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As per the report published by The Brainy Insights,the global virtual training and simulation market is projected to grow from USD 139.19 Billion in 2020 & USD 676.83 Billion in 2028, at a CAGR of 15.8% over the forecast period 2021-2028. The North America region emerged as the largest market for the virtual training and simulation, with a 37.5% share of market revenue in 2020. High acceptance and penetration of virtual training in defense propelled the growth of the regional market.
Virtual Training and Simulation Market by Component (Hardware and Software), End-User(Defense & Security, Education, Civil Aviation, Entertainment and Others), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2021 to 2028.
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Major players in the global virtual training and simulation market are 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.Growing awareness of virtual training & simulation, cost-effective advantages of virtual training & simulation solutions, and increasing expenditure on defense, health care, and education fuel the growth of the global virtual training and simulation market.
- 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.
The component segment is divided into hardware and software. The hardware segment held the largest market share of around 62.5% in 2020. This was because of the use of such devices that support virtual reality through sectors such as education, aviation, and healthcare. The end-user segment includes defense & security, civil aviation, education, entertainment and others. The education segment is anticipated to grow at the highest CAGR of around 16.2% over the forecast period. The rising number of enrolments and the ever-increasing number of online courses in both developed and emerging markets would contribute to the growing demand for virtual training and simulation solutions in the industry.
Expanded usage for simulating real-life conditions in industries such as defense and aviation, oil and gas, mining to educate employees to deal with highly dangerous or difficult real-world circumstances is growing the demand for virtual training and simulation solutions and products.Virtual training and simulation market predicts growth as a result of technical developments in digital manufacturing and healthcare, expanded penetration of serious gaming in the education sector, and phenomenal growth in e-learning. It in turn supports the adoption of solutions for virtual training and simulation.The use of virtual training often teaches learners new skills, while at the same time passing on knowledge. However, resistance to adopt the virtual training & simulation technologies and lack of investment in R&D somehow may limit the virtual training & simulation market growth.
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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.
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