Global Virtual Training and Simulation Market Size Is Anticipated to Surpass Over $973.4 Billion Mark by 2023

NEW YORK, NY, March 24, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled "Virtual Training And Simulation Market By Component (Hardware And Software), By End User (Defense & Security, Civil Aviation, Education, And Entertainment), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030" in its research database.

"According to the latest research study, the demand of global Virtual Training and Simulation Market size & share in terms of revenue was valued at USD 332.6 billion in 2022 and it is expected to surpass around USD 973.4 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 13.96% during the forecast period 2023 to 2030."

What is Virtual Training and Simulation? How big is the Virtual Training and Simulation Industry?

Report Overview:

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, with a compounded annual growth rate (CAGR) of 13.96% during the forecast period.

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. It allows learners to practice in a safe and controlled environment where they can make mistakes without the risk of causing harm.

There are various types of virtual training and simulation, including virtual reality (VR), augmented reality (AR), and mixed reality (MR). VR involves immersing learners in a completely virtual environment, while AR overlays digital information onto the real world. MR amalgamates aspects of both AR and VR. Virtual training and simulation have several advantages over traditional training methods, including cost-effectiveness, scalability, and flexibility. It allows learners to practice in a variety of scenarios without the need for physical equipment or locations. Additionally, it allows trainers to monitor learners' progress and provide immediate feedback.

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Global Virtual Training and Simulation Market: Growth Factors

The global virtual training and simulation market is expected to surge exponentially due to the presence of a great deal of flexibility in them as they can be initiated anytime irrespective of location and even depending upon the pace of learning of an individual. In addition, virtual training and simulation are cost-effective as they reduce the need for physical equipment, locations, and trainers. This makes it easier for organizations to provide training to a large number of people at once.

There has been a significant surge in the demand for remote working or work-from-home culture which further drives the growth of the market. Thus, with the rise of remote work, many organizations are using incessantly using virtual training and simulation to train their employees, regardless of their location. In addition, virtual training and simulation offer a personalized learning experience and help to accommodate a large number of learners, making it easier for organizations to train their employees, partners, and customers. Besides, persistent technological advancements and an increase in the adoption of innovative technologies such as augmented reality (AR), virtual reality (VR), and even mixed reality (MR) create ample opportunities for the growth of the market during the forecast period. However, the requirement of high initial investment for setting up virtual training and simulation programs is expected to impede the growth of the market to an extent.

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Report Scope

Virtual Training and Simulation Market: Segmentation Analysis

The global virtual training and simulation market is segmented based on component, end-user, 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.

The 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

Browse the full "Virtual Training and Simulation Market By Component (Hardware and Software), By End User (Defense & Security, Civil Aviation, Education, and Entertainment), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2023 – 2030"- Report at https://www.zionmarketresearch.com/report/virtual-training-and-simulation-market

Competitive Landscape

Some of the main competitors dominating 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.

 Key Insights from Primary Research:

• According to the analysis shared by our research forecaster, the Virtual Training and Simulation market is likely to expand at a CAGR of around 13.96% during the forecast period (2023-2030).
• In terms of revenue, the Virtual Training and Simulation market size was valued at around US$ 332.6 billion in 2022 and is projected to reach US$ 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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Key questions answered in this report:

• What is the market size and growth rate forecast for Virtual Training and Simulation industry?
• What are the main driving factors propelling the Virtual Training and Simulation Market forward?
• What are the leading companies in the Virtual Training and Simulation Industry?
• What segments does the Virtual Training and Simulation Market cover?
• How can I receive a free copy of the Virtual Training and Simulation Market sample report and company profiles?

Key Offerings:

• Market Size & Forecast by Revenue | 2023−2030
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis By Component, By End User, And By Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Analysis:

The Asia-Pacific region is expected to cite the fastest CAGR in the global virtual training and simulation market during the forecast period. The region is rapidly growing in the virtual training and simulation market in recent years. Countries such as China, Japan, India, and South Korea have been driving the growth of the market in the region, with a high adoption rate of advanced technologies in industries such as automotive, manufacturing, and defense. Besides, the presence of a large population, increase in the number of internet users, rapid industrialization and urbanization along with significant growth in the economy of the countries in this region further drive the growth of the market.

By Region

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

Recent Developments

• 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.

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FREQUENTLY ASKED QUESTIONS

• What are virtual training and simulation?
• Which key factors will influence virtual training and simulation market growth over 2023-2030?
• What will be the value of the virtual training and simulation market during 2023-2030?
• What will be the CAGR value of the global virtual training and simulation market by 2030?
• Which are the key major players in virtual training and simulation market growth?
• Which region will contribute notably towards the virtual training and simulation market value?

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