Overview and Scope
Military simulation and virtual training refer to simulation training, which is the practice of simulating the use of weapons and equipment through the use of simulation technology. This practice is popular in numerous military equipment training programs because it saves time and effort while also reducing the technical wear on weapons and equipment. It is used to simulate reality for the training of armed units or people.
Sizing and Forecast
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..
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Segmentation & Regional Insights
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
North America was the largest region in the military simulation and virtual training market in 2023. The regions covered in the military simulation and virtual training market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the military simulation and virtual training market report are Northrop Grumman Corporation, Cubic Corporation, CAE Inc., RTX Corporation, Lockheed Martin Corporation, BAE Systems plc, The Boeing Company, Saab AB, Thales Group, Rheinmetall AG, Raytheon Technologies Corporation, General Dynamics Information Technology Inc., Kratos Defense & Security Solutions Inc., L3Harris Technologies Inc., Elbit Systems Ltd., AAI Corporation, Barco NV, Fidelity Technologies Corporation, Meggitt Training Systems, Simthetiq Inc., Bohemia Interactive Simulations, Presagis Inc., Epic Games Inc., DiSTI Corporation, MAK Technologies Inc., Antycip Simulation Limited, SimCentric Technologies, QuantaDyn Corporation, ThoroughTec Simulation (Pty) Ltd., Leonardo S.p.A
The military simulation and virtual training market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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