Global AR and VR in Training Market – Industry Trends and Forecast to 2031

Global AR and VR in Training Market, By Component (Hardware, Software), By End User (Defense and Security, Civil Aviation, Education, Entertainment) - Industry Trends and Forecast to 2031.

AR and VR in Training Market Analysis and Size

Augmented Reality (AR) and Virtual Reality (VR) revolutionize training by immersing users in simulated environments. AR overlays digital content onto the real world, enhancing training with contextual information and interactive guidance. VR transports users to entirely virtual worlds, offering hands-on experiences and realistic simulations for training purposes.

Global AR and VR in training market was valued at USD 2094.08 billion in 2023 and is expected to reach USD 139343.56 billion by 2031, registering a CAGR of 69.00% during the forecast period of 2024-2031. “Component” segments accounts the highest market share owing to the increasing usage of  AR and VR among the consumer. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Report Scope and Market Segmentation

Market Definition

Global AR and VR in training market refers to the industry involved in the production, distribution, and utilization of metallic materials specifically tailored for automotive applications. This market encompasses various metals such as steel, aluminum, magnesium, and others, which are utilized in the manufacturing of vehicle components including body structures, engines, chassis, and interiors. Factors driving this market include the increasing demand for lightweight materials to enhance fuel efficiency, stringent regulations on vehicle emissions and safety standards, and the growing trend towards electric vehicles, which require specialized metal components. Key players in this market include major metal producers, automotive manufacturers, and suppliers of metal components. Technological advancements and innovations in metallurgy aimed at improving material strength, durability, and recyclability are also significant aspects shaping the market landscape.

Global AR and VR in Training Market Dynamics

Drivers

• Technological Advancements

Continuous advancements in AR and VR technologies drive the growth of the training market by improving hardware, software, and user interfaces. These enhancements elevate the training experience, making it more immersive and effective. With better hardware, software, and interfaces, trainees can engage more deeply with the content, resulting in enhanced learning outcomes. In addition, ongoing improvements in these technologies ensure that training solutions remain cutting-edge and relevant in a rapidly evolving digital landscape. The synergy of these advancements fosters innovation and expands the potential applications of AR and VR in training across various industries.

• Cost Reduction

The decreasing cost of AR and VR hardware makes these technologies more accessible to organizations, prompting increased adoption for training purposes. As the barrier to entry lowers, smaller companies can now consider investing in AR and VR training solutions without facing prohibitive costs. This cost reduction democratizes access to advanced training tools, leveling the playing field for businesses of all sizes. Moreover, affordable hardware encourages experimentation and innovation in training methodologies, driving further improvements in effectiveness and efficiency. Overall, cost reduction catalyzes widespread adoption and innovation in the AR and VR training landscape.

Opportunities

• Remote Work Trends

The surge in remote work, accelerated by events like the COVID-19 pandemic, fuels the demand for virtual training solutions. AR and VR technologies enable organizations to deliver immersive training experiences to remote employees, overcoming the limitations of traditional in-person training. By leveraging these technologies, companies can ensure consistent training quality regardless of geographical constraints, fostering a cohesive and skilled workforce. Furthermore, virtual training solutions align with the flexibility and mobility inherent in remote work setups, accommodating diverse learning preferences and schedules. Ultimately, the adoption of AR and VR for remote training reflects a strategic response to evolving workplace dynamics and demands.

• Enhanced Learning Experience

AR and VR offer immersive and interactive learning experiences that captivate trainees more effectively than traditional methods. The immersive nature of these technologies enables learners to engage with content in a multisensory environment, enhancing retention and understanding. Interactive elements further deepen engagement by encouraging active participation and problem-solving, fostering a deeper connection to the material. As a result, trainees experience higher levels of motivation and satisfaction, leading to improved training outcomes and skill acquisition. By prioritizing the learner experience, AR and VR training solutions represent a paradigm shift towards more effective and engaging learning methodologies, poised to shape the future of workforce development.

Restraints/ Challenges

• Cost of Implementation

Integrating AR and VR technologies into training programs can be costly due to the need for custom software development and training for users. This initial investment can be particularly challenging for smaller organizations with limited budgets, potentially hindering widespread adoption of these immersive training solutions.

• Complexity of Integration

Incorporating AR and VR into existing training frameworks can pose significant challenges due to the need for substantial adjustments to infrastructure and workflows. The intricate integration process may deter organizations from embracing these technologies, especially if they lack the resources or expertise to navigate such complexities effectively.

This market,  report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global cloud security market, contact data bridge market research for an analyst brief, our team will help you take an informed market decision to achieve market growth.

Recent Devlopments

• In November 2023, EON Reality introduced its Virtual Campus, an immersive educational platform to transform the learning experience
• In January 2023, DigiLens Inc. launched Argo, a pair of smart glasses with standalone AR/XR capabilities. These smart glasses can be used to provide training to enterprise and industrial workers
• In November 2022, Strivr launched a partner program designed to enhance the capabilities of virtual reality for organizations trying to improve workforce performance
• In March 2022, AjnaLens, an AR/VR company, announced a collaboration with the Indian military to train pilots and enhance the efficiency of weapons using AR/VR

Global AR and VR in Training Market Scope

The market is segmented on the basis of component and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Component

• Hardware
• Software

End User

• Defense and Security
• Civil Aviation
• Education
• Entertainment

Global AR and VR in Training Market Region Analysis/Insights

The market is segmented on the basis of component and end-user as referenced above.

The countries covered in the global AR and VR in training market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific in the Asia-Pacific, Saudi Arabia, U.A.E., Israel, Egypt, South Africa, Rest of Middle East and Africa as a part of Middle East and Africa, Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific region leads the global AR and VR in Training Market as the fastest-growing and dominating sector. With advancements in technology and increasing adoption across various industries, Asia-Pacific showcases robust growth fueled by a burgeoning demand for immersive training solutions. Key factors such as rising investments in AR and VR technology, coupled with the region's dynamic industrial landscape, contribute to its dominance in shaping the future of training methodologies. As businesses recognize the efficiency and effectiveness of AR and VR in enhancing workforce training, the Asia-Pacific region stands poised to maintain its prominence in this evolving market.

The country section of the global AR and VR in training market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Global AR and VR in Training Market Share Analysis

The global AR and VR in training market is analyzed, and market size information is provided by country, component, and end-user. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to the global AR and VR in training market.

Some of the major players operating in the Global AR and VR in training market are:

• The DiSTI Corporation (U.S.)
• Saab AB (Sweden)
• ExtraHop Networks (U.S.)
• Microsoft (U.S.)
• Broadcom (U.S.)
• WNS Limited (India)
• Hitachi (Japan)
• Splunk Inc. (U.S.)
• StackState (U.S.)
• SAP (Germany)
• BMC Software Inc. (U.S.)
• CA Technology Inc. (U.S.)
• Evolven Software Inc. (U.S.)
• IBM (U.S.)
• Oracle Corp. (U.S.)
• Vmware Inc. (U.S.)
• QinetiQ (U.K.)
• On24 Inc. (U.S.)
• Laerdal Medical Corporation (Norway)
• L-3 Link Simulation Training (U.S.)
• Kratos Defense Security Solutions, Inc. (U.S.)
• Cubic Corporation (U.S.)
• CAE Inc. (Canada)
• Bae Systems (U.K.)
• ANSYS, Inc (U.S.)