The global virtual training and simulation market was valued at $270.5 billion in 2021 and is projected to reach $698 billion in 2028. The market is likely to grow with a healthy CAGR of 13.7% during the forecast years.
Industry Perspective:
The global virtual training and simulation market was valued at $270.5 billion in 2021 and is projected to reach $698 billion in 2028. The market is likely to grow with a healthy CAGR of 13.7% during the forecast years. The report emphasizes the growth prospects, opportunities, restraints, and challenges in the market. It covers the geographical and competitive dynamics of the global marketplace.
Virtual Training And Simulation Market: Overview
Virtual training is a learning experience that is improved with the help of the internet and computer both within the educational premises and outside. Most of the time, the training is done online. These activities are undertaken on an online platform with advanced features to handle the audience crowd. Virtual training is quite effective as it considers a wide range of learning methods offered by different learners. Simulation learning is gaining traction among users these days as the e-learning tools, technology, and advanced understanding of how people can learn virtually are improved. Businesses are able to save their finances by offering online training and simultaneously lowering the risk pertaining to on-the-job skill development for complicated tasks.
COVID-19 Impact:
The outbreak of the Covid-19 pandemic has positively impacted the growth trajectory of the global virtual training and simulation market. Government all across the globe announced national lockdowns, which restricted the social and educational gatherings. Educational institutes have started conducting online classes. Businesses have also adopted the online platform to offer virtual training. Such a landscape has significantly increased the demand for online content, corporate learning, online learning management systems, e-learning tools, and others. Therefore, such growing demand will boost the growth of the global market in the coming years.
Virtual Training And Simulation Market: Growth Drivers
Advancements in virtual reality technology will drive the growth of the global market.
The demand for virtual reality services has significantly grown to manifolds in recent years due to the developments in technology. The increasing integration of virtual reality technology in virtual training is attracting leaders and learners to adopt virtual training institutes. Furthermore, nowadays, virtual training simulators hold inbuilt human action recognition methods that offer training and an interactive environment to facilitate friendly online sessions. Such a landscape will significantly scale up the demand for virtual training and simulations. It is widely used in digital manufacturing, e-Learning, transportation training, military & navy, healthcare training, serious games, simulation-based gaming, and inside simulations. Additionally, the growing awareness regarding virtual training and simulation will also boost the growth of the global market. The constant invention in product innovation has significantly improved the performance, capability, and quality of training and simulation solutions. It is a very cost-effective way to offer training to individuals. As a result, organizations and individuals are looking forward to reaping the benefit of either the software, hardware, or the combination of both solutions to provide training to the crew, students, professionals, and other people in different areas in an efficient way with low cost and effort.
Virtual Training And Simulation Market: Restraints
Technical issues are likely to hamper the growth of the global market.
E-Learning environments and platforms are prone to technical issues and errors as these are designed in a way that poses vulnerability to bandwidth, network, and stability glitches. Such issues are obstructions in training sessions for learners, thereby limiting the adoption rate of online platforms. But the growing interest of people and advancements in technology is lowering the tech glitches in a number of ways.
Report Scope:
Report Attribute | Details |
---|---|
Base Year | 2020 |
Historic Years | 2016 - 2020 |
Forecast Years | 2021 - 2028 |
Segments Covered | By Product Type, By Application, and By End Use |
Forecast Units | Value (USD Billion), and Volume (Units) |
Quantitative Units | Revenue in USD million/billion and CAGR from 2021 to 2028 |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Number of Companies Covered | 10 companies with scope for including additional 15 companies upon request |
Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
Customization Scope | Avail customized purchase options to meet your exact research needs. |
Virtual Training And Simulation Market: Opportunities
Growing demand for customized solutions will offer new opportunities in the global market.
There is a high demand for customized advanced training solutions by the businesses to offer virtual training as per the requirement of the individual organizations. The integration of live human interaction and artificial intelligence with computer-based interactive 3D simulation has significantly led to new developments in the market, thereby thriving the demand all across the globe. The customized solution is highly demanded by different end-users like healthcare, civil, aviation, defense, and others to offer training in a particular way with real-time training modules. Therefore, the growing requirement for an efficient workforce in a distinct end-user sector to tackle the complexities has boosted the requirement for the global virtual training and simulation market.
Virtual Training And Simulation Market: Challenges
Lack of proper infrastructure is a huge challenge in the global market.
There is no proper working infrastructure for virtual training and simulations, which in turn is a huge challenge in the global market. Research and development activities are also not growing at a rapid pace, which in turn is likely to negatively impact the growth of the global market.
Virtual Training And Simulation Market: Segmentation
The global virtual training and simulation market can be segmented into end-user, component, and region.
By end-user, the market can be segmented into entertainment, education, civil, aviation, security, and others.
By component, the market can be segmented into software and hardware.
Recent Developments
Virtual Training And Simulation Market: Regional Landscape
Asia Pacific region to hold the biggest market share in coming period
Asia Pacific accounts for the largest share in the global virtual training and simulation market due to the fast proliferation of end-user sectors like educational, healthcare, and defense. Additionally, the growing investment by both the government and the private organizations to develop the global market is further likely to contribute towards the regional market growth.
North America is also likely to grow fast in the global market due to the increasing inclination of people towards online training and virtual sessions.
Virtual Training And Simulation Market: Competitive Landscape
Some of the significant players in the global virtual training and simulation market include The Disti Corporation, Qinetiq Group Plc., On24 Inc., Laerdal Medical Corporation, L-3 Link Simulation Training, Kratos Defense Security Solutions Inc., Cubic Corporation, CAE Inc., Bae System Plc., and Ansys Inc.
Global virtual training and simulation market is segmented as follows:
By Component
By End User
By Region
Request the coronavirus impact analysis across industries and markets
The demand for virtual reality services has significantly grown to manifolds in recent years due to the developments in technology. The increasing integration of virtual reality technology in virtual training is attracting leaders and learners to adopt virtual training institutes.
The global virtual training and simulation market is valued at $270.5 billion in 2021 and is projected to reach $698 billion in 2028. The market is likely to grow with a healthy CAGR of 13.7% during the forecast years.
Some of the significant players in the global virtual training and simulation market include The Disti Corporation, Qinetiq Group Plc., On24 Inc., Laerdal Medical Corporation, L-3 Link Simulation Training, Kratos Defense Security Solutions Inc., Cubic Corporation, CAE Inc., Bae System Plc., and Ansys Inc.
Asia Pacific accounts for the largest share in the global virtual training and simulation market due to the fast proliferation of end-user sectors like educational, healthcare, and defense. Additionally, the growing investment by both the government and the private organizations to develop the global market is further likely to contribute towards the regional market growth.
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