Global Collaborative Whiteboards Software Market to Grow at a CAGR of 14.3% During 2020 –2030

Introduction

The collaborative whiteboard software primarily provides an open, singular, or shared space for a design in which collaborators can simultaneously share their information and make modifications from their own devices. The tool resembles a physical whiteboard, as its name suggests. It offers numerous tools for designing, saving, sharing, and communicating content in a customizable workspace. Collaboration is regarded as one of the essential skills in the workplace. While these technologies are prevalent among design and project management teams, any discipline can benefit from a user-friendly and intuitive information exchange space. Some whiteboard collaboration solutions are integrated with other design tools or visual collaboration platforms. As intelligent conference rooms emerge, the future of collaboration will also improve.

Market Dynamics

Increased Remote Working and Real-Time Collaborations Propel the Global Collaborative Whiteboards Software Market

Due to the coronavirus pandemic, several companies adopted the work-from-home strategy. Before the pandemic, remote working was one of the most popular trends within the company for various reasons, including cost savings for the company in terms of fixed operating expenses and improved work-life balance for employees. The organization requires the right tools for the team to collaborate and enhance the processes due to the growing popularity of remote work. Consequently, the market for collaborative whiteboard software is being driven by enterprises' increasing adoption of global trends toward remote working. In a 2020 survey by Gitlab, which included 3000 respondents from various industries, 35% said they occasionally worked remotely, 33% said they did so frequently, 16% said they did so very frequently, and 16% said they did so constantly.

In addition, collaborating while working remotely presents challenges, for which numerous businesses are implementing various solutions. The most widely used collaboration tools for remote work in the United States in 2020 will be Zoom, Microsoft Teams, Skype, Google Hangouts, and Slack, according to the Clutch 2020 Company Culture Survey. With a centralized platform to plan, discuss, and visualize multi-layered concepts, ideas, and methods, dispersed teams can improve their communication and streamline their operations with collaborative whiteboard software. It also facilitates and accelerates remote worker communication.

Furthermore, collaborative whiteboard software solutions are advantageous to the business in real-time collaboration in several ways, including productivity growth, successful user adaptation, up-to-date information, knowledge sharing, and instant feedback. Due to these benefits, the market for collaborative whiteboard software is growing.

Developments in the Domain Create New Market Opportunities

As a result of the rising demand for engagement and communication solutions for remote-working employees, the industry has incurred several R&D expenditures to introduce new products that meet consumer needs. The rapid expansion of whiteboard software is a significant element of the pandemic's demand for new forms of collaboration. Whiteboard software is a technological advancement compared to the traditional whiteboards used in classrooms and offices. Even if they already exist, the importance of their benefits for meetings and presentations in modern businesses has recently increased.

With intelligent conference rooms, the future collaboration will only improve. Modern technologies can be installed in meeting rooms, including virtual assistants, interactive whiteboards, and 360-degree video cameras. IoT may also be used to connect all of these technologies to the remainder of the system. In this manner, information can be transmitted while ensuring that all software solutions synchronize as quickly as possible. In addition, the pandemic presented service providers with a lucrative opportunity by enabling remote workers to experience digital teamwork and nimble communications. As demand increases, investors invest heavily in interactive whiteboard companies.

Regional Insights

North America will command the market, expanding at a CAGR of 14% over the forecast period. Significant disruptions occurred in the IT industry due to the spread of coronavirus throughout North America. Nevertheless, IT companies have embraced a work-from-home mentality and are eager to adopt a hybrid work environment. Moreover, 32% of American CEOs stated that regulations were a significant problem in a Conference Board survey. They would like to collaborate and rely more on technology to overcome obstacles and ensure employees' flexible work.

In addition, 70% of CEOs focus on automating tasks to accelerate digital transformation, change the business model, and increase innovation. As significant brainstorming sessions, strategy planning, and productive meetings are expected to continue in hybrid work cultures over the forecast period, the demand for hybrid work cultures will increase, driving the market. Similarly, according to a survey of 514 IT executives in North America conducted by Flexera Software, 49% of respondents believe that the region's IT spending will increase as many businesses prioritize investments in collaboration platforms and services, among other things areas. As a result, market vendors will enjoy a variety of options.

Europe will likely grow at a CAGR of 14.7%, accounting for USD 1,129 million by 2030. Coronavirus harmed the region, increasing remote work. In the United Kingdom, 5.6 million people reported working remotely in 2020, an increase of approximately 1 million from the previous year. Consequently, fostering the expansion of the regional whiteboard software market. Numerous regional organizations are adopting remote work, increasing demand for video communication tools such as Zoom and Microsoft Teams. According to Airnow, there will be approximately 1.7 million daily active users of the zoom application by the end of November 2020. This demonstrates the need for teamwork tools and provides market vendors with diverse business opportunities.

 

Key Highlights

• The global collaborative whiteboards software market had a revenue holding of USD 1,633 million in 2021. It is expected to reach USD 4,757 million by 2030, growing at a CAGR of 14.3% during the forecast period (2022–2030).
• By operating system, the global collaborative whiteboards software market includes Windows & Web, iOS, and Android. The Windows & Web section will likely grow at a CAGR of 14.5% and hold the largest market share over the forecast period.
• By deployment mode, the global collaborative whiteboards software market includes On-Premise and Cloud. The Cloud section will likely grow at a CAGR of 15.17% and hold the largest market share over the forecast period.
• By organization size, the global collaborative whiteboards software market includes Large Enterprises and SMEs. The Large Enterprise section will likely grow at a CAGR of 16.2% and hold the largest market share over the forecast period.

Competitive Players

Competitive Players in the Market

• Cisco Systems Inc.
• InVisionApp Inc.
• Miro
• MURAL
• ezTalks
• Explain Everything
• BeeCanvas
• Bluescape
• Google Jamboard
• Microsoft Corporation
• Zoom Video Communications

Recent Developments

Market News

• In 2022, Cisco expanded its alliance with General Dynamics Information Technology to provide Cisco Private 5G services to a wide range of government agencies.
• In 2022, Microsoft Corporation launched a new Microsoft Teams feature-Reflect. The ability to better understand and manage their own and their peers' emotions can all be improved with the aid of this feature.

Segmentation

Global Collaborative Whiteboards Software Market: Segmentation

By Operating System

• Windows and Web
• iOS
• Android

By Deployment Mode

• On-premise
• Cloud

By Organization Size

• Large Enterprises
• SMEs

By Regions

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa