Collaborative Whiteboard Software Market Size

Collaborative Whiteboard Software Market Analysis

The Collaborative Whiteboard Software Market size is estimated at USD 2.62 billion in 2024, and is expected to reach USD 6.77 billion by 2029, growing at a CAGR of 20.85% during the forecast period (2024-2029).

With millions of people 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 have over 440,000 employees, are using Microsoft Teams.

• The collaborative whiteboard software primarily offers an open, singular, or shared space for a design where the collaborators can concurrently share their content and make necessary edits from their devices. The tool is basically like a physical whiteboard, as the name suggests. It offers a range of features that users can use to design, save, share, and communicate content in a customizable workspace.
• These tools are primarily popular among design and project management teams. Management groups across disciplines can benefit from an intuitive and user-friendly content-sharing space. Also, most collaborative whiteboard solutions are standalone products, but some are built into other design software or visual collaboration platforms.
• Additionally, collaboration plays a vital role in any job space and is considered one of the primary skills in any workspace. For instance, according to a study by Bluescape study in 2020, about 71% of the managers and employees part of the study mentioned collaborating with others as the top essential skill to work remotely effectively. Such trends are influencing the demand for collaborative software in the market.
• Regardless of the task domain, team awareness, task awareness, and presence awareness are essential for coordinating tasks in collocated and distributed teams. As the distance between the teams grows, it requires disseminating the understanding of information among team members to support coordination.
• Along with awareness, there are many other issues, such as lack of training, improper use and execution, and waste of subscriptions (If team members do not know how to use their collaboration tools properly, then they will not be able to optimize the subscription), among other factors, thus posing a challenge to the studied market growth. Therefore, ease of use among the user, along with proper training by the organization for this collaborative whiteboard software, is one of the important vital components for the joint software developer to enhance the growth of the market studied.
• Since the COVID-19 outbreak, the global number of employees working remotely has increased at an exponential rate, thus putting pressure on communication and collaboration tools without compromising the productivity, which is where collaborative whiteboard software solutions are gaining traction.
• Overall, the market for collaborative whiteboard software is expected to witness significant growth in the post-pandemic period. Many organizations have wished to adopt a partial or complete remote working culture post the opening of the economy across the world.