The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The collaboration whiteboard software market is expected to reach a CAGR of 9.8%, over 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 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 increase the usage of team collaborative Whiteboard Softwares
- 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 surges 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 percent 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 share
- As remote workers and decentralized office spaces become more commonplace, hosting a meeting can be tricky (no matter how effective a videoconferencing system is, keeping participants engaged is not always easy). Technology overpowers this problem by providing uninterrupted and enhanced communication.?
- Major companies of the team collaboration tools market, such as Microsoft Corporation and Slack Technologies Inc, who occupy the majority of the share in the market are based out of the United States, and the region is witnessing the majority of the technological advancements with the deployment of Artificial Intelligence in particular team collaborative software.
- 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.
- 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.
The collaborative whiteboard software Market is moderately consolidated. 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.
- In 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 Rs 11,89,999, which includes a Surface Hub 2 Camera and a Surface Hub 2 Pen.
- In April 2020, Miro received a $50M 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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