Virtual Training and Simulation Market Observing Growing Popularity at a CAGR of 13.7% by 2027
Virtual training & simulators include human action recognition methods, which provide a student with an engaging & immersive environment surge the market growth
PORTLAND , PORTLAND, OR, UNITED STATE, September 14, 2022 /EINPresswire.com/ — Growth in awareness regarding the virtual training and simulation technology; its cost-effective benefits; and increase in expenditure in education, healthcare, and defense sectors are key factors that drive the growth of the virtual training and simulation market.
The global virtual training and simulation market is in its growing phase, having significant acceptance in almost every central region. In this report, the market is studied on the basis of its components, end users, and region.
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The top impacting factors identified in the virtual training and simulation market growth include rising awareness regarding simulation technology; cost-effectiveness of virtual training and simulation; and an increase in defense, healthcare, and education expenditure.
In the prevailing business scenario, the demand for advanced and efficient virtual training and simulation tools is on a continuous rise. On the other hand, resistance to adopting this technology and lack of investments in R&D are anticipated to hinder the market pace.
Currently, North America represents the highest share in the global virtual training and simulation market, whereas the Asia-Pacific market is expected to grow at the fastest rate during the forecast period. Further, innovation in technology, falling prices of virtual training & simulation products, widening the scope of the technology to various end users, and rising internet usage increased the adoption of virtual training and simulation.
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The report highlights Porter’s five forces analysis for the market comprising R&D, component manufacturers, assembly, programming & testing department, marketing & sales, end users, and after-sales services. The presence of established market players and high switching costs lead to moderate bargaining power for suppliers. Further, increased brand loyalty, high product differentiation, and high initial investments limit the threat from new entrants.
The virtual training and simulation market has witnessed significant growth in the past few years; however, due to the outbreak of the COVID-19 pandemic, the market is projected to witness steady growth in 2020. In addition, the virtual training and simulation market is projected to prosper in the upcoming years after the recovery from the COVID-19 pandemic.
Furthermore, various organizations across the globe are adopting online training sessions for their employees to improve their business processes and increase their operational efficiency.
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Key Findings Of The Study
• By component, the hardware segment dominated the virtual training and simulation market forecast. However, the software segment is expected to exhibit significant growth in the virtual training and simulation industry during the forecast period.
• Depending on the end user, the entertainment industry generated the highest virtual training and simulation market share in 2019. However, the education sector is expected to witness considerable growth in the near future.
• Region-wise, Asia-Pacific is expected to witness significant growth in terms of CAGR in the coming years. Moreover, the North American market dominated the virtual training and simulation market in 2019 in terms of revenue.
Some of the key market players profiled in the virtual training and simulation market analysis include CAE Inc., L-3 Link Simulation & Training, Cubic Corporation, ON24, Inc., BAE systems PLC, Kratos Defence & Security Solutions, Inc., DiSTI Corporation, ANSYS, Inc., SaaB AB, and Lockheed Martin Corporation. Major players operating in this market have witnessed significant adoption of strategies that include business expansion and partnership to reduce the supply and demand gap.
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