Florida Virtual Training and Simulation Market Size Reach USD 20.07 Billion by 2030, Key Factors behind Market's Growth

Allied Market Research published a new report, titled, " The Florida Virtual Training and Simulation Market Size Reach USD 20.07 Billion by 2030, Key Factors behind Market's Growth." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

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. 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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Florida virtual training and simulation market size was valued at USD 5.71 Billion in 2020, and is projected to reach USD 20.07 Billion by 2030, growing at a CAGR of 13.4% from 2021 to 2030.

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.

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COVID-19 Scenario:

➢ The COVID-19 pandemic and subsequent lockdowns in Florida has led to significant increase in the adoption of virtual training and simulation market, owing to the closing of workplaces and upsurge in the use of technology in different sectors such as education, healthcare and others.

➢ In addition, various industries across the Florida are adopting virtual training and simulation software for enhancing the skills of their employees for making them more capable of delivering advanced services to their customers.
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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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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.

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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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