Boom of Simulated Labs in STEM Education

The world keeps on evolving with the advancement of technology.

The market is full of new technologies currently.

Companies are integrating their goals with the latest technologies with proper planning.

The most promising technologies in the present world are Augmented Reality, Virtual Reality Technology, the Internet of Things (IoT), and blockchain.The benefits of Virtual Reality has gained immense popularity among many businesses with multiple ways existing for using data and attracting users into adopting new methods.

Read further to know about how VR Mobile App development companies are going to drive the VR Market in the near future.Learn more at How Mobile Application Development Will Drive the VR Market?

Virtual Reality (VR) MarketThe global virtual reality software market is anticipated to garner a CAGR of 11% during the forecast period (2017-2023).

Virtual reality can be referred to as an artificial environment, created with software and presented to the users in such a way so that they accept it as a real environment.Market Potential and PitfallsThe virtual reality software market has witnessed a tectonic surge over the past few years, mainly due to technological advancements and rapid digitization.

The surging demand for head mount displays in entertainment and gaming industries has elevated the scope for virtual reality software market across the globe.

The accelerating demand for VR from sectors like sport, entertainment, architecture, and medicine is creating growth opportunities for the market across the globe.Virtual reality and augmented reality holds high importance in the entertainment and media industry.

This has triggered the demand from the virtual reality software market.On the contrary, with advancing technologies and surging demand for VR and AR from the film sector, the media & entertainment is facing shortage of skilled technicians.

Moreover, high capital investment for developing AR and VR devices are some of the major concerns vitiating its growth across the globe.Industry SegmentsThe virtual reality market is divided by deployment into on-premise, cloud.

Augmented Reality (AR) and Virtual Reality (VR) Apps are rapidly changing the way of learning and experimenting by simulating real-world environments for the improvements of students’ outcomes.With such an overwhelming range of benefits, VR and AR seem to have the potential of transforming the education system completely.

Well, we can see this transformation to take place within our very lifetime, as it seems.

VR Backpack is an excellent gadget to enjoy the real excitement of Virtual Reality.

VR Backpack is something that may make your life easier in VR.

 Simulation scenarios address core competency standards for workers in hazardous environments.

This state of the art training is designed to give staff practical experience reducing risk.

It's essential that team is trained and ready to respond to working in a hazardous environment.Training team with virtual reality training system can reduce injuries, reduce overall training costs and improve staff knowledge and skill.

Virtual reality training creates accurate and realistic virtual environments,where a trainee's response to the situation affects outcome.

As such, it delivers the highest quality training and outcomes that could be life saving.Virtual Reality Training System is accurate and realistic, allowing staff to experience and respond to real hazards in a safe and controlled environment… before actually encountering them in the workplace.Reduce the risk of training in a dangerous environment, reduce overall training costs and build team cohesiveness and skill levels.

In case if it is a common situation in your company, you might consider giving serious thoughts to VR as a palpable option of how to fully engage your workforce in the organization’s training process.When you evaluate the conceivable results that VR can impart to employee training, it becomes easy to contemplate why so many businesses are eager to adopt it.

After hand-picking training programs that could benefit from VR, ensure that your business goals are transparent and rock-solid and analyze whether they are related to safety, proficiency, productivity, or revenue.

You can run the training program in a ‘bite-sized’ microlearning format and ask colleagues to visit whenever they have some downtime.

You can also make use of some dedicated slots and give some break to your subordinates- on a pre-decided condition that they spend a good chunk of their time learning in VR.Boost Employee’s Competitive SpiritAs discussed, plan a space where the representatives can keep a close eye on their development by offering their considerations or responses.

Without a doubt, the immersive gamification techniques can be exceedingly motivational and will always garner positive outcomes.

Also Read: Role-Based Access Control With Enterprise Video StreamingAvert Sensory-Overload During Scenario-based TrainingFor a majority of your training employees, it may be the first time that they’ll engage with virtual reality at some level.

Both VR and AR have the ability to change healthcare sector for the better in the succeeding years. While VR technology is helpful not only for the doctors but for patients as well, it provides huge convenience to the patients by facilitating them to see doctors virtually. However, the AR technology is created as a visual world but does not aid in any communication with this world. 

The worldwide market for healthcare AR VR is projected to capture a market estimation of more than US$ 600 Million by the end of the year 2018 that might touch a market estimate of more than US$ 15,100 Million towards the end of the year 2026. The global market is projected to expand at a remarkably high 49.3% CAGR all through the assessment period of 2026.

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The worldwide market based on the technology type is segmented into (VR) virtual reality and (AR) augmented reality. The VT is in advance of AR owing to the superior offerings of VR technology. The VR technology is widely utilized by the healthcare industry, thus directing towards a remarkable expansion of the VR segment that is projected to account for a market estimation of more than US$ 9,920 Million towards the end of the year 2026. However, the AR technology is likely to touch an estimate of about 2,000 Million towards the end of 2026. On the basis of growth rate as well, VR is like to see a higher CAGR of more than 51% over the calculated period 2018-2026.

On the basis of the component, the market is bifurcated into services, software and hardware. With the abilities of transformation in healthcare sector, the AR VR is majorly applicable into medical training, patient care management, rehabilitation, surgery planning and others. On the other hand, in terms of the end user the overall market includes diagnostic centers, medical research organizations, hospitals & clinics and others. Both the technologies are largely in demand in hospitals and clinics for research processes, medical trainings along with diagnostic centers. 

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In terms of the region, the emerging regions, for example, MEA, APAC and Africa will be witnessing increased revenue contribution to the GDP. However, North America will be capturing maximum revenue share of above US$ 5,000 Million by 2026 end in the global market. Moreover, SEA along with other APAC regions is as well likely to remain largely lucrative regions for market players seeking for developing opportunities in the market.

The major market players operating in the global market include Samsung Electronics Co. Ltd, Microsoft Corporation, DAQRI LLC, Google Inc., Magic Leap, Inc., Medical Realities Ltd, Oculus VR, LLC, FIRSTHAND TECHNOLOGY INC., ImmersiveTouch, Inc., SURGICAL THEATER, LLC., HTC Corporation, EchoPixel, Inc., Psious, AppliedVR, Inc., Osso VR and others.

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