Virtual Training and Simulation Market Size, Industry Trends, Historical Data, Growth Analysis Forecast to 2030
By Ritesh on July 10, 2024
Embry-Riddle student Laurayna Pick, a freshman Aeronautical Science major, conducts virtual-reality flight training maneuvers at the Advanced Flight Simulation Center on July 11, 2022. (Bernard Wilchusky/Embry-Riddle)
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.
➤ Advancements in virtual reality technology will stimulate the expansion of the global market.
The necessity for virtual reality services has expanded exponentially in recent years as a result of technological advancements. The growing integration of virtual reality technology into virtual training is compelling learners and leaders to adopt virtual training institutes. Additionally, in the present day, virtual training simulators are equipped with human action recognition methods that provide training and an interactive environment to facilitate amicable online sessions. The demand for virtual training and simulations will be substantially increased by such a landscape.
➤ The global market’s expansion is anticipated to be impeded by technical difficulties.
The design of e-learning environments and platforms is such that they are susceptible to bandwidth, network, and stability flaws, which can result in technical issues and errors. The adoption rate of online platforms is restricted by such issues, which obstruct learners during training sessions. However, the increasing interest of individuals and the advancements in technology are reducing the number of technological errors in a variety of ways.
➤ The global market will be presented with new opportunities as a result of the increasing demand for customized solutions.
Businesses are in high demand for advanced training solutions that are customized to meet the unique needs of individual organizations. This includes virtual training. New developments in the market have been considerably facilitated by the integration of live human interaction and artificial intelligence with computer-based interactive 3D simulation, thereby fostering demand worldwide. The customized solution is in high demand among a variety of end-users, including healthcare, civil, aviation, and defense, in order to provide training in a specific manner with real-time training modules.
➤ The global market faces a significant challenge due to the absence of adequate infrastructure.
The global market faces a significant challenge due to the absence of a functional infrastructure for virtual training and simulations. The global market’s growth is expected to be adversely affected by the fact that research and development activities are not expanding at a rapid tempo.
The global Virtual Training and Simulation market profiles key players such as:
● 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
???? Recent Developments
• The Kratos Mixed Reality Multi-Position Aircrew Virtual Environment Trainer was introduced by Kratos in November 2020. It is recognized as the most recent immersive technology and includes a mixed reality MP-AVET and a mixed reality Ground Party Simulator (GPS).
• In March 2020, CAE Healthcare disclosed its webinar offerings and a downloadable scenario for patient assessment and personal safety in relation to the coronavirus.
➤ The Asia-Pacific region is expected to maintain the largest market share in the forthcoming period.
The Asia Pacific region accounts for the largest share of the global virtual training and simulation market as a result of the rapid expansion of end-user sectors such as education, healthcare, and defense. Furthermore, the regional market is expected to experience development as a result of the increasing investment by both private and public entities in the global market.
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