Immersive Simulator Market - Growing Demand for Simulator during 2017 - 2025
The prosperity of the global immersive simulator market will continue at a healthy CAGR during the forecast period of 2017 to 2025, owing to factors such as increasing applications in the medical industry, ability to transfer knowledge rapidly, and risk mitigation in oil and gas industries. On the other hand, the lack of integration between the providers of immersive simulator software, hardware, and services as well as low adoption rate among the targeted customers as a result of limited awareness are two important factors challenging the market for immersive simulator from achieving its true potential. Nevertheless, the stakeholders connected to the value chain of the global immersive simulator market will continue to gain substantial new opportunities with growing demand for these simulators in the tourism sector and defense, provided their can overcome the configuration challenges.
Based on simulation environment, the global immersive simulator market can be segmented into console operator training and field operator training, whereas on the basis of offering, the market can be categorized into hardware and software and services. Application-wise, the market can be bifurcated into training, product development, and emergency services. End-use industries of immersive simulator market are oil and gas, power and energy, metals and mining, aerospace and defense, medial and biotech, chemicals, automotive, marine, pulp and paper, food and beverages, and others such as education, tourism, textile, and entertainment. Geographically, the report takes stock of the potential of immersive simulator market in all important regions such as Asia Pacific, Europe, and North America.
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This report on the global immersive simulator market has been developed by a group of professional market research analysts, and aspires to represent the current scenario as well as future prospects of the market to audiences such as component manufacturers, original equipment manufacturers, process industries such as oil and gas, power, and chemical, system integrators, and technology investors.
Global Immersive Simulator Market: Overview
Immersive simulator-based solutions allow companies and human resources operating in a number of industries to closely understand the variety of problems that may occur in real time in areas such as safety, reactive maintenance, and productivity, thereby improving throughput and enhancing the employee’s level of awareness while operating in risky situations. The vast rise in industrial automation in the past few years has necessitated the proper training of human resources at the risk of facing emergency situations in a variety of processes on field, allowing them firsthand experience before having to address such situations. The use of immersive simulation-based solutions has emerged as one of the most popular ways of doing the same in the past few years.
This report on the global immersive simulator market provides a thorough analytical overview of the market in the present times and several forward-looking statements predicting the growth prospects of the market and its segments for the period 2017–2025, wherein 2016 is considered the base year. A comprehensive overview of factors expected to impact the growth prospects of the market over the said period, including drivers, growth challenges, trends, opportunities, and competitive landscape is also included.
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Global Immersive Simulator Market: Trends and Opportunities
The global immersive simulator market is expected to exhibit growth at an excellent pace in the next few years. Immersive simulator-based training solutions are expected to witness increased adoption across high-risk industries such as chemical, power, oil and gas, and mining in the next few years as stringent employee safety guidelines are being instigated. These guidelines, which advocate as well as necessitate the implementation of innovative training measures for employees directly operating in and around heavy machineries or with hazardous substances, will drive the demand for immersive simulator-based training solutions in the near future.
Global Immersive Simulator Market: Segmentation
The study provides a decisive view of the global immersive simulator market by segmenting it in terms of criteria such as type, application, end-use industry, and geography.
In terms of type, the immersive simulator market is segmented into software, service, and hardware. Of these, the segments of software and hardware are rapidly developing owing to a growing stress on the development of technologically advanced hardware products and software with an expansive set of features. In the next few years, the hardware segment is expected to emerge as the one with the most promising returns.
In terms of application, the market can be segmented into product development, emergency services, and training modules. Of these, the segment of training presently accounts for a massive share in the global market’s revenue and the trend is expected to remain strong over the next few years as well, chiefly owing to the increasing implementation of employee training programs across several industries.
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Of the key end-use industries employing immersive simulation solutions, including oil and gas, chemicals, automotive, power generation, medical, and aerospace and defense, the oil and gas industry presents the market with the most lucrative growth opportunities. The thriving oil and gas industry involves the usage of a vast variety of heavy machinery, also requiring working in close proximity with inflammable as well as hazardous substances. Hence, employee training to tackle emergency situations is one of the core requirements for proper operation of the industry.
The medical industry also presents immense growth opportunities for the global immersive simulator market owing to the increased usage of highly complex and technologically advanced machines, equipment, and devices for diagnosis and treatment purposes. The medical industry is expected to emerge as one of the leading end-users of immersive simulator solutions in the near future.
Global Immersive Simulator Market: Geographical and Competitive Dynamics
Of the key regional markets for the global immersive simulator market analyzed in the report, the Asia Pacific market is presently the leading contributor to market’s revenue owing to large-scale applications across the thriving industrial sector. Industries such as mining, medical, oil and gas, automotive, and defense and aerospace in the region are expected to provide vast growth opportunities for the market in the next few years.
Some of the leading companies operating in the global immersive simulator market are ESI Group, Immerse Learning, Aveva Group Plc, and Schneider Electric SE.
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