Virtual Training and Simulation Market to Reach $601.85 Billion, Globally, by 2027 at 13.7% CAGR: Allied Market Research

News provided by

May 10, 2021, 09:15 ET

PORTLAND, Ore., May 10, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Virtual Training and Simulation Market by Component (Hardware and Software) and End User (Defense & Security, Civil Aviation, Education, Entertainment, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global virtual training and simulation industry generated $204.41 billion in 2019, and is estimated to reach $601.85 billion by 2027, registering a CAGR of 13.7% from 2020 to 2027.

Download Sample Report: https://www.alliedmarketresearch.com/request-sample/1753

Prime determinants of growth:

Increase in awareness about virtual training and simulation, cost-effective benefits of virtual training and simulation solutions, and rise in defense, healthcare, and education expenditure drive the growth of the global virtual training and simulation market. However, resistance to adopt the virtual training and simulation technology restrains the market growth. On the other hand, advancements in technology and scope for improvements in other industries would create new opportunities in the coming years.

Covid-19 scenario

The healthcare sector has greatly utilized video training sessions & simulation tutorials to guide patients with management and preventive measures of Covid-19.
The global lockdown has accelerated the implementation of virtual training and simulation in corporate sector, as the companies are following the trend of work-from-home.
In addition, the governments organizations have been utilizing virtual training and simulation to provide training and spreading awareness regarding preventive measures and precautions.

Get detailed COVID-19 impact analysis on the Virtual Training and Simulation Market: https://www.alliedmarketresearch.com/request-for-customization/1753?reqfor=covid

The hardware segment to dominate in terms of revenue throughout the forecast period

Based on component, the hardware segment contributed to the largest market share in 2019, holding around 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. This is owing to growing demand for virtual training and simulation modules in various sectors such as aerospace and defense and others. However, the software segment is estimated to maintain the highest CAGR of 14.9% from 2020 to 2027. This is attributed to growing demand for online content, certification courses, corporate learning, learning management systems (LMS), and other e-learning tools along with rise in simulation-based Civil Aviation market

The entertainment segment to continue its lead position throughout the forecast period

Based on end user, 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 owing to high demand for programmers, designers, and scientists, as well as establishment of start-ups in emerging and reborn markets such as virtual reality, augmented reality, and casual games. However, the defense and security segment would register the highest CAGR of 16.3% during the forecast period, owing to rising adoption of virtual training and simulation techniques to train soldiers with minimum investments and risks.

For Purchase Inquiry: https://www.alliedmarketresearch.com/purchase-enquiry/1753

North America to maintain its dominant share by 2027

Based on region, 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 strict regulations by governing bodies such as the Federal Aviation Administration, presence of established & technologically advanced market players, high adoption of technology in various fields such as healthcare, education, and military. However, Asia-Pacific is estimated to maintain its fastest CAGR of 15.2% from 2020 to 2027, owing to government investments and initiative in emerging economies, increase in users of Internet, growth in demand for online content, and increase in online certification programs.

Leading market players

L-3 Link Simulation & Training
Lockheed Martin Corporation
ON24, Inc.
Saab AB
ANSYS, Inc.
BAE Systems
CAE Inc.
Cubic Corporation
The DiSTI Corporation
Kratos Defence & Security Solutions, Inc.

Official Press Release: https://www.alliedmarketresearch.com/press-release/virtual-training-and-simulation-market.html

Similar Research Reports for Information, Communication and Technology:

Supply Chain Analytics Market Expected to Reach $16.82 Billion by 2027

Workforce Management Market Expected to Reach $9,391 Million by 2027

Data Wrangling Market Expected to Reach $5.58 Billion by 2026

Self-Service BI Market is expected to reach $14.19 Billion by 2026

Warehouse Management System Market is worth $3,112 Million by 2022

AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model):

AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get an online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports.

Get an access to the library of reports at any time from any device and anywhere. For more details, follow the link: https://www.alliedmarketresearch.com/library-access

About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free: +1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
[email protected]
Web: https://www.alliedmarketresearch.com
Follow Us on: LinkedIn Twitter