Enterprise VR Training Services to Generate $6.3 Billion in 2022: ABI Research

The enterprise virtual reality (VR) training market will generate $216 million in 2018, according to a new forecast from ABI Research.  Additionally, VR systems will post a combined annual growth rate (CAGR) of 140 percent to total a whopping $6.3 billion in 2022.

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VR systems increasingly are being tapped by enterprises due to their ability to provide immersive training environments, accurately simulate dangerous situations, and avoid costly travel and equipment-related expenses.  

In many cases, consumer-centric VR headsets, controllers, and tracking systems can be used with few modifications.  Industries with high-risk working environments such as energy, industrial and manufacturing or construction are the early adopters of enterprise VR training applications.

Technician training in industries such as the energy sector can be perilous, mainly due to the nature of the job where technicians work on offshore rigs, or in the utility sector where 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,” says Khin Sandi Lynn, industry analyst at ABI Research. “It can save time and money for the companies by providing realistic hands on experience to trainees without any work downtime.”

Companies that 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, too. “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,” adds Lynn.

Although VR training applications are still at the early stage of deployment, they 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.  ABI Research expects that the enterprise VR training market will grow concurrently with the continued advancements in VR headsets, controllers, motion trackers and associated software applications.

These findings are from ABI Research’s VR in Enterprise Training report. This report is part of the company’s Video, VR & OTT research service, which includes research, data, and analyst insights.

(For more information visit https://www.abiresearch.com).

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Beth Aluise