January 12, 2021
As cited by the business intelligence report titled ‘Global Virtual Training and Simulation Market Size study, by Component (Hardware, Software), by End-User (Defense & Security, Civil Aviation, Education, Entertainment, Others) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global virtual training and simulation market was worth USD 204 billion in the year 2019 and is estimated to register a noteworthy CAGR of 13.5% during 2020-2027.
The report states that widespread adoption of the technology across various applications including digital manufacturing, e-learning, transportation training, simulation-based gaming, healthcare training, military & navy, and in-flight simulation is augmenting the expansion of global virtual training and simulation market size.
For the record, virtual training refers to the training method carried out in a simulated or virtual environment. These techniques leverage self-navigating devices for more accurate learning experiences.
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Industry analysts cite that rising investments in the education sector, favorable initiatives regarding the mental health of corpsmen, and flourishing healthcare and defense verticals are further stimulating the global virtual training and simulation market outlook. On the contrary, resistance towards the deployment of this technique is expected to hamper business development during the analysis timeframe.
The sudden outbreak of the Covid-19 pandemic has compelled regulatory authorities to impose temporary restrictions on various industries. Momentary halt of the education sector is hindering the growth of the overall market.
Based on component, global virtual training and simulation industry is split into software, and hardware. The end-user terrain of the market comprises of entertainment, education, civil aviation, defense & security, and others.
From a regional point of view, North America accounts for a majority of the global virtual training and simulation market share, on account of high concentration of technology providers in the region, along with rising adoption in the defense and aviation sectors.
Alternatively, Asia-Pacific virtual training and simulation market size is predicted to record the highest compound annual growth rate over the stipulated timeframe.
Players that boast of a commanding status in the industry are BAE Systems plc, CAE Inc., Cubic Corporation, ANSYS Inc., DiSTI Corporation, L-3 Link Simulation & Training, Lockheed Martin Corporation, Kratos Defence & Security Solutions Inc., ON24 Inc., and Saab AB among others.