An immersive simulator is a device that can produce suspension of disbelief or a state of being deeply engaged among people. By making use of immersive technology, these simulators can blur the line between physical and the real world. Such technology is used intensively in training in industries such as medical, and oil & gas among many others as it is superior to on-field training and provides a collaborative training ecosystem.
There are many factors that are driving the global immersive simulator market. Their growing usage application, particularly in the medical industry, is expected to be a major driver of growth for the market. Such simulators also mitigate risk in the oil & gas sector through faster knowledge transfer and training in immersive simulators, thereby driving the market.
There are, however, some factors that are hampering the market’s growth. Among immersive simulators, the lack of integration and interoperability presents the problem of non-compatibility related to hardware, software, or services. This factor is expected to be a major restraint to the market’s growth. The low adoption and acceptance rate arising from lack of awareness is also expected to hinder the market’s growth.
The global immersive simulator market can be segmented on the basis of simulation environment, offering, application, industry, and geography. On the basis of simulation environment, the market can be segmented into field operator training and console operator training. On the basis of offering, the market can be segmented into software & services and hardware. Based on offering, the software & services sub-segment is expected to hold a major share of the market. Software provides real time communication which increases the efficiency in operations. Moreover, the growing capital expenditure smart manufacturing is also expected to propel the market. On the basis of application, the market can be classified into product development, training, and emergency services. On the basis of industry, the market can be segmented into oil & gas, metals & mining, power & energy, medical & biotech, aerospace & defense, automotive & marine, chemicals, water & wastewater, pulp & paper, food & beverages and others (cement and textile, education, tourism, and entertainment). Based on industry, medical & biotech sub-segment is expected to expand at a prominent rate during the forecast period. This is due to the crucial role immersive simulators play as this technology improves the inter-professional and cognitive skills, which are essential in medical practices.
On the basis of geography, the market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is expected to hold a major share of the total market owing to the presence of key market players and increasing R&D expenditure on the development of technology. The region is expected to be driven by countries such as the United States and Canada due to their early adoption of immersive simulators. Europe, primarily driven by developed and high income European Union economies is expected to follow North America region in terms of market share. Asia Pacific region is expected to expand at a prominent rate. Growing demand for immersive simulators arising from oil & gas, aerospace & defense, and medical & biotech industries is primarily driving growth in the region. The immersive simulation technology in the region is anticipated to present strong business opportunities and bolster business relationships. Middle East & Africa, and South America, with growing awareness about immersive simulators are expected to hold a small share of the total market.
Major players in the global immersive simulator market are Applied Research Associate Inc., Aveva Group Plc, ESI Group, Immerse Learning, Schneider Electric SE, Siemens AG, Designing Digitally, Inc., Mass Virtual Inc., Samahnzi (PTY) Ltd., and Talent Swarm.
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