PUBLISHER: The Business Research Company | PRODUCT CODE: 1425645
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425645
Military Simulation And Virtual Training Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on military simulation and virtual training market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for military simulation and virtual training? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The military simulation and virtual training market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Military simulation and virtual training encompass the utilization of simulation technology to replicate the use of weaponry and equipment, commonly employed in diverse military training programs. This method significantly saves time and resources, reducing technical wear on weaponry and equipment while providing an immersive training experience for armed units or individuals.
The realm of military simulation and virtual training, several platform types prevail, including flight, vehicle, battlefield, and virtual boot camp simulations. Flight simulations replicate airborne travel through the use of simulation technology, mimicking the operation of aircraft. These training methodologies encompass gaming solutions and virtual, constructive, and live training scenarios, catering to various end-users such as the air force, army, navy, and medical personnel.
The military simulation and virtual training market research report is one of a series of new reports from The Business Research Company that provides military simulation and virtual training market statistics, including military simulation and virtual training industry global market size, regional shares, competitors with a military simulation and virtual training market share, detailed military simulation and virtual training market segments, market trends and opportunities, and any further data you may need to thrive in the military simulation and virtual training industry. This military simulation and virtual training market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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%. During the historical period, growth can be attributed to several factors, including military modernization initiatives, the rise of virtual reality, the development of cyber warfare training, the adoption of scenario-based training, and the utilization of artificial intelligence. These elements collectively contributed to the growth observed within this timeframe.
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%. In the upcoming forecast period, growth is expected to stem from various factors such as defense budgets and expenditure, ongoing modernization initiatives, geopolitical tensions, emphasis on realism and immersion in training, and the continual focus on cyber warfare preparedness. These elements are anticipated to drive growth during this timeframe. Key trends anticipated in the forecast period encompass personalized learning approaches, advancements in simulation technology, allocations within defense budgets, the expansion of remote and distributed training methods, as well as efforts towards enhancing interoperability and integration. These trends are projected to shape the landscape and direction of the industry during the forecasted period.
The anticipated surge in territorial conflicts is poised to drive the military simulation and virtual training market in the foreseeable future. Territorial conflicts denote disputes over control of specific regions, prompting annual military training to safeguard national security. These training programs often integrate simulation and virtual training practices, known for their time-saving and equipment-preserving attributes. A report by the Anti-Defamation League in October 2022 highlighted 19 distinct incidents in the US during 2021 involving domestic extremists causing the deaths of at least 29 individuals. This escalating conflict underscores the increasing significance of military simulation.
The escalating expenditures within the military sector are expected to significantly propel the market for military simulation and virtual training. Military spending, vital for maintaining armed forces and defense-related essentials, plays a pivotal role in advancing these training technologies. Such investments bolster armed forces' readiness, operational capabilities, and training cost-efficiency. A report by the Stockholm International Peace Research Institute in April 2023 indicated North American military spending at $904 billion in 2022, with Canada allocating $26.9 billion, a 3% increase from the previous year. This financial dedication underscores the driving force behind the growth of military simulation and virtual training.
Innovative platforms are emerging as key trends driving the evolution of the military simulation and virtual training market. Leading companies in this sector are consistently enhancing systems through substantial upgrades. For instance, Bohemia Interactive Simulations introduced VBS4 21.1 in September 2021, leveraging VBS Blue technology to create a comprehensive virtual and constructive simulation platform. This platform promises enhanced performance, realistic environmental scenes, and immersive training experiences, solidifying the trend toward innovative platforms in this industry.
Major players in the military simulation and virtual training domain are launching cutting-edge systems, including Metaverse-based military training, to revolutionize professional military training experiences. These sophisticated platforms harness Metaverse technology, creating immersive and lifelike training environments for military personnel. In October 2021, Optimus System unveiled DEIMOS, a Metaverse-based military training system enabling realistic scenarios for precision shooting and tactical behavior. This technology advancement indicates a transformative shift in military training methodologies.
In March 2022, BAE Systems completed the acquisition of Bohemia Interactive Simulations (BISim) for $200 million, reinforcing its integration strategy and expanding BAE Systems' modeling and simulation capabilities. This strategic move positions BAE Systems to meet evolving customer needs in the growing market for military training, delivering next-generation virtual systems. BISim, a US-based software company specializing in simulation training solutions, brings forth enhanced capabilities and market positioning within the evolving landscape of military simulation and virtual training.
Major companies operating in the military simulation and virtual training market report are 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
North America was the largest region in the military simulation and virtual training market in 2023. The regions covered in the military simulation and virtual training market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the military simulation and virtual training market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The military simulation and virtual training market include revenues earned by entities by providing simulation training services such as equipment skill simulation training, campaign tactics simulation training, and strategy simulation training. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.