Pune, Maharashtra, February 26, 2020 (Wired Release) – Allied Analytics – An increase in defense sector, education & healthcare spending, rise in awareness about this technology, and its cost-effective benefits in various industries are the major factors that drive market growth. Leading companies in this market are taking initiatives toward the development of novel solutions by investing in R&D and are seeking new opportunities by expanding their market presence through partnerships, collaborations, and other strategic alliances.
For instance, in military simulation and virtual training markets, leading vendors focus on the development of more compact and cost-effective simulators that can elevate the quality of the virtual environment the same as the real world. However, resistance to adopt this technology in various regions such as North African countries and limited investments in R&D activities have restricted the growth of the market to a certain level.
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Global virtual training and simulation market is expected to reach $329 billion by 2022. The education segment is expected to dominate the market from 2016 to 2022. Asia-Pacific is expected to grow at the highest growth rate, whereas North America accounted for 39% share of the market in 2014 and is anticipated to grow at a significant rate.
In the year 2014, the hardware segment accounted for about 70% of total revenue. It is expected to dominate the market throughout the analysis period, expanding at a CAGR of 14.6% owing to its higher adoption in education, civil aviation, and healthcare industry.
Among the end-users, the entertainment sector generated the maximum revenue in the virtual training and simulation industry and represented around 54% share of the total market revenue in 2014. Further, by 2022, the segment is expected to dominate the market, with a CAGR of 14.1%.
Rising awareness about the virtual training and simulation technology; its cost-effective benefits; and increased expenditure in education, healthcare, and defense sectors, are key drivers for growth in virtual training and simulation market. Further, innovation in design and development of solutions, improved features, and an increase in the scope of this technology in other industries such as transportation, energy, and mining are catalysts for growth in the market. The supportive government initiates and increased spending on education sector, rise in awareness about this technology, and an increased number of Internet users are expected to drive significant growth in Asia-Pacific, which is projected to grow at the fastest CAGR during the forecast period.
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Key questions answered in Virtual Training and Simulation Market research study:
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