Virtual Training and Simulation Market Size Set to Reach New Heights in the Coming Years | The DiSTI Corporation, Kratos Defence & Security Solutions, L-3 Link Simulation & Training, Lockheed Martin Corporation

Virtual training is a methodology in which a simulated virtual environment is created to test the capabilities of a trainee that can contribute to the learning process. It can be of two types, namely, instructor-led training and non-instructor-led training. Simulation is the imitation of the processes of a real-world operation or system over time. Further, simulation is used to create a virtual environment that can be used for training purposes. Virtual training and simulation tools comprise hardware and software. Hardware components include headsets, combat tools, hand-gloves, hearing aids, mannequins, gaming consoles, and others; while software components are programs or set of instructions that are used to perform the activities in the system.

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Governmental organizations are boosting their maintenance budgets for system infrastructure while simultaneously funding initiatives for project development, modernization, and enhancement. As a result of the investments' success, ICT vendors now annually set aside funding for the growth of the online market. Global ICT exports are anticipated to increase 3.9% on average year from US$ 784.3 billion in 2021 to US$ 955.19 billion in 2030. Global supply has increased by 9.5% yearly since 2009. In terms of global ICT exports in 2021, Ireland came in first place with US$ 169. 32 billion. The rankings placed China at number 4, the United States at number 2, and India at number 3. Since 2009, Brunei has increased by 228.2% year over year, while Sierra Leone has decreased by 61.7% year over year.

By 2026, European ICT Revenue is likely to increase by 1.5% annually, from US$ 1,802,413 Million in 2021 to US$ 1,933,429 Million. The European market has increased by 3.1% annually since 2016. In terms of ICT Revenue in Europe in 2021, Germany came in first place with US$ 339,074 million. Positions 2, 3, and 4 in this ranking were held by the United Kingdom, France, and Ireland, respectively. Since 2016, Malta has increased by 16.5% year over year, while Italy has decreased by 0.2%.

The virtual training and simulation market is primarily driven by growth in awareness among end users about the benefits of virtual training & simulation and increased spending by various end users such as defense, healthcare, and education due to higher budget allocation. However, there are some regions such as North African countries, which are unable to adopt this technology due to either lack of necessary infrastructures or limited knowledge about the technology.

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Manufacturers in the virtual training and simulation market lack in terms of investments in R&D, which limits the innovation potential and market expansion. However, advancements in technology, rise in number of internet users, and widening scope of technology in other industries such as energy, transportation, and mining are estimated to provide significant growth opportunities to the key players operating in the global virtual training and simulation market. The virtual training and simulation market is segmented on the basis of component, end user, and region. By component, it is categorized hardware and software. Depending on end user, it is categorized into defense & security, civil aviation, education, entertainment, and others. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

KEY BENEFITS FOR STAKEHOLDERS
- The study provides an in-depth analysis of the current & future trends of the market to elucidate the imminent investment pockets.
- Information about key drivers, restraints, and opportunities and their impact analysis on the global virtual training and simulation market size is provided.
- Porter's five forces analysis illustrates the potency of the buyers and suppliers operating in the global virtual training and simulation industry.
- The quantitative analysis of the market from 2019 to 2027 is provided to determine the global virtual training and simulation market potential.

KEY MARKET PLAYERS
- ANSYS, Inc.
- BAE Systems
- CAE Inc.
- Cubic Corporation
- The DiSTI Corporation
- Kratos Defence & Security Solutions, Inc.
- L-3 Link Simulation & Training
- Lockheed Martin Corporation
- ON24, Inc.
- Saab AB

KEY MARKET SEGMENTS
By Component
- Hardware
- Software

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By End User
- Defense & Security
- Civil Aviation
- Education
- Entertainment
- Others

By Region
- North America
o U.S.
o Canada
- Europe
o Germany
o France
o UK
o Rest of Europe
- Asia-Pacific
o Japan
o China
o India
o Rest of Asia-Pacific
- LAMEA
o Latin America
o Middle East
o Africa

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