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Enterprise virtual reality training to generate $6.3 billion by 2022
Enterprises are increasingly adopting virtual reality (VR) due to the technology's ability to recreate immersive training environments. As a result, ABI Research predicts that the enterprise VR training market will grow to $6.3 billion in 2022.
The enterprise VR training market will generate $216 million in 2018 alone, according to the report. This is due to more and more companies beginning to recognise the technology's ability to transform training in the enterprise.
VR and augmented reality (AR) systems can accurately simulate dangerous situations and high-risk environments. As a result, businesses can improve safety, increase efficiency and reduce costs by avoiding costly travel and equipment expenses.
Early adopters of enterprise VR training systems include the energy, manufacturing, and construction industries. "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," Khin Sandi Lynn, an industry analyst at ABI Research commented.
Technician training in high-risk environments can be dangerous, but VR could change that. In addition, VR "can save time and money for the companies by providing realistic hands on experience to trainees without any work downtime," Lynn said.
VR's expansion into the enterprise
Companies that deploy VR based training programs have experienced time savings of up to 80%, the report stated. As a result, low-risk environments such as retail and marketing are beginning to adopt VR training.
"In fact, one of the world's largest retailers, Walmart, has deployed VR technology to train its staff, Lynn stated. "Walmart is planning to deploy the technology in its 200 training centres by the end of 2017," she added.
Despite VR training systems remaining in the early stage of adoption, ABI Research insists that they have "strong potential in the entire enterprise training space." The consultancy predicts that VR training applications will expand to sectors like tourism, sales, marketing, and even athlete training.
The firm also predicts that the enterprise VR training market will go concurrently with the VR equipment sector. This includes VR headsets, controllers, motion trackers, and associated software applications.
Although the value of the VR and AR headset industry fluctuates, the enterprise has the potential to save these technologies from redundancy. Over the next five years, ABI Research expects the enterprise VR training market to grow at CAGR 140%.