Virtual Training and Simulation Market Size, Share, Growth Report 2030

Industry Perspective:

The global virtual training and simulation market size was valued at $332.6 Billion in 2022 and is projected to reach $973.4 Billion by 2030. The market is likely to grow with a healthy CAGR of 13.96% 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.

Key Insights

• As per the analysis shared by our research analyst, the global virtual training and simulation market is expected to grow annually at a promising CAGR of around 13.96% during the forecast period 2022-2030.
• In terms of revenue, the global virtual training and simulation market size was worth around 332.6 billion in 2022 and is further predicted to grow to 973.4 billion by 2030.
• Virtual training and simulation refer to the use of technology to create immersive learning experiences that replicate real-world scenarios. This type of training is commonly used in various industries, including aviation, military, healthcare, and entertainment. Virtual training and simulation can be used to train individuals on a variety of skills, from technical expertise to soft skills such as communication and decision-making.
• Based on component, the hardware segment held the largest market share in 2022.
• Based on end-user, the entertainment segment held the largest market share in 2022.
• Based on region, the Asia-Pacific region held the dominating market share in 2022.

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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 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 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 virtual training and simulation 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.

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 businesses to offer virtual training as per the requirement of 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 industry.

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.

Based on component, the market is bifurcated into hardware and software segments. The hardware segment held the largest market share in 2022 and is further predicted to occupy a dominant market share and simultaneously grow at a rapid CAGR during the forecast period. The main reason for the growth of this segment is that hardware is paramount in making effective use of simulation technologies and in the creation of an effective virtual training experience. Various instruments such as haptic devices, VR headsets, AR headsets, motion tracking devices, display devices, audio devices, and other hardware devices are widely used in e-learning, digital manufacturing, entertainment, and healthcare areas. These factors drive the growth of the segment during the forecast period.

Based on end-user, the market is bifurcated into defense & security, civil aviation, education, and entertainment. The entertainment segment held the dominating market share in 2022 and is further projected to grow rapidly at a notable CAGR during the forecast period. The major reason for the growth of this segment is the remarkable surge in demand for virtual reality and other simulation technologies in video games and the theme parks industry for more immersive experiences.

In the video game industry, virtual training and simulation techniques are used to create more realistic and immersive gaming experiences, providing more engaging and interactive gaming adventures for players. In the theme park industry, virtual training and simulation techniques are essentially used to create intriguing theme park attractions that provide a more immersive and realistic experience. These attractions can include VR theatres, interactive experiences, VR roller coasters, and other immersive rides that use VR headsets and other simulation technologies.

Recent Developments

• Kratos, in November 2020, introduced the Kratos Mixed Reality Multi-Position Aircrew Virtual Environment Trainer. It is known to be the latest immersive technology and comprises a mixed reality MP-AVET along with a mixed reality Ground Party Simulator (GPS).
• CAE healthcare in March 2020 revealed its offering associated with webinars and a downloadable scenario for personal safety and patient assessment pertaining to the coronavirus.
• In September 2021, VirTra, a provider of training simulators for law enforcement and military personnel, announced the launch of its new training simulator called the V-300LE. It offers enhanced features such as artificial intelligence and dynamic branching scenarios for more realistic and immersive training experiences.
• In December 2021, EON Reality, a dominant California-based company that provides virtual and augmented reality training solutions, announced the launch of its new products, the AVR Platform and EON-XR platform. The former allows seamless remote training and collaboration and the latter provide 3D content creation and delivery for virtual and augmented reality applications.

Virtual Training And Simulation Market Report Scope:

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 of the global virtual training and simulation market due to the fast proliferation of end-user sectors like education, healthcare, and defense. Additionally, the growing investment by both the government and private organizations to develop the global market is further likely to contribute towards regional market growth.

North America is also likely to grow fast in the global market due to the increasing inclination of people toward 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
• Saab AB
• ExtraHoop
• Microsoft
• Broadcom
• WNS Limited
• Hitachi
• Splunk Inc.
• StackState
• SAP
• BMC Software Inc.
• CA Technology Inc.
• Evolven Software Inc.
• IBM
• Oracle Corp.
• Vmware Inc.
• 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.
• Ansys Inc.

Global virtual training and simulation market is segmented as follows:

By Component

• Hardware
• Software

By End User

• Defense & Security
• Civil Aviation
• Education
• E-Learning
• Game-based learning
• Entertainment

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa