Virtual Training and Simulation Market Share Estimated $601.85 Billion by 2027 With CAGR of 13.7%

According to the report, the global virtual training and simulation industry generated $204.41 billion in 2019, and is estimated to reach $601.85 billion by 2027, registering a CAGR of 13.7% from 2020 to 2027.

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The global virtual training and simulation market is in its growing phase, having significant acceptance in almost every major region. In this report, the market is studied based on its components, end users, and region. The top impacting factors identified in the virtual training and simulation market growth includes rising awareness regarding simulation technology; cost-effectiveness of virtual training and simulation; and increase in defense, healthcare, and education expenditure. In the prevailing business scenario, the demand for advanced and efficient virtual training and simulation tools is on a continuous rise. On the other hand, resistance to adopt this technology and lack of investments in R&D are anticipated to hinder the market pace.

Currently, North America represents the highest share in the global virtual training and simulation market, whereas the Asia-Pacific market is expected to grow at the fastest rate during the forecast period. Further, innovation in technology, falling prices of virtual training & simulation products, widening scope of the technology in various end users, and rising internet usage increased the adoption of virtual training and simulation.

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The report highlights the Porter's five forces analysis for the market comprising R&D, component manufacturers, assembly, programming & testing department, marketing & sales, end users, and after sales services. The presence of established market players and high switching costs lead to the moderate bargaining power for suppliers. Further, high brand loyalty, high product differentiation, and high initial investments limit the threat from new entrants.

The value chain analysis provides a systematic study of the key intermediaries involved in the final product manufacturing. The value chain includes R&D, component manufacturers, assembly, programming & testing facilities, marketing & sales, customers, and post-sales services. This analysis helps the stakeholders devise appropriate strategies and develop their businesses accordingly. The virtual training and simulation market trends study also focuses on the growth of the market segments based on components, end users, and region. Based on components, the market is divided into software and hardware. By end users, it is classified into civil aviation, defense & security, education, entertainment, digital manufacturing, and healthcare.

The virtual training and simulation market have witnessed significant growth in past few years; however, due to the outbreak of the COVID-19 pandemic, the market is projected to witness a steady growth in 2020. In addition, the virtual training and simulation market is projected to prosper in the upcoming years after the recovery from the COVID-19 pandemic. Furthermore, various organizations across the globe are adopting online training session for their employees to improve their business process and to increase their operational efficiency.

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Covid-19 scenario:

1. The healthcare sector has greatly utilized video training sessions & simulation tutorials to guide patients with management and preventive measures of Covid-19.

2. The global lockdown has accelerated the implementation of virtual training and simulation in corporate sector, as the companies are following the trend of work-from-home.

3. In addition, the governments organizations have been utilizing virtual training and simulation to provide training and spreading awareness regarding preventive measures and precautions.

Based on end user, the entertainment segment accounted for nearly half of the global virtual training and simulation market in 2019, and is expected to continue its lead position throughout the forecast period. This is owing to high demand for programmers, designers, and scientists, as well as establishment of start-ups in emerging and reborn markets such as virtual reality, augmented reality, and casual games. However, the defense and security segment would register the highest CAGR of 16.3% during the forecast period, owing to rising adoption of virtual training and simulation techniques to train soldiers with minimum investments and risks.

Based on components, the hardware segment contributed to the largest market share in 2019, holding around two-thirds of the global virtual training and simulation market, and is expected to continue to dominate in terms of revenue throughout the forecast period. This is owing to growing demand for virtual training and simulation modules in various sectors such as aerospace and defense and others. However, the software segment is estimated to maintain the highest CAGR of 14.9% from 2020 to 2027. This is attributed to growing demand for online content, certification courses, corporate learning, learning management systems (LMS), and other e-learning tools along with rise in simulation-based Civil Aviation market.

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Based on region, North America attributed to nearly two-fifths of the global virtual training and simulation market in 2019, and is expected to maintain its dominant share by 2027. This is attributed to strict regulations by governing bodies such as the Federal Aviation Administration, presence of established & technologically advanced market players, high adoption of technology in various fields such as healthcare, education, and military. However, Asia-Pacific is estimated to maintain its fastest CAGR of 15.2% from 2020 to 2027, owing to government investments and initiative in emerging economies, increase in users of Internet, growth in demand for online content, and increase in online certification programs.

Leading market players:

L-3 Link Simulation & Training
Lockheed Martin Corporation
ON24, Inc.
Saab AB
ANSYS, Inc.
BAE Systems
CAE Inc.
Cubic Corporation
The DiSTI Corporation
Kratos Defence & Security Solutions, Inc.

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