The Business Research Company’s Military Simulation And Virtual Training Global Market Report 2023 is the most detailed report available on the market, including broad forecast periods and multiple geographies. The report covers the historic period – 2010-2021, and the forecast period – 2023-2032. The Military Simulation And Virtual Training Global Market Report 2023 evaluates military simulation and virtual training market size, growth rate, drivers, trends, and major companies.
The report provides a global perspective by covering 60 geographies and focusing on major economies in each region – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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The global military simulation and virtual training market size is expected to grow from $10.71 billion in 2022 to $11.49 billion in 2023 at a compound annual growth rate (CAGR) of 7.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global military simulation and virtual training is expected to reach $14.78 billion in 2027 at a CAGR of 6.5%.
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 it saves time and effort while also reducing the technical wear on weapons and equipment. For instance, in June 2020, according to the report by the Center for Strategic and International Studies, a US-based nonprofit agency, in the U.S, right-wing extremists committed over 90% of the terrorist acts and plots between January 1 and May 8, 2020, accounting for approximately two-thirds of all assaults and attempts in the United States. Therefore, rising territorial conflicts have propelled the market of military simulation.
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The military simulation and virtual training market segments in the report are:
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
The table of contents in TBRC’s military simulation and virtual training market report includes:
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