- Virtual reality training provides a 3D environment for specific subject matters and industrial requirements via a specially designed audio-visual headset
- Virtual reality training offers high levels of preparedness to the trainees and ensures self-confidence to deal with real life situations without causing danger to life and damage to property.
- Virtual reality has become a new trend in the training & development process across all industries. Use of virtual reality for training enhances the training experience and provides a new edge to the training process.
- Virtual reality training offers various advantages including a highly realistic virtual environment and provides a safe learning environment.
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Key drivers of the virtual reality training market
Availability of fewer substitutes to drive the virtual reality training market
- Virtual reality is a recent technology, combining 3D environment with artificial intelligence and simulation techniques that are some of the latest technologies recently introduced in the market.
- The substitutes of virtual reality training are the regular training methods which are rather outdated and lack efficiency in terms of practice and trainee understanding.
- Virtual reality training simulators have replaced the old training methods and techniques. No other substitute exists in the market as virtual reality training is the latest technology. The lack of substitute technology and product is expected to create huge demand for virtual reality training in the forthcoming years.
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Reduction in training cost using virtual reality training methods
- Virtual reality training methods are available at lesser cost as compared to traditional training methods. The cost of virtual reality hardware is highly affordable.
- A virtual reality training set up can also be used at remote locations. The mobility factor of any technology is of utmost importance in any industry due to the increased trend of BYOD (Bring Your Own Device)
- Virtual reality training can be used anywhere using a laptop and other small devices
- Virtual reality training also reduces the risk of lives and property damage during the training process in industries such as law enforcement and defense.
- Demand for this technology is expected to grow at a high rate during the forecast period due to these advantages offered by virtual reality training
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North America to dominate the virtual reality training market during the forecast period
- North America is expected to capture the largest share of the virtual reality training market. The reason for this dominance is attributed to the huge investment by the U.S. defense and law enforcement industry in training procedures
- On the other hand, the virtual reality training market in Asia Pacific is expected to expand at the highest rate. Countries in the Asia Pacific region are slowly adopting these new training technologies and are expected to invest heavily on training technologies in the near future.
- These factors are expected to create huge demand for virtual reality in this region.
Virtual Reality Training- Competition Landscape
The top five players are expected to account for 30%-35% share of the virtual reality training market. A few of the key players operating in the global virtual reality training market are:
- VIAR Inc.
- STRIVR, Inc.
- VirtualSpeech Ltd.
- Medical Cyberworlds, Inc. (MCI)
- FOUNDRY 45
- Klip Collective
- VirTra Inc.
- CHRP-INDIA Pvt. Ltd.
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