Global virtual training and simulation market size was $332.6 Billion in 2022 and expected to reach $973.4 Billion by 2030. The forecasted CAGR is 13.96%.
Virtual Training and Simulation Market
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.
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.
The global virtual training and simulation market was worth around 332.6 billion in 2022 and is further predicted to grow to 973.4 billion by 2030.
The global virtual training and simulation market is expected to grow with a compounded annual growth rate (CAGR) of 13.96% during the forecast period.
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., 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.