Dublin, Dec. 22, 2020 (GLOBE NEWSWIRE) -- The "Collaborative Whiteboard Software Market - Growth, Trends, and Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The collaboration whiteboard software market is expected to register a CAGR of 9.8% during the forecast period (2020-2025). With the explosion of Kanban, Lean, and Agile frameworks for development, whiteboarding has become a well-liked tool for teamwork. Simple visualization, rapid communication, and fruitful collaboration are the cornerstones of success during this ever-changing environment.
The increasing trend of gamification in education and corporate sectors, the growing trend of e-learning and digital classrooms, and increased funding from the governments of various countries to include collaborative whiteboard software across various end-users are the most driving factors for the expansion of the market.
The development of Artificial Intelligence and its integration with team collaboration tools is expected to create higher demand in achieving automation, improved communication within an organization. Most organizations expect increased productivity and focus on high-value tasks as significant team benefits of Artificial Intelligence.
With the increasing demand for these solutions vendors in the market are offering new products. For instance, in In Feb 2020, T1V launched its HubVC collaboration board to the international market at the Integrated Systems Europe. The solution HubVC is primarily designed to complement the company's flagship product, ThinkHub, while offering a lower-cost, more simplistic solution for the meeting room experience. HubVC is basically a simple collaboration board that is designed to do the three most essential things for any meeting: wireless screen sharing, video conferencing, and whiteboarding.
With millions of people now suddenly working from home because of COVID-19's impact, collaboration tools are witnessing considerable spikes in demand. Microsoft revealed its Microsoft Teams' collaboration and communication service had seen a 775% increase in monthly users in Italy, where social-distancing measures or shelter-in-place orders have been enforced. Companies, such as Ernst & Young, SAP, Continental AG, and Accenture, which together have over 440,000 employees, are using Microsoft Teams.
Key Market Trends
The outbreak of COVID-19 is Expected to Drive the Market
With the outbreak of COVID-19 in various countries globally, many governments to curb the virus governments announced lockdown of the whole which include the United States, major European countries, and the even Asia-Pacific countries, such as China, India, and Singapore, due to which many organizations and educational institutions are promoting the usage of collaborative whiteboards as employees and students tend to work from home during the crisis.
- The surge in the adoption of web conferences among enterprises owing to increasing demand for visual meetings, which saves traveling time for organizations, growing user comfort, and rising access to high-quality internet connections, are other factors that drive the market in this region.
- Microsoft Teams, a team collaboration software from Microsoft, witnessed a 40% increase in demand due to adjustment of the businesses to remote work and school closures, which required the adoption of e-learning techniques. Microsoft's even launched new Teams features are designed to improve remote meetings as they become the default work mode rather than the pre-pandemic exception.
- In the week from March 11 to March 18, 2020, Microsoft Teams witnessed 12 million new users using its service on a daily basis. It has also seen a total of over 900 million meetings and calling minutes a day generated by 44 million daily users over the space of a single week.
North America is Expected to Hold Significant Market Share
According to ALM Media Properties, LLC, more than 58% of the working population in the United States is working from home. As remote workers and decentralized office spaces are becoming more commonplace, hosting a meeting can be tricky irrespective of how effective a video conferencing system is. Keeping participants engaged is not always easy.
- Also, the increased electronic device penetration has resulted in the high adoption of BYOD, which has forced companies to adopt cloud collaboration to address employee needs. Furthermore, the presence of prominent startups with an aggressive BYOD policy and freedom for employees has augmented the growth of the collaborative whiteboard software market.
- With the increase in competition, players are focusing on enhancing their solutions. For instance, in July 2020, Microsoft announced that it would add new features to its Microsoft Teams, to virtual interactions more organic and engaging, supporting the global shift into a more hybrid model of work, learning, and life.
- The United States witnessed the highest number of patients affected by COVID-19 at the end of March 2020, and this is also a factor for the massive surge in the usage of team collaborative whiteboard software due to the lockdowns imposed in various states of the country.
Competitive Landscape
The collaborative whiteboard software Market is moderately concentrated. The top players in the market occupy the majority of the market share. Further, existing players already have their customer base who generally don't switch to new players, and new players do face immense competition from the already established players in the market. Some of the major players in the market are Cisco Systems Inc., InVisionApp Inc., Microsoft Corporation, among others.
May 2020 - Microsoft launched the Surface Hub 2S digital collaboration device in India. The all-in-one digital whiteboard, meeting platform, and teamwork collaborative computing device is priced at INR 11,89,999, which includes a Surface Hub 2 Camera and a Surface Hub 2 Pen.
- April 2020 - Miro received a USD 50 million Series B for digital whiteboard as demand surges. Iconiq Capital led the round with help from Accel and a slew of individual investors.
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Key Topics Covered:
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitutes
4.3.5 Intensity of Competitive Rivalry
4.4 Market Drivers
4.5 Market Restraints
4.6 Assessment of Impact of Covid-19 on the Industry
5 MARKET SEGMENTATION
5.1 Type
5.1.1 Visual
5.1.2 List-based
5.2 Operating System
5.2.1 Windows
5.2.2 iOS
5.2.3 Android
5.3 Deployment Mode
5.3.1 On-premise
5.3.2 Cloud
5.4 Organization Size
5.4.1 Large Enterprises
5.4.2 SME's
5.5 Geography
5.5.1 North America
5.5.2 Europe
5.5.3 Asia-Pacific
5.5.4 Latin America
5.5.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Cisco Systems Inc.
6.1.2 InVision
6.1.3 Miro
6.1.4 MURAL
6.1.5 ezTalks
6.1.6 Explain Everything
6.1.7 BeeCanvas
6.1.8 AWW App
6.1.9 Bluescape
6.1.10 Google Jamboard
6.1.11 Microsoft Corporation
6.1.12 Zoom Video Communications
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/4dijjp
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