Industry Sees Promising Growth by 2031 | The Asia Virtual Training and Simulation Market Hit USD 19.8 Billion

Allied Market Research published a new report, titled, " Industry Sees Promising Growth by 2031 | The Asia Virtual Training and Simulation Market Hit USD 19.8 Billion." 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.

Rise in awareness about virtual training and simulations, increase in defense, healthcare, and education expenditure by Asian countries, and cost-effective benefits of virtual training and simulation solutions drive the growth of the Asia virtual training and simulation market.

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The Asia virtual training and simulation market size was valued at USD 54.28 billion in 2020, and is projected to reach USD 227.13 billion by 2030, growing at a CAGR of 15.20% from 2021 to 2030.

The Asia virtual training and simulation market is segmented on the basis of component, end user, and country. By component, it is categorized into hardware and software. Depending on end user, it is categorized into defense & security, civil aviation, education, entertainment, and others. By country, it is categorized into China, India, Japan, South Korea, Sri-Lanka, and Rest of Asia.

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Impact of Covid-19 on Asia Virtual Training and Simulation Market-

● The virtual training technology gained popularity in Asian countries in both the academia and commercial sector as several companies improved their business processes and operational efficiency using technology.

● In addition, companies adopted online training sessions for the employees to continue the business operations remotely to curb the spread of the virus.

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Based on components, the hardware segment held the largest share in 2020, accounting for more than two-thirds of the market. However, the software segment is expected to register the highest CAGR of 16.6% during the forecast period.

On the basis of end-users, the education segment is projected to manifest the highest CAGR of 17.5% from 2021 to 2030. However, the entertainment segment held the lion's share in 2020, contributing to nearly two-fifths of the market.

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The Asia virtual training and simulation market is analyzed across several countries: China, Japan, India, South Korea, Sri Lanka, and the Rest of Asia. The market across India is projected to register the highest CAGR of 21.6% during the forecast period. However, the market across China held the largest share in 2020, accounting for more than half of the market.

The Asia virtual training and simulation market report includes an in-depth analysis of the prime market players such as ANSYS, Inc., BAE System, CAE Inc., Cubic Corporation, Kratos Defense & Security Solutions, Inc., Laerdal Medical Corporation, Lockheed Martin Corporation, ON24, INC., SAAB AB, and Thales Group.

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