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.
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
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:
- RE'FLEKT GmbH
- VIRNECT CO., LTD.
- Accenture plc
- Microsoft Corporation
- Samsung Electronics Co., Ltd.
- Alphabet (Google, Inc.)
- Magic Leap, Inc.
- Wikitude GmbH
Global AR and VR in Training Market: Research Scope
Global AR and VR in Training Market Segmentation, by Component
- Content Management
- Device Management
- 3D Modeling
- Mobile Computing Devices
- Virtual Reality Devices
- Head-mounted Gear
- Gesture-tracking Device
- Displays & Projectors
- Security & Video Cameras
- Others (3D printers, and smart ID cards)
- Professional Services
- Training & Consulting
- Deployment & Integration
- Support & Maintenance
- Managed Services
- Professional Services
Global AR and VR in Training Market Segmentation, by Deployment
Global AR and VR in Training Market Segmentation, by Training Type
- Customer Service Training
- Product Knowledge Training
- Sales Training
- Safety Training
Global AR and VR in Training Market Segmentation, by Enterprise Size
- Small & Medium Enterprise
- Large Enterprise
Global AR and VR in Training Market Segmentation, by Industry
- IT & Telecom
- Transportation & Logistics
- Media & Entertainments
- Aerospace & Defense
Global AR and VR in Training Market Segmentation, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
- AR/VR/MR Training Solutions
- AR/VR Training Platform
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.