Florida Virtual Training and Simulation Market Expected to Reach USD 20.07 Billion by 2030 | Top Players such as - PaleBlue, Simigon and VirtaMed

According to the report published by Allied Market Research "The Florida Virtual Training and Simulation Market Expected to Reach USD 20.07 Billion by 2030 | Top Players such as - PaleBlue, Simigon and VirtaMed." These players have adopted different strategies such as new product launches collaborations expansion joint ventures agreements and others to increase their market share and maintain dominant shares in different regions.

Numerous factors such as the increase in awareness about virtual training and simulation among the industrial vertical and cost effectiveness of the virtual training and simulation solution in training and education drive the market growth in Florida. Moreover, the increase in simulation training expenditure among defense, healthcare, and education in Florida drives the growth of the virtual training and simulation solution market. However, lack of awareness and resistance toward adoption of virtual training and simulation solutions hinder the growth of the market. Furthermore, the increase in use of advanced technology and need of improvement of training and education in the industry vertical such as mining, transportation and energy industry creates lucrative opportunity in the market during the forecast period.

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The Florida virtual training and simulation market is segmented on the basis of component and end user. By component, it is categorized as hardware and software. By end user, it is categorized into defense & security, civil aviation, education, entertainment, and others.

On the basis of component, the hardware segment dominated the overall Florida virtual training and simulation market in 2020 and is expected to continue this trend during the forecast period. This is attributed to the increase in adoption of online training & education which is expected to boost the demand for hardware, which is required for virtual training and simulation. However, the software segment is expected to witness highest growth in the upcoming years as there has been an increase in the adoption of virtual training and simulation software among the end users, as it ensures effective functioning of virtual training and simulation platform.

By end user, the defense & security segment dominated the Florida virtual training and simulation market share in 2020 and is expected to continue this trend during the forecast period. The growth of the segment is attributed to a rise in concerns about saving time and the physical presence of students, which is associated with classroom training and education, which is highly valuable. Larger firms in the various industry verticals such as Lockheed Martin and CAE Corporation provide defense and security related training and simulation software for their customers in defense and public sector. However, the education segment is expected to witness highest growth in the upcoming years as increase in use of online training and simulation in the education industry and adoption of online education due to COVID-19 pandemic.

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The key players operating in the Florida virtual training and simulation market analysis include ANSYS, Inc., Apex Officer, CAE Inc., Cubic Corporation, Kratos Defense & Security Solutions, Inc., Lockheed Martin Corporation, PaleBlue, Simigon, The DiSTI Corporation, and VirtaMed Inc. Major players have adopted various revenue and business growth strategies to enhance and develop their product portfolio, strengthen their virtual training and simulation market share, and help them increase their market penetration

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Key Findings of the Study

● By component, the hardware segment accounted for the major Florida virtual training and simulation market share in 2020. However, the software segment is expected to exhibit significant growth during the forecast period.

● On the basis of end user, the defense & security segment accounted for the highest revenue of Florida virtual training and simulation industry in 2020; however, the education segment is expected to witness the highest growth rate during the forecast period.

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