Statistics Regarding Virtual Reality Applications in the Training and Education Sector for the Year 2025
Global Virtual Reality (VR) Market Poised for Rapid Growth
The virtual reality (VR) market is set to experience a significant surge in the coming years, according to various forecasts.
According to Fortune Business Insights, the global VR market is expected to grow from approximately USD 19.15 billion in 2023 to USD 91.54 billion by 2031, reflecting a compound annual growth rate (CAGR) of about 21.6% over 2024-2031. Precedence Research, on the other hand, predicts that the immersive simulator market, which overlaps with VR technologies, will reach around USD 121 billion by 2032, growing at a CAGR of 26.6% from 2023 to 2032.
These projections suggest that the VR market could reach a valuation of around $90–$120 billion by 2031–2032, with very strong annual growth rates above 20%. Projections for 2034 imply potentially even greater valuations, though exact numbers from these sources are not available in the search results.
The broad application of VR learning is expected to revolutionise the future of education and training across various industries. PwC's study finds that learning with VR is four times faster than conventional classroom training. This speed and efficiency is evident in the aerospace and defense industry, where VR training can reduce pilot training costs by 60% and increase training efficiency by 70%.
In the automotive industry, VR can reduce the time needed for vehicle assembly line training by up to 75% and improve quality control by allowing workers to practice tasks in a virtual environment. The benefits of VR training are also evident in the healthcare sector, where VR can improve surgical skills training by providing realistic simulations and reducing the need for physical resources.
The mining industry has also seen significant improvements with the implementation of VR training. VR-trained employees exhibit up to a 70% enhancement in performance compared to those trained via traditional methods only. This has led to a reduction in the amount of time lost due to injuries and safety risks by 43%.
The upfront investment in VR technology has the potential to introduce sweeping savings across organizations, particularly in industries such as mining. PwC estimates that VR and Augmented Reality (AR) have the potential to boost the global economy by $1.5 trillion over the next 10 years.
As the demand for state-of-the-art training experiences for professionals in many fields increases, the training & education industry is likely to see a noticeable boom in the near future. The potential benefits of VR training are clear, with improvements in worker performance across various industries, including healthcare, mining, and manufacturing.
References:
- Fortune Business Insights: [Link to source]
- Precedence Research: [Link to source]
- PwC: [Link to source]
- Yale University School of Medicine Department of Surgery: [Link to source]
- AR and VR combined markets: [Link to source]
\n\nSummary Table:
| Source | VR Market Valuation Projection | Year | CAGR | |----------------------------|------------------------------------|--------|---------------| | Fortune Business Insights | $91.54 billion | 2031 | 21.6% (2024-31) | | Precedence Research | $121 billion (immersive simulator) | 2032 | 26.6% (2023-32) | | PwC | Not explicitly stated in results | N/A | N/A |
Technology, such as virtual reality (VR), is poised to revolutionize education-and-self-development, particularly through online education, with projections indicating rapid growth and a valuation of around $90–$120 billion by 2031–2032. By leveraging VR learning, professionals across various industries can accelerate their learning, with PwC findings suggesting learning with VR is four times faster than traditional classroom training.
