts for the highest CAGR during the forecast period 

Region-Wise, the global interactive whiteboard IWB market has segmented North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR of 7.9% in the global interactive whiteboard IWB market during the forecast period. Asia-Pacific includes countries such as China, Japan, India, South Korea, and the rest of Asia-Pacific. This region is one of the major markets for touch screens, where India and China are the two major countries. Adoption of new technologies, such as touch screen displays, interactive tables, and other displays, helps drive market growth during the forecast period. Asia-Pacific occupies the highest market share in the interactive whiteboard market.

The surge in demand for the interactive table, video walls, and touch technology in this region is expected to increase the market growth during the forecast period. The touch screen is the leading technology in every region and has been rising rapidly globally. For instance, in November 2018, ViewSonic Corporation launched LCD Touch Monitor with advanced technology. This monitor delivers versatility for retail POS systems and provides a high intuitive touch experience. The adoption of interactive whiteboards in every industry fuels the market growth during the forecast period.

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Key Market Players

The interactive whiteboard IWB market is mildly concentrated in nature with few numbers global players operating in the market, such as Hitachi, Horizon Display Inc., LG Electronics, Microsoft Corporation, Planar Systems (Leyard Optoelectronic), Ricoh, Samsung Electronics Co. Ltd., Seiko Epson Corporation, Sharp NEC Display Solutions of America, Inc., and Viewsonic Corporation.

Article source: https://article-realm.com/article/Finance/20611-Interactive-Whiteboard-IWB-Market-Set-to-Witness-Explosive-Growth-by-2030.html