Enterprise VR training market will generate $216 million in 2018 and achieve a CAGR 140 percent in the next five years to generate $6.3 billion in 2022, according to ABI Research.
Enterprises are making investment in Virtual Reality systems due to the ability to provide immersive training environments, simulate dangerous situations, and avoid costly travel and equipment-related expenses.
Enterprises are investing in consumer-centric Virtual Reality (VR) headsets, controllers, and tracking systems.
Industries such as energy, industrial and manufacturing or construction are the early adopters of enterprise VR training applications.
For instance, energy sector makes investment in enterprise VR training, mainly due to the nature of the job where technicians work on offshore rigs. Utility sector invests in enterprise VR training tools because technicians work with power distribution systems.
“In heavy industries, VR training prevents risks associated with training hazards such as safety of trainees in the dangerous work place or accidental damage of equipment. It can save time and money for the companies by providing realistic hands on experience to trainees without any work downtime,” said Khin Sandi Lynn, industry analyst at ABI Research.
Aviation and Maritime are also using virtual reality training programs for simulated training. The report said virtual reality can provide immersive experiences to ensure better engagement in their training.
Companies which deploy VR based training programs have experienced a time savings up to 80 percent. The effectiveness of VR based training is recognized by retail and marketing businesses.
“In fact, one of the world’s largest retailers, Walmart, has deployed VR technology to train its staff. Walmart is planning to deploy the technology in its 200 training centers by the end of 2017,” Khin Sandi Lynn said.
VR training applications have strong potential in the entire enterprise training space; tourism, sales and marketing, and athlete training are just some of the segments where VR training applications will expand.
The global enterprise VR training market will grow concurrently with the continued advancements in VR headsets, controllers, motion trackers and associated software applications.