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Since the 1930's, simulation training has been transforming how people, nations, and companies prepare and train employees, especially in dangerous and expensive industries like aviation, space exploration, healthcare, and motorsport. The current market values risk-free alternatives that accelerate skill development and reduce costs of operations. In this section, we will explore the ever-so growing global market of simulation training in key industries and private/public sectors that are leading the charge in the simulation sphere as well as analyze the emerging role of VR in this process.
The virtual training and simulation market is growing rapidly, driven by immersive learning and cost efficiency in various spheres including the high-risk ones like aviation and motorsport.
As shown on graph, and per Spherical Insights (2023) report, the virtual training and simulation market was $375 billion in 2023, projected to surpass the $1.3 trillion mark by the year 2033, mounting at a compound annual growth rate (CAGR) of 13%.
Key Players Adopting Simulation Training
Key Players Adopting Simulation Training
Aviation (Flight schools & Pilots)
Aviation (Flight schools & Pilots)
Due to aviation being an expensive and quite dangerous field, simulation training is a crucial way to support pilots' skills and improve passengers’ safety. More on this in Pit Stop #3.
Many surgeons log hours practicing various surgeries, using computers or VR, to reduce the level of possible mistakes, prepare for potential challenges and learn from them. In fact, some simulation models allow care simulations of patients with dementia.
Used in Social Studies, STEM, Languages, and many other classes. It can gamify the assessment, including STEM experiments, or provide a virtual tour in the past.
Motorsports (Formula 1 & NASCAR)
Motorsports (Formula 1 & NASCAR)
High level and just aspiring racers use realistic simulators to train and improve their decision-making and reflexes on the track. More on this in Pit Stop #3.
Corporate Training and DEI Training
Corporate Training and DEI Training
DEI training & Perspective-based (scenario-based learning) becomes available for differences/conflict resolution training at the workplace. More on this in Pit Stop #4.
Major Simulation Training Providers
Major Simulation Training Providers
Provides various flight training packages and simulations training programs.
Provides realistic steering and braking feedback for all racers, polishing drivers’ abilities during virtual practices.
🏁 Check Point: Market Analysis Quiz
🏁 Check Point: Market Analysis Quiz
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