New York, United States , May 14, 2024 (GLOBE NEWSWIRE) -- The Global Virtual Training and Simulation Market Size is to Grow from USD 375.82 Billion in 2023 to USD 1321.93 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 13.40% during projected period.
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Virtual training and simulation include the imitation of a real-life process to provide real-life experience aiming to provide education in an exciting and memorable way. These are the most successful methods of training tools that provide opportunities to take what’s learned in the classroom course and safely practice applying it within the context of their job. Initially, the training simulation was called ‘The Top Management Decision Game’ which was created by the American Management Association in 1956 to train managers for decision making. The market has then hugely expanded with thousands of simulations available based on hundreds of different industries. Technological advancements, increased internet users, and the technological expansion of virtual simulation and training into sectors like energy, transportation, and mining have provided significant growth opportunities. The rising consumer awareness about training and simulation with increased spending in defense, healthcare, and educational sectors has expanded the market growth of virtual simulation and training. Further, the growing consumer inclination towards advanced interactive virtual devices and high demand for virtual reality-based games is driving the market. However, the lack of research & development spending by the manufacturers in the virtual training and simulation restricts the innovation potential and industry growth resulting in restraining the market.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the “Global Virtual Training and Simulation Market Size, Share, and COVID-19 Impact Analysis, By Components (Hardware and Software), By End-User (Defense & Security, Civil Aviation, Education, Entertainment, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.”
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The hardware segment is anticipated to grow at the fastest CAGR during the forecast period.
Based on the component, the global virtual training and simulation market is segmented into hardware and software. Among these, the hardware segment is anticipated to grow at the fastest CAGR during the forecast period. Various hardware components including display devices, headsets, gloves, and trackers are crucial components of the simulation technology. Projectors are used to create virtual classrooms for training purposes in e-learning, and webinars. Thus, the growing use of virtual simulation has increased the market demand in the hardware segment.
The entertainment segment dominates the market with the largest revenue share through the forecast period.
Based on end-user, the global virtual training and simulation market is segmented into defense & security, civil aviation, education, entertainment, and others. Among these, the entertainment segment is dominating the market with the largest revenue share through the forecast period. There is an emerging virtual entertainment market with profitable projects. Moreover, rising investment in virtual simulation in the entertainment segment is likely to enhance the market growth. In addition, the rising demand for virtual reality in casual gaming augments the market growth.
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North America dominates the market with the largest market share over the forecast period.
North America dominates the market with the largest market share over the forecast period. The development of numerous virtual training and simulation methods in healthcare industries in the US is driving the market expansion. The increasing advanced technologies like AI, in countries such as the US and Canada, are contributing to market growth in the region. Further, the presence of well-established and technologically sophisticated market players is responsible for market growth in the region. The adoption of virtual training methods in various IT and telecom firms and the growing popularity of real-time projects augment the virtual training and simulation market.
Asia-Pacific region is expected to grow the fastest during the forecast period. In the academic sector, the incorporation of e-learning programs by governments in countries like China and India contributed to the market growth in the region. The promotion of virtual training methods in education, civil aviation, healthcare, and military & defense sectors is further driving the virtual training and simulation market in the region.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global virtual training and simulation market are Lockheed Martin Corporation, THALES, BAE Systems, CAE Inc., Collins Aerospace, Rheinmetall AG, Cubic Corporation, Saab AB, L-3 Link Simulation & Training, Kratos Defence & Security Solutions, Inc., ON24, Inc, Raytheon Technologies Corporation, and others.
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Recent Developments
- In January 2023, DASA-funded virtual reality training technology was licensed by the Australian Army. DASA funding has helped SimCentric develop a virtual reality-based training system for military personnel. SimCentric’s virtual reality training technology, SAF-TAC, is helping armed forces personnel improve key skills in a realistic and immersive environment.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global virtual training and simulation market based on the below-mentioned segments:
Global Virtual Training and Simulation Market, Components
- Hardware
- Software
Global Virtual Training and Simulation Market, End-User
- Defense & Security
- Civil Aviation
- Education
- Entertainment
- Others
Global Virtual training and simulation Market, Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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