KTC-INNOSIMULATION Enhances Collaboration in the XR Solution Field
On November 1st, Korea Testing Certification institute (KTC) and INNOSIMULATION announced the signing of a memorandum of understanding to strengthen their collaboration in the Extended Reality (XR) solution sector.
XR solutions encompass technologies such as Virtual Reality (VR), Augmented Reality (AR), Mixed Reality (MR), and include applications like smart mobility simulators, XR virtual training systems, immersive content, and devices.
Both parties have agreed to collaborate on the joint development of international standards (IEC) and national standards (KS), R&D initiatives, strategic planning, as well as providing support for domestic and international testing and certification. KTC will offer a 10% discount on testing fees for domestic and international tests and certifications commissioned by INNOSIMULATION. Additionally, they will provide guidance for international standard adoption, essential technical support for product development and export, and services related to testing and certification information.
The global XR market is projected to grow at an average annual rate of 76.9% over five years, increasing from $7.89 billion in 2019 to $136.8 billion in 2024. XR-related industries are expected to grow more than three times the size of the XR market. In South Korea, the market is primarily evolving in defense training simulators and expanding into industrial sectors such as automotive manufacturing, equipment, and construction. The integration of virtual training in high-risk job education by the military and industries in the United States and Europe has reduced training costs and time. Hence, domestic and international XR markets are anticipated to sustain high growth.
INNOSIMULATION is the leading company in the domestic smart mobility simulator sector, delivering road driving simulators of global top 3 scale and performance. They have also pioneered and commercialized digital verification solutions based on vehicle simulator platforms in South Korea. In the XR virtual training system field, they are the sole company in South Korea with an integrated platform for automotive, railway, and heavy equipment simulators, exporting to over 20 countries worldwide.
Currently, KTC has outlined 13 strategic fields and offers testing and certification services in diverse industrial sectors, including machinery, electrical and electronics, information and communication, energy, and biotechnology. Simulators represent the convergence of technology in various fields such as machinery, electrical and electronics, and information and communication. KTC will act as a comprehensive support partner throughout the entire business cycle for INNOSIMULATION's XR solution business.
President Sungil Ahn of KTC stated, "Through our close collaboration with INNOSIMULATION, we are committed to supporting their efforts in enhancing technical capabilities and competitiveness in the simulator field. Our aim is to assist them in becoming the global leader."
