Military Simulation and Virtual Training To Help Reduce Training Costs on Military Personnel – Global Military Simulation and Virtual Training Market To Grow By A Notable CAGR During 2020 – 2028
Military simulation and virtual training are an imperative part of military activities.
Research Nester published a report titled “Military Simulation and Virtual Training Market: Global Demand Analysis & Opportunity Outlook 2028”which delivers a detailed overview of themilitary simulation and virtual training market in terms of market segmentation by platform type, application,and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis, and Porter’s five force model.
Military simulation and virtual training are an imperative part of military activities. Governments across the globe are taking an initiative to supply an affordable and précised simulation and virtual training systems for their military forces and to give training to the workforce in the Air, Naval, and Land-based domains. Thriving on the back of the increasing instances of civil and political clashes, a requirement of a skilled workforce, and intensified need to reduce training disbursement across the globe, the market is expected to witness a significant opportunity and grow with a notable CAGR over the forecast period of 2020-2028.According to The World Bank, military expenditure around the world increased from USD 1.631 trillion in the year 2016 to USD 1.782 trillion in the year 2018.The global military simulation and virtual training marketing segmented by application into ground, air and naval, out of which,the ground segment is estimated to hold the largest market share backed by the rise in procurement of land systems, such as combat training simulation systems, turret team training simulators and tactical training simulators, among others.
Regionally, the military simulation and virtual training market are segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. North America is estimated to hold the largest shares in the military simulation and virtual training market over the forecast, on account of favorable government policies and initiatives for advancement in the military sector and availability of advanced military infrastructure.
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Increasing Concern for the Cost and Feasibility of Practical Training of Military Personnel
Training involves several costs, such as setting up a practical setup and involve an appropriate environment that is required for the training. Military training are often very critical and demands more critical infrastructure, which therefore increases the training costs. Moreover, in a practical field setup, the control of the trainer over the setup is comparatively very less as that of an indoor virtual simulator. Such factors are anticipated to drive the growth of the global military simulator and virtual training market over the forecast period.
However, factors such as dynamic advancements in technology and the challenges in adding the new technology to the old system, coupled with the concerns for data privacy and security areexpected to operate askey restraintsto the growth of military simulation and virtual training market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of themilitary simulation and virtual training market which includes company profiling of Northrop Grumman Corporation(NYSE: NOC), Cubic Corporation(NYSE: CUB), CAE Inc.(TSE: CAE), Elbit Systems(TLV: ESLT), Rockwell Collins Inc.(NYSE: COL), Lockheed Martin Corporation(NYSE: LMT), BAE Systems(LON: BA), L3 Link Training & Simulation, Thales Group(EPA: HO), Bohemia Interactive Simulations.
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The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials, and recent news and developments. On the whole, the report depicts detailed overview of the military simulation and virtual training market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.