VR Training Simulator Software Market Size, Share, Growth, and Industry Analysis, By Type(On-premise, Cloud-based and Others), By Application(Defense & Security, Government, Education, Entertainment and Others), Regional Forecast By 2031

Updated On: 13 November 2023

VR Training Simulator Software Market Report Overview

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The global VR training simulator software market size was USD 375 million in 2021. As per our research, the market is projected to touch USD 1208 million by 2031, exhibiting a CAGR of 12.25% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher than anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

A form of computer software called a VR training simulator enables users to build and/or modify virtual reality models. The usage of VR training simulator software is widespread, including in the sectors of engineering, architecture, and defence. The companies benefit from this technology because it shortens the time needed for the product development process. The market's expansion will be fueled by an increase in the usage of virtual reality technology for training and development that is based on simulations, as well as a rise in the demand for affordable solutions that can be applied in several locations.

Without the requirement for an internet connection, users can install and use on-premise VR training simulator software. The virtual reality training simulation programme is installed on the business's own server and network, and it can only be accessed from inside that environment. VR training software on the cloud is provided as a service. To supply information technology services over the internet, cloud computing uses Internet services, infrastructure, and IT gear. It is frequently related to network connectivity provided on demand via online apps or subscription-based business models.

COVID-19 Impact: Pandemic Caused Lockdown led in Upsurge of the Market Demand

Due to the adoption of VR training simulator software technology by the corporate world to improve efficiency, transparency, popularity, and reliability, it is predicted that the COVID-19 epidemic will increase the VR training simulator software market share. Training sectors are implementing VR training simulator software market systems to assure trainee accessibility to reach out their sessions in order to maintain the flow of training and development.  As a result, it is projected that throughout the forecast period, there will be considerable prospects for the expansion of the worldwide VR training simulator software market growth.

LATEST TRENDS

"Technological Advancements and Innovations to Boost the Market Growth "

In the upcoming years, there will likely be a demand for new VR solutions due to ongoing technological advancements. In addition, it is anticipated that demand for new VR-related technologies would increase as tiny VR simulation devices become more popular. Vendors of gear, services, and software are participants in the VR ecosystem. The expansion of the use of VR simulators across numerous end-use applications is anticipated to depend heavily on the efforts of both software and service manufacturers in the upcoming years. Furthermore, as technology advances, VR simulators with motion and eye tracking are being created to improve the user's virtual reality experience. For instance, Fove, Inc. has included eye tracking functionality to their new "Fove Dlodlo VR" model.

VR Training Simulator Software Market Segmentation

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• By Type

Based on type, the market is classified into on-premise, cloud-based and other.

• By Application

Based on application, the market is classified into defense & security, government, education, entertainment  and others.

DRIVING FACTORS

"Growing Adoption from Training and Learning Sector to Boost the market"

The demand for affordable training programmes and a greater emphasis on safety are two aspects that are propelling the VR training simulator software market. VR technology enables firms to better prepare their staff through virtual learning while cutting down on the time and costs involved with physical training. Additionally, this would enable businesses to connect workforce skills with present company needs. Due to the growing end-user demand, a number of industry participants are now able to provide solutions that are specifically tailored to the demands of customers in diverse geographical locations.

By providing users with these opportunities, instructors can help learners hone the abilities needed for several high-stress professions. The use of VR training simulator software can be advantageous for those in the medical and law enforcement fields. These tools can, however, be used across vertical industries, such as aviation and transportation. Some VR training simulators might feature virtual reality SDK capabilities, allowing developers to alter the platform to meet their unique requirements.

"The Extensive Utilization by SMEs and Large Eneterprises to Strengthen the Market Structure  "

Software for virtual reality training simulators provides a simulated setting for workers to practise for real-world situations. By exposing workers to probable real-life events before they occur, virtual reality training simulator software enables firms to increase safety, save expenses, and lower the chance of injuries. It gives the worker practical experience through virtual learning and an awareness of how to respond in that particular situation, allowing them to learn from mistakes without the danger or expense of physical training.SMEs can train in a secure, economical, and realistic environment thanks to the VR Training Simulator Software. They also offer an interactive platform that improves learning by enabling users to practise on different scenarios without running the danger of injury or damage that could result from real-world situations like fire hazards or explosions.

RESTRAINING FACTORS

"The Insurgence of High Cost in Initial  Installation can Hamper the Market Demand"

The significant initial investment may be difficult for producers in this industry. Additionally, SMEs' lack of knowledge of the advantages these technologies offer may also constrain their ability to grow during the projection period. However, the restraining factor lack of compatibility with legacy systems and high costs may be projected to limit the growth of VR training simulator software market share in the forecasted period.

VR Training Simulator Software Market Regional Insights

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"North American Region Gauge for the Huge Revenue Share in the Market"

Due to the growing need for virtual and augmented reality technology smart contracts employing VR training simulator software technology in e-learning in the region, North America is predicted to dominate the market globally. During the projection period, factors such as the requirement for cost-effective training programmes, a focus on efficiency and safety, and rising end-user demand, among others, could propel market growth. Modernization across a wide range of industries has been accelerated in North American nations thanks to the quick uptake of cutting-edge technologies like virtual reality. Also, the characteristic determinants driving the market are the 24*7 availability of wireless network with strong network and unlimited access and the development of VR-based learning tools will be made simple for businesses by the high penetration rates for mobile devices and rising internet connectivity. For business operators in this area, this would present enormous potential and help them operate better by lowering the cost of their services and increasing the quality of their products.

KEY INDUSTRY PLAYERS

"Notable Players contributing towards the market"

Blockchain in edutech solution providers are putting their development plans into action to increase their market presence and secure a larger market share. In order to increase their presence in the global market, providers of Blockchain in edutech solutions have implemented significant growth strategies, including product launches, partnerships & acquisitions, and the creation of regional and global distribution networks.

List of Market Players Profiled

• Parallel (U.S.A)
• Virtalis (U.S.A)
• ILLOGIC (Italy)
• XVR Simulation (Netherlands)
• STRIVR (U.S.A)
• UNIMERSIV (U.S.A)
• VIAR (Italy)
• NGRAIN (Canada)
• SPINVR (Canada)
• Mursion (U.S.A)
• Osso VR (U.S.A).

REPORT COVERAGE

The report is an analysis of all market aspects for the forecast period. It also shows the evaluation of opportunities, trends, market share, product innovations, technology innovations, driving factors, restraints and others that contribute towards the market growth.