AR and VR in Training Market: Introduction
- Virtual reality (VR) and augmented reality (AR) are high profile tools used in employee training and development. Augmented reality (AR) and virtual reality (VR) are used by organizations to train their employees so that they can work smarter, safer, and be more productive.
- The COVID-19 outbreak has been a primary catalyst to revolutionize the training industry by using augmented reality (AR) and virtual reality (VR). Governments of countries across the world have imposed lockdowns to curb the spread of the disease. Hence, organizations are adopting AR and VR in training as well as in other enterprise functions. This is projected to boost the global AR and VR in training market. Moreover, the pandemic outbreak has induced enterprises to deploy AR and VR solutions for learning and knowledge management in order to overcome cognitive barriers. This, in turn, is anticipated to create significant opportunities in the global AR and VR in training market during the forecast period.
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Global AR and VR in Training Market: Market Dynamics
- Rise in need of AR and VR across small & medium and large enterprises in order to provide the workforce with a more holistic experience is expected to boost the growth of the AR and VR in training market.
- Surge in demand for AR and VR in various industries such as aerospace & defense, healthcare, and retail for training & simulation exercises is likely to fuel the growth of the global AR and VR in training market
- Increase in penetration of smart devices in large enterprises across the world is projected to accelerate the growth of the AR and VR in training market during the forecast period
- However, ineffective user experience design and slow adoption of AR & VR across underdeveloped countries are the major factors projected to restrain the global AR and VR in training market.
North America to Account for Major Share of Global AR and VR in Training Market
- In terms of region, the global AR and VR in training market can be segmented into North America, South America, Europe, Asia Pacific, and Middle East & Africa
- North America is anticipated to lead the global AR and VR in training market during the forecast period due to the presence of well-established players that offer AR and VR in training solutions in the U.S. and Canada.
- The AR and VR in training market in Europe is anticipated to be driven by rise in adoption of AR & VR in industrial sites to improve efficiency and safety at the workplace
- Asia Pacific is expected to hold significant share of the global AR and VR in training market in the near future due to rise in demand for AR and VR in manufacturing sites in order to close the skill gap of the workforce
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Global AR and VR in Training Market: Competitive Landscape
Key Players Operating in Global AR and VR in Training Market
Companies operating in the global AR and VR in training market are increasingly investing in research & development activities to provide AR and VR in training solutions. The global AR and VR in training market is highly fragmented, with the presence of large number of manufacturers in developed and developing countries. Key players operating in the global AR and VR in training market include:
- Yeppar
- RE’FLEKT GmbH
- InfiVR
- VIRNECT CO., LTD.
- Hurix
- Accenture plc
- Microsoft Corporation
- Samsung Electronics Co., Ltd.
- Sony
- Alphabet (Google, Inc.)
- Magic Leap, Inc.
- Wikitude GmbH
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