Brooklyn, NY, Feb. 05, 2020 (GLOBE NEWSWIRE) -- - Cemtrex (Nasdaq: CETX) today announced it has developed for its customer, luxury retailer Cartier, a fully immersive virtual reality (VR) training application. The application is designed to train new and existing retail employees on how to manage complex and potentially unsafe situations in Cartier’s retail locations.
The VR training application is a more effective way to train employees that forward-thinking companies are starting to adopt. According to Fortune, the retention level a year after a VR training session can be as much as 80%, compared to 20% retention after a week with traditional training. A recent study from the University of Maryland shows VR recall accuracy is 12% higher than desktop training. Companies like Walmart are already experimenting with VR training and have reported that it boosts confidence and retention amongst its employees.
Cemtrex’s CEO and Chairman, Saagar Govil, commented, “We are thrilled to create these groundbreaking VR applications. We believe this experience is the first of many new upcoming opportunities to develop training platforms that will improve the way companies both onboard and train employees. We will be working with Cartier as well as with other brands to build more virtual reality training solutions, as we see tremendous opportunity in this market.”
Augmented and Virtual Realities are among of the fastest growing business areas, which are expected to reach over $500 billion by 2025. According to Greenlight Insights, the projected spending on AR/VR training is 2.2 billion by 2022. Cemtrex is currently working with leading brands to help create VR training experiences that can improve employee performance.
About Cemtrex
Cemtrex, Inc. (CETX) is a diversified technology company that's driving innovation in a wide range of sectors, including smart technology, virtual and augmented realities, advanced electronic systems, industrial solutions, and intelligent security systems.
www.cemtrex.com
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