Across the world, small and medium enterprises (SMEs) are mushrooming and they all suffer from one common problem of hiring new recruits and training them production ready. These processes not only curtail the efficiency of the company, dedicated man power have been traditionally used to train a fresher and leads to added cost of business. This factor has given rise to the concept of virtual training that provides for an environment that can detect the existent skill level of the new joinee and how they can be improved as well as modulated according to the specific requirements of the company. The virtual training market is evolving not only because it can replace the error-prone human side of a training program that can be monotonous frequently, they also help in providing the leaners a real life situation to gain knowledge quicker. These processes not only save travel costs and trainers time, is also enables the most skilled trainers to work with a larger pool of new comers.
For the companies operating in the fields of healthcare, education, sales, and communications, virtual training has been a boon and are driving the demand, which is projected to expand at a robust CAGR during the forecast period of 2017 to 2025.
The analysts of this report have recognized the sheer benefit these hardware and software can add to a company and hence have developed a study that will arsenal its audiences with in-depth assessment. It not only provides information on the potential of virtual training market in various regions and countries, it also throws light on which of the current companies are ahead of the curve and are aspiring greater revenue in the future.
Virtual training refers to an environment which is simulated and developed to check the capabilities of trainers and trainees. Virtual training finds application in the selection process of a resource that perfectly fits into a particular job. Virtual training is also termed as serious games. The trainee or the learner, experiment and test themselves in virtually created real life situations. The application of virtual training also teaches new skills to learners, and at the same time transfers knowledge. Growing demand for virtual training in developed sectors like education, healthcare, communication, sales, and in human resource training is expected to drive the virtual training market over the next few years. Further, growing demand for virtual training and reduction in travel budgets which is possible with virtual application is expected to drive the market. The application of virtual training enables the teacher or any person to show or train from a location different from that of the trainee. Thus, the travel expense of both the trainer and the trainee could be saved through virtual training.
The virtual training market by type has been segmented into hardware and software. Further, the virtual training market by application has been segmented into behavior simulation, professional training, recruitment, corporate culture and field simulation. The field simulation segment in the virtual training market segmented by application lead the market in terms of revenue share. Field simulation has a very high demand in the defense sector to create real life situation for providing the solders with a firsthand experience of war time situation. Further, training them and helping them develop real time war skills. The professional training segment followed the field simulation segment in the virtual training market segmented by application. The professional training finds application in the corporate sector with the application of games for teaching how a corporate integrates it into wide ranges of departments. Further, virtual training is used for the enhancement of knowledge, provide professional training and provide new skills to the employees. The commercial department would require virtual training for training the sales team to educate and train them regarding a new product which the company has newly launched into the market. Further a manufacturing company may train their employees to use a new machine or process with the help of virtual training.
The virtual training market by end use industry has been segmented into defense, healthcare, gaming industry, entertainment and media sector, corporate sector, education sector, aviation sector and others. The defense segment in the virtual training market segmented by end use industry lead the market in terms of revenue share and is expected to continue dominating the market in terms of revenue share over the next few years. The corporate sector with the rise in application of virtual training for professional training is projected to grow at the fastest rate over the next few years.
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Geographically the global virtual training market has been broadly segmented into North America, Asia Pacific, Middle East and Africa, Europe and Latin America. North America held the largest share in term of revenue in the virtual training market and is also expected to lead the market over the next few years. High adoption and penetration of the virtual training in the defense sector is driving the market in the region. Europe is expected to develop at the fastest rate over the next few years.
The key players operating in the virtual training market include L-3 Communications Link Simulation and Training UK Limited (U.K.), CAE Inc. (Canada), Rockwell Automation (The U.S.), Thales S.A. (France), FlightSafety International Inc. (The U.S), BAE Systems plc (U.K.), Airbus, Raytheon (The U.S.), Elbit Systems Ltd. (Israel) among others.