The Military Simulation And Virtual Training Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Military Simulation And Virtual Training Global Market Report 2024, The military simulation and virtual training market size has grown strongly in recent years. It will grow from $11.55 billion in 2023 to $12.43 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to military modernization efforts, emergence of virtual reality, cyber warfare training development, scenario-based training adoption, use of artificial intelligence..
The military simulation and virtual training market size is expected to see strong growth in the next few years. It will grow to $16.44 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to defense budgets and expenditure, modernization initiatives, geopolitical tensions, focus on realism and immersion, cyber warfare preparedness.. Major trends in the forecast period include personalized learning, advancements in simulation technology, defense budget allocations, remote and distributed training, interoperability and integration..
An increase in territorial conflicts is expected to drive the military simulation and virtual training market going forward. Territorial conflicts refer to a disagreement in a particular territory about who controls the territory. People receive military training every year to protect the country’s security. Military simulation and virtual training practice are used in numerous military equipment training programs because they save time and effort while also reducing the technical wear on weapons and equipment. For instance, in October 2022, according to the report by the Anti-Defamation League, a US-based international Jewish non-governmental organization and advocacy group, in 2021, there were 19 distinct incidents in the United States where domestic extremists were responsible for the deaths of at least 29 individuals, marking a slight uptick from the 23 extremist-related murders recorded in 2020. Therefore, rising territorial conflicts have propelled the market of military simulation.
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The military simulation and virtual training market covered in this report is segmented –
1) By Platform Type: Flight, Vehicle, Battlefield, Virtual Boot Camp
2) By Training Type: Gaming Solution, Virtual, Constructive, Live
3) By End-User: Air Force, Army, Navy, Medical
Innovative platforms are the key trends gaining popularity in the military simulation and virtual training market. Major companies in the military simulation and virtual training market are improving systems with new upgrades. For instance, in September 2021, Bohemia Interactive Simulations (BISim), a US–based company developing advanced military simulation and training software launched VBS4 21.1, a whole-earth virtual and constructive simulation platform for military training. This platform uses underlying technology VBS Blue, which is a high-performance, whole-planet data ingestion, procedural enhancement, and rendering engine, to render realistic scenes at any altitude (from space down to ground level). In addition, it provides an improved performance along with realistic environmental scenes for a more immersive training experience. This also includes ViewPorts, an additional camera view configured with VBS4 Editor.
The military simulation and virtual training market report table of contents includes:
- Executive Summary
- Military Simulation And Virtual Training Market Characteristics
- Military Simulation And Virtual Training Market Trends And Strategies
- Military Simulation And Virtual Training Market – Macro Economic Scenario
- Global Military Simulation And Virtual Training Market Size and Growth
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- Global Military Simulation And Virtual Training Market Competitive Benchmarking
- Global Military Simulation And Virtual Training Market Competitive Dashboard
- Key Mergers And Acquisitions In The Military Simulation And Virtual Training Market
- Military Simulation And Virtual Training Market Future Outlook and Potential Analysis
- Appendix
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