Military Simulation And Virtual Training Market Size, Overview, Outlook, Trends, Size 2024-2033

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Military Simulation And Virtual Training Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $170.64 billion In 2028 At A CAGR Of 14.9% :

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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Military Simulation And Virtual Training Market Major Segments
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

Key Driver - Rising Territorial Conflicts Drive Growth In Military Simulation And Virtual Training Market

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.

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Prominent Trend - Innovative Platforms Shape Advancements In Military Simulation And Virtual Training

Innovative platforms are the key trends gaining popularity in the military simulation and virtual training market. Major companies in the military simulation and virtual training market are improving systems with new upgrades. For instance, in September 2021, Bohemia Interactive Simulations (BISim), a US-based company developing advanced military simulation and training software launched VBS4 21.1, a whole-earth virtual and constructive simulation platform for military training. This platform uses underlying technology VBS Blue, which is a high-performance, whole-planet data ingestion, procedural enhancement, and rendering engine, to render realistic scenes at any altitude (from space down to ground level). In addition, it provides an improved performance along with realistic environmental scenes for a more immersive training experience. This also includes ViewPorts, an additional camera view configured with VBS4 Editor.

Military Simulation And Virtual Training Market 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

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Largest And Fastest Growing Region In The Market
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.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Military Simulation And Virtual Training Market Report Structure
3. Military Simulation And Virtual Training Market Trends And Strategies
4. Military Simulation And Virtual Training Market - Macro Economic Scenario
5. Military Simulation And Virtual Training Market Size And Growth
…..
27. Military Simulation And Virtual Training Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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