Cost-effective benefits, surge in defense, healthcare, and education expenditure, and surge in awareness drive the growth of the global market.
PORTLAND, OREGON, UNITED STATES, October 29, 2020 /EINPresswire.com/ — According to the report, the global virtual training and simulation industry generated $204.41 billion in 2019, and is estimated to reach $579.44 billion by 2027, registering a CAGR of 13.4% from 2020 to 2027. Cost-effective benefits, surge in defense, healthcare, and education expenditure, and surge in awareness drive the growth of the global virtual training and simulation market. However, lack of investments in R&D activities is expected to restrain the market growth. On the other hand, advancements in technology and growing applications in various fields including military, civil aviation, e-learning, and others would create new opportunities in the coming years.
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Impact of Covid-19 Pandemic on Virtual Training and Simulation Market:
Video training sessions & simulation tutorials to guide patients with management and preventive measures of Covid-19 have been circulated and utilized greatly by the healthcare sector.
• The World Health Organization (WHO) has been circulating simulations, PowerPoint, and training modules on wearing & taking off personal protective equipment along with how to improve international coordination on its official website.
• Due to lockdown across the globe, the corporate sector had implemented work-from-home and utilizing virtual training and simulation for training employees.
• Governments have been using this to give training and spreading awareness regarding preventive measures and precautions to people.
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The hardware segment contributed to the largest market share in 2019, holding nearly two-thirds of the global virtual training and simulation market, and is expected to continue to dominate in terms of revenue throughout the forecast period. However, the software segment is estimated to maintain the highest CAGR of 14.5% from 2020 to 2027. This is attributed to a surge in demand for software such as AIDA software simulator, online classroom software, flight simulation software, virtual corporate training software, and others.
The entertainment segment accounted for nearly half of the global virtual training and simulation market in 2019, and is expected to continue its lead position throughout the forecast period. This is due to the usage of simulation-based gaming consoles to train people to tackle situations similar to real world by developing a simulated environment. However, the defense and security segment would register the highest CAGR of 15.9% during the forecast period, owing to technological advancements leading to affordable products.
North America attributed to nearly two-fifths of the global virtual training and simulation market in 2019, and is expected to maintain its dominant share by 2027. This is attributed to surge in awareness among customers and presence of many market players in the region. However, Asia-Pacific is estimated to maintain its fastest CAGR of 14.6% from 2020 to 2027, owing to an increase in demand from the education and entertainment industries.
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Leading market players
• ANSYS Inc.
• BAE Systems
• CAE Inc.
• Cubic Corporation
• The DiSTI Corporation
• Kratos Defence & Security Solutions Inc.
• L-3 Link Simulation & Training
• Lockheed Martin Corporation
• ON24 Inc.
• Saab AB
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Source: EIN Presswire