iCrowd Newswire – Jul 17, 2020
The Global Virtual Training and Simulation Market is estimated to grow at a CAGR of 13.4% during the forecast period 2020-2027. As per the detailed study, the global virtual training and simulation industry was valued at $204.41 billion in the year 2019 and is anticipated to reach $579.44 billion by the end of the year 2027.
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Virtual training is applicable in digital manufacturing, military & navy, e-learning, transportation training, energy, healthcare training, serious games, simulation-based gaming and in-flight simulation and others.
The global virtual training and simulation industry is driven by various growth factors such as increase in awareness related to simulation and virtual training and wide application of the technology in fields owing to its advantages such as ease of understanding and handling that helps to offer efficient training process. Also, growth in internal budgets of education, healthcare and defence sectors in different regions, increasing penetration of gaming in the education sector to bring user-friendly and attractive learning experience, increasing demand of e-learning experience, growth in number of internet users and cost-effective benefits of virtual training and simulation offer support to the market growth. Whereas, lack of infrastructure and lack of investments considering research and development activities hinders the market growth. On the contrary, advancements related to virtual training and simulation technology offers lucrative opportunities for the market players operating in the global marketplace.
Segmentation Overview of the Global Virtual Training and Simulation Market
The global virtual training and simulation market is categorized into various segments that include component and end user. These major market segments are sub-segmented into various sub-segments to study the market in detail. The detailed segmentation study includes the analysis considering market determinants and geographical dynamics.
The Component Segment of the Global Virtual Training and Simulation Market is Sub-Segmented into:
The End User Segment of the Global Virtual Training and Simulation Market is Sub-Segmented into:
- Defence & Security
- Civil Aviation
Competitive Insights of the Global Virtual Training and Simulation Market
Saab AB, ON24, Inc., Lockheed Martin Corporation, L-3 Link Simulation & Training, Kratos Defence & Security Solutions, Inc., The DiSTI Corporation, Cubic Corporation, CAE Inc., BAE Systems and ANSYS, Inc. are some major players included in the research study of the global virtual training and simulation market. The market players are adopting various competitive strategies to acquire majority of the market share in the global marketplace such as product advancements, collaborations, mergers and acquisitions, partnerships and business expansion among others.
Geographical Overview of the Global Virtual Training and Simulation Market
The North America virtual training and simulation market dominated the global marketplace with majority of the market share and is estimated to maintain the dominance over the forecast period. The regional market dominance and growth is attributed to various factors such as increasing sectoral-based expenditure to integrate technologies for efficient and cost-effective working process, rapid technological adoption amongst end-users in the region and high per capita income boost the market growth. The research report also include study of various other geographical parts such as Europe, Asia-Pacific, LAMEA and Rest of the World.
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Keywords: Virtual Training and Simulation Market