The Global Collaborative Whiteboard Software market was valued at USD 1,393.87 million in 2020 and is expected to reach USD 3,163.98 million by 2026, registering a CAGR of 14.1%, during the period of 2021-2026. 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.
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.
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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.
Key Market Trends
Increasing Remote Working and Real-Time Collaboration in Organizations
Many organizations have adapted to the strategy of remote working in recent times owing to the outbreak of COVID-19. Before the outbreak of COVID-19, remote working was one of the growing trends among the organization owing to many benefits, such as cost-saving in terms of fixed operating cost to the organization, better work-life balance to employees, among others.
With the growing dependency on remote working, the organization needs the proper tools that can collaborate among the team to optimize the processes. Thereby, increasing remote working trends across the world adopted by the different organizations is driving the studied market growth.
According to a survey conducted by Gitlab in 2020 among 3000 respondent across various industries, 35% of the respondent said that they are working remotely occasionally, 33% of respondent said that they are working remotely frequently, 16% of respondent said that they are working remotely very often and another 16% said that they are working all the time remotely.
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