PUBLISHER: The Business Research Company | PRODUCT CODE: 1484865
PUBLISHER: The Business Research Company | PRODUCT CODE: 1484865
Simulation learning involves leveraging technology to construct immersive, interactive environments that replicate real-world scenarios for instructional purposes. These simulations enable individuals to engage in experiential learning by making decisions and experiencing outcomes within a safe and controlled setting.
The primary types of simulation learning encompass hardware and software. Hardware refers to the physical equipment and devices utilized to create and interact with simulated environments, including computers, sensors, VR headsets, and haptic feedback devices. Delivery modes vary and include web-based simulation, cloud-based simulation, and on-premises simulation, catering to applications in fields such as medical training, enterprise simulations, education, civil aviation, defense, security, and more.
The simulation learning market research report is one of a series of new reports from The Business Research Company that provides simulation learning market statistics, including simulation learning industry global market size, regional shares, competitors with a simulation learning market share, detailed simulation learning market segments, market trends and opportunities, and any further data you may need to thrive in the simulation learning industry. This simulation learning 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 simulation learning market size has grown rapidly in recent years. It will grow from $17.1 billion in 2023 to $20.45 billion in 2024 at a compound annual growth rate (CAGR) of 19.6%. The growth observed during the historic period can be attributed to several factors, including an increased emphasis on experiential learning methodologies, a rising demand for hands-on training across various industries, the expansion of online education and remote learning platforms, and the proliferation of simulation learning startups.
The simulation learning market size is expected to see rapid growth in the next few years. It will grow to $42.03 billion in 2028 at a compound annual growth rate (CAGR) of 19.7%. The anticipated growth in the forecast period can be attributed to several factors, including the expansion of simulation learning initiatives, a heightened focus on environmental sustainability within educational practices, the growth of simulation learning content libraries, the emergence of simulation learning ecosystems facilitating seamless integration, and the rise of simulation-based assessments. Key trends expected during this period include the integration of artificial intelligence (AI) into simulation learning platforms, increased adoption of virtual reality (VR) technology, widespread adoption of simulation learning methodologies across various sectors, the integration of cybersecurity training into simulation learning programs, and ongoing technological advancements enhancing the effectiveness and accessibility of simulation-based education.
The surge in investment in educational technology is poised to drive significant growth in the simulation learning market moving forward. Educational technology, encompassing digital tools and resources to enrich teaching, learning, and educational outcomes, is witnessing increased investment due to its potential to enhance learning outcomes, improve accessibility, and meet evolving educational needs in an increasingly digitized world. Simulation learning, a key component of educational technology, is widely utilized to deliver interactive experiences for practical skill development within controlled environments. For example, as per data from the Department of Education, a UK-based government department, investment in edtech soared threefold, reaching €1.6 billion in 2021 from €625 million in 2020, highlighting the driving force behind the growth of the simulation learning market.
Prominent players in the simulation learning market are embracing virtual reality (VR) and augmented reality (AR) technologies to introduce sophisticated and intelligent solutions, such as virtual team simulation, aimed at enhancing remote collaboration, fostering experiential learning, and optimizing training outcomes. Virtual team simulation involves the use of simulated environments in educational or professional settings to replicate the experience of collaborating within virtual teams, enabling participants to practice communication, collaboration, and problem-solving skills remotely. For instance, KNOLSKAPE, an India-based technology company, introduced virtual teams in December 2021, offering an immersive learning experience where participants take on the role of a leader within a globally distributed team facing challenging goals. This simulation provides learners with a safe environment to explore leadership dynamics within virtual team scenarios, allowing for failure, unlearning, and relearning without real-world consequences.
In May 2021, eDynamic Learning, a US-based educator-founded company, acquired Knowledge Matters, enhancing its ability to offer students immersive and practical learning experiences across various industries. Knowledge Matters Inc., a US-based educational technology company, specializes in providing simulation-based learning solutions for business education, enabling students to make decisions and observe the real-world impact of their choices. This acquisition strengthens eDynamic Learning's portfolio, enabling it to provide comprehensive simulation learning experiences to students, further enriching their educational journey.
Major companies operating in the simulation learning market are Siemens AG, Thales Group, Rockwell Automation Inc., CAE Inc., ESI Group, Ansys Inc., McGraw-Hill Education LLC, Pluralsight Inc., Laerdal Medical Corporation, D2L Corporation, Realityworks Inc., SANS Institute, Infopro Learning Inc., Mentice AB, KNOLSKAPE Solutions Private Limited, Toolwire Inc., Capsim Management Simulations Inc., Simmersion Holdings Pty Ltd, SIMTICS Limited, Indusgeeks USA Inc., Innovative Learning Solutions Inc., Forio Corporation, SimTutor Inc.
North America was the largest region in the simulation learning market in 2023. The regions covered in the simulation learning market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the simulation learning market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The simulation learning market consists of revenues earned by entities providing services such as consulting and training, technical support, and content integration. The market value includes the value of related goods sold by the service provider or included within the service offering. The simulation learning market also includes sales of simulation software platforms, mobile learning apps, and hardware solutions. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
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.
Simulation Learning 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 simulation learning 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 simulation learning ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The simulation learning 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.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.