Virtual Training and Simulation Market worth $ 628.62 Million, Globally, by 2028 at 13.30% CAGR: Verified Market Research™

Rise in awareness in the field of virtual training and simulation, Advancements in Virtual Reality (VR) Technology, and the desire for improved and personalized training solutions boosts the virtual training and simulation market growth.

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Jersey City, New Jersey, July 19, 2021 (GLOBE NEWSWIRE) -- Verified Market Research recently published a report, “Virtual Training and Simulation Market” By Component (Hardware and Software), By Application (Flight Simulation, Battlefield Simulation and Defense, Medic Training, Vehicle Simulation), and By Geography. According to Verified Market Research, the Global Virtual Training and Simulation Market was valued at USD 262.36 Million in 2020 and is projected to reach USD 628.62 Million by 2028, growing at a CAGR of 13.30% from 2021 to 2028.

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Global Virtual Training and Simulation Market Overview

Advancements in Virtual Reality (VR) Technology is one of the main drivers of the market due to various developments in VR technology, the demand for virtual reality services has surged. The incorporation of VR technology in virtual training has also enticed many researchers and students to enroll in virtual training institutions or academies to be trained by industry standards.

eLearning is used for career growth by 77 % of firms in the United States and 85% of students and learners who have experienced both virtual and live classrooms feel that online learning is better or as good as the traditional classroom environment. Furthermore, today's virtual training simulators include human action recognition methods, which provide a student with an engaging and immersive environment. These factors are fueling the growth of the virtual training and simulation industry.

Customized training solutions are widely utilized in a variety of industries, including defence, civil aviation, and healthcare, to train learners using real-time training modules. As a result, the growing demand for an efficient workforce in various industries to deal with difficult scenarios has increased the demand for the virtual training and simulation market.

Key Developments in Virtual Training and Simulation Market

• In August 2019, Laerdal Medical achieved a service breakthrough by offering clients access to a brand-new how-to video library. Laerdal currently has over 60 videos that address the most frequently asked support questions by our Service Department. These films are available for free and are intended to assist clients on-demand and at their leisure.

• In November 2020, Kratos launched the Kratos Mixed Reality Multi-Position Aircrew Virtual Environment Trainer which has the latest immersive technologies and consists of a mixed reality MP-AVET along with a mixed reality Ground Party Simulator (GPS). ACMT increases the aircrew’s ability to recognize and react to threats in immersive, simulated tactical situations.

The major players in the market are Ansys Inc., Bae System Plc., CAE Inc., Kratos Defense Security Solutions Inc., L-3 Link Simulation Training, Cubic Corporation, Laerdal Medical Corporation, On24 Inc., Qinetiq Group Plc. and The Disti Corporation.

Verified Market Research has segmented the Global Virtual Training and Simulation Market On the basis of Component, Application, and Geography.

  • Virtual Training and Simulation Market by Component
    • Hardware
    • Software
  • Virtual Training and Simulation Market by Application
    • Defense & Security
    • Civil Aviation
    • Education
    • Entertainment
    • Others
  • Virtual Training and Simulation Market by Geography
    • North America
      • U.S
      • Canada
      • Mexico
    • Europe
      • Germany
      • France
      • U.K
      • Rest of Europe
    • Asia Pacific
      • China
      • Japan
      • India
      • Rest of Asia Pacific
    • ROW
      • Middle East & Africa
      • Latin America

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