Portland,OR, July 14, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global interactive whiteboard market was pegged at $4.29 billion in 2020, and is expected to reach $7.35 billion by 2030, growing at a CAGR of 6.0% from 2021 to 2030.
Rise in demand from the education sector, increase in trend of smart & torch-based devices, and rapid digitalization across the globe drive the growth of the global interactive whiteboard market. However, high cost of interactive whiteboard in comparison to traditional whiteboards and lack of preparation for technology in several underdeveloped nations hinder the market growth. On the contrary, increase in focus toward adoption of new advanced technology and progressive development of digital content would open new opportunities for the market players in the future.
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Covid-19 scenario:
- The Covid-19 pandemic severely affected the semiconductor and electronics sector due to strict government rules to close manufacturing facilities and disrupted supply chain.
- Moreover, the pandemic created uncertainty in the stock market and overall economy across the world, which affected day-to-day businesses. It resulted in fall in business confidence and increase in panic among consumers.
- The majority of the Asian countries suffered from prolonged lockdown, which led to major losses in businesses and revenue. This affected the demand for interactive whiteboards and other electronics.
The report segments the global interactive whiteboard market on the basis of offering, form factor, screen size, technology, end user, and region.
Based on offering, the hardware segment held the largest share in 2020, accounting for more than two-thirds of the market. However, the software segment is expected to register the highest CAGR of 7.0% during the forecast period.
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On the basis of end user, the corporate segment is projected to manifest the highest CAGR of 7.8% during the forecast period. However, the education segment dominated the market in 2020, contributing to more than half of the market.
The global interactive whiteboard market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the largest share in 2020, accounting for more than one-third of the market. However, the market across Asia-Pacific is estimated to portray the highest CAGR of 7.9% from 2021 to 2030.
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The global interactive whiteboard market includes an in-depth analysis of the prime market players such as Hitachi, LG Electronics, Horizon Display Inc., Planar Systems (Leyard Optoelectronic), Microsoft Corporation, Seiko Epson Corporation, Ricoh, Samsung Electronics Co. Ltd., Sharp NEC Display Solutions of America, Inc., and Viewsonic Corporation.
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