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Military Simulation And Virtual Training Market Size, Share, Growth Analysis And Report 2024-2033
Military Simulation And Virtual Training Market Size
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According to The Business Research Company's, 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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Market Drivers and Trends:
The increasing spending on the military is expected to propel the military simulation and virtual training market going forward. Military spending refers to the financial resources dedicated by a state to raising and maintaining armed forces or other methods essential for defense purposes. military spending plays a pivotal role in driving the development, adoption, and effectiveness of military simulation and virtual training technologies, enabling armed forces to enhance their readiness, operational capabilities, and cost-efficiency in training. For instance, in April 2023, according to the Stockholm International Peace Research Institute, a Sweden-based independent international institute dedicated to research into conflict, armaments, and arms, the North American military spending amounted to $904 billion in 2022, an increase of 0.7% compared with 2021. Canada spent $26.9 billion on its military in 2022, which was 3% higher than the previous year. Therefore, the increasing spending on the military is driving the military simulation and virtual training market.
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.
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Major Key Players of the Market:
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
Military Simulation And Virtual Training Market 2024 Key Insights:
• 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%.
• Rising Territorial Conflicts Drive Growth In Military Simulation And Virtual Training Market
• Innovative Platforms Shape Advancements In Military Simulation And Virtual Training
• North America was the largest region in the military simulation and virtual training market in 2023
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