Military simulation and virtual training market size to grow by USD 6.11 billion from 2021 to 2026: Cost-effective virtual training will drive growth -Technavio
NEW YORK, March 20, 2023 /PRNewswire/ -- The military simulation and virtual training market size is estimated to grow by USD 6.11 billion from 2021 to 2026 at a CAGR of 7.13%, according to Technavio. The market growth will be driven by several factors, including cost-effective virtual training, increasing investments in simulations, and rising collaboration among vendors and OEMs. Virtual training is highly cost-effective. It minimizes the risks associated with real-time training, including personnel and equipment or devices involved. Hence, defense agencies have shifted their focus to simulation and synthetic training methodology. The increased budgets for defense and law enforcement over the last few years have also increased the demand for innovative simulation training systems. To learn more about the military simulation and virtual training market, request a sample report.
Military simulation and virtual training market – Market challenges
The military simulation and virtual training market face certain challenges, including the high cost of training, the growing adoption of automation, and data storage and security issues. The operating costs associated with simulators are high. In addition, the expenditure on the installation of simulation software has increased. These simulators require space, infrastructure, and trained personnel, which further increases the overall cost. Moreover, military simulators need various peripheral products such as TV screens, controlling equipment, virtual private networks (VPN), and networking infrastructure. All these costs add up to the overall cost, which hinders the growth of the market.
Military simulation and virtual training market – Regional analysis
North America will account for 32% of the market's growth during the forecast period. The US and Canada are the key contributors to the military simulation and virtual training market in the region. Moreover, market growth in this region will be faster than the growth of the market in Europe. Rising investments by governments in military training, product offerings by vendors, and training models will drive the military simulation and virtual training market growth in North America during the forecast period.
Military simulation and virtual training market insights -
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Military simulation and virtual training market - Vendor Insights
The growing competition in the market is compelling vendors to adopt organic and inorganic growth strategies. Technavio report analyzes the market's competitive landscape and offers information on several market vendors, including -
The military simulation and virtual training market report provides critical information and factual data, with a qualitative and quantitative study of the market based on market drivers and limitations as well as future prospects.
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Table of contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
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