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Virtual Training & Simulation Market size was valued $404.3 billion in 2019, estimated to grow at a CAGR of 8.5% during 2020-2025. The rapid need for the cost-effective training system has enhanced the virtual training and simulation in various industries including defense and healthcare. Moreover, the rising demand for E-learning platforms for fulfilling the need for advanced and skilled employees to enhance productivity has driven the virtual training and simulation industry. Also, further development in the healthcare sectors for the need to train the healthcare practitioners for patient safety will further drive the virtual training and simulation market during the forecast period.
End-user – Segment Analysis
Defense Security segment held the largest market share in the virtual training and simulation market in 2019. The growing need for enhanced self-navigating devices and training drones in the defense and military sector for training the soldiers in an efficient way is further fueling the growth of the market. Moreover, the advancement in the defense sector such as the adoption of technology and the focus towards the need for cost-effective and more advanced virtual simulation solutions by government organization in order to make trainees prepare to meet the challenges they will face on the battlefield. This key factors will lead to the implementation of advanced virtual training and simulation in the defense industry.
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Geography – Segment Analysis
In 2019, North America dominated the Virtual Training & Simulation market with a share of more than 39%, followed by APAC and Europe. In the US, the military sector has widely adopted virtual training and simulation in order to train its soldier in an efficient way with lower cost. As, military sector is highly relying on virtual training and simulation techniques the defense industry in the US is continuously looking forward for the development of this technology. Moreover, the companies which are providing virtual training and simulation techniques to the Department of Defense (DoD) are further enhancing fidelity, and functionality of man-worn virtual training platforms that could meet the customer’s requirement. This development in the defense and military sector in the US will further enhance the growth of this market in North America.
Drivers – Virtual Training & Simulation Market
The growing demand for virtual reality services has risen tremendously due to the advancements in the VR technology. The integration of VR technology in virtual training has also attracted various researchers and learners to adopt virtual training institutes or academy in order to be trained as per the industries requirements. Moreover, the virtual training simulators which are being nowadays are in-built with human action recognition methods which provide a trainee with an interactive and immersive environment. This factors are leading to upsurge the market for virtual training and simulation market.
The demand for advanced and customized training solutions has led to the growth of the virtual training and simulation market significantly. The integration of artificial intelligence and live human interaction along with computer-based interactive 3D simulations has enhanced the virtual training simulation software leading to provide advanced training to the trainee. The customized training solutions are highly being used in various industries such as defense, civil aviation, healthcare and so on in order to train the learners with the real-time training modules. Thus, the growing need for efficient workforce in various industries in order to tackle complex situations has raised the need for virtual training and simulation market.
Challenges – Virtual Training & Simulation Market
Digital learning or E-learning environments and platforms are subject to technological problems, as they are designed in such a way that includes stability, network, and bandwidth glitches. This issues are prone in virtual training and simulation problems which makes the training more complex for the learners and results in limited types of feedback and engagement. Therefore, the rising risk of technical issues in the virtual training and simulation can also lead to unrealistic and irrelevant simulations, thus hindering the growth of the market.
Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Virtual Training & Simulation market. In 2019, the market of Virtual Training & Simulation has been consolidated by the top ten players – Ansys Inc., Bae System Plc., CAE Inc., Cubic Corporation, Kratos Defense Security Solutions Inc., L-3 Link Simulation Training, Laerdral Medical Corporation, On24 Inc., Qinetiq Group Plc. and The Disti Corporation.
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Acquisitions/Technology Launches
Key Takeaways
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