Dallas, Feb. 17, 2022 (GLOBE NEWSWIRE) -- According to the new report published by The Brainy Insights., The global virtual training and simulation market is expected to grow USD 139.19 Billion in 2020 & USD 676.83 Billion in 2028 at a CAGR of 15.8% during the forecast period 2021-2028.
Significant factors impacting the global virtual training and simulation market include increasing awareness of virtual training and simulation; cost-effective virtual training and simulation technology benefits; and increased spending on defence, health care, and education.
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Virtual training is a form of training in which a simulated virtual environment is created to test a trainee's certain abilities which can contribute to the learning process.It refers to an environment that is simulated and developed to check trainers'and trainees' capabilities. Virtual training finds application in the process of selecting a resource that fits perfectly into a specific task. Virtual training is often called serious games. In virtually created real-life situations the trainee or the learner experiment and test themselves.It is widely applicable in-flight simulation, serious games, simulation-based gaming, healthcare training, transportation training, energy, e-learning, digital manufacturing, military & navy, among others.Simulation-based training is a highly efficient method to transfer the key skills of trainees cost-effectively. It offers an excellent way for employers to determine how well their trainees bring skills into practice, as well as the choices they create in realistic real-life situations.Training or testing of robots, drones, and other self-navigating devices in a virtual scenario is gaining increasing popularity from researchers and manufacturers because of the flexible nature of simulation training. Manual training or testing of these instruments is often difficult due to different regulatory limitations, extremely costly when possible and highly resource intensive.
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The use of virtual training often teaches learners new skills, while at the same time passing on knowledge. Increasing demand for virtual training and a reduction in travel budgets is anticipated to drive the virtual training and simulation market. Virtual training application enables the teacher or other individual to demonstrate or train from a place different from the trainee's. Thus, both the trainer and the trainee may save their travel expenses by virtual training. These factors will boost the global virtual training and simulation market growth.Nowadays, individuals or organisations are utilizing either hardware or software, or mixing both solutions to train professionals, students, crews, and other related people with reduced efforts in an efficient manner. In the near future, awareness of virtual & simulated training and the value of training in scenarios close to real-life scenario will help people in various fields to utilize & train in a better state of the art technology and to develop more sophisticated and advanced systems.
Key players operating in the global virtual training and simulation market include Airbus, BAE Systems plc, CAE, Inc., Elbit Systems Ltd., FlightSafety International Inc., L-3 Communications Link Simulation and Training UK Limited, Lockheed Martin Global Training and Logistics, Raytheon, Rockwell Automation, SAAB Training USA LLC and Thales S.A. among others. The major players are now focusing on introducing strategies such as embracing innovative technologies, product developments, mergers & acquisitions, joint ventures, collaborations and partnerships to enhance their market position in the global virtual training and simulation industry.
• In 2019, Elbit Systems showcased Advanced Training & Simulation Solutions for air and land applications. Elbit Systems exhibited a range of operational training and simulation solutions for both air and land applications.
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The hardware segment held the largest market share of 62.5% and a market value of USD 86.99 billion in 2020.
The component segment is divided into software and hardware. The adoption of hardware devices that support virtual reality is increasing across industries such as education, aviation, and healthcare. Therefore, the hardware segment held the largest market share of 62.5% and a market value of around USD 86.99 Billion in 2020.
The defence segment held the largest market share of 28.6% and market value of USD 39.8 billion in 2020.
The end-user segment includes defence & security, education, civil aviation, entertainment and others. As virtual training helps minimize equipment wear and tear in defence, encourages cost savings and offers the ability to fulfil varied requirements. Therefore, the defence segment held the largest market share of around 28.5% and market value of around USD 39.8 billion in 2020.
RegionalSegment Analysis of the Virtual Training and Simulation Market
• North America (U.S. , Mexico, Canada)
• Europe (Germany, U.K., France, Spain, Italy, Rest of the Europe)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
Growing use in the defence and aviation industries in the North America region led to an increased demand for virtual training and simulation products. Therefore, the North America region emerged as the largest market for the virtual training and simulation, with a market share of 37.5% and a market value of USD 52.19 Billion in 2020.
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About the report:
The global virtual training and simulation market is analysed on the basis of value (USD billion).All the segments have been analysed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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