Dublin, March 01, 2024 (GLOBE NEWSWIRE) -- The "Military Simulation, Modelling and Virtual Training Market Report 2024-2034" has been added to ResearchAndMarkets.com's offering.
World revenue for Military Simulation, Modelling and Virtual Training Market in terms of value is forecast to surpass US$14.2 billion in 2024, with strong revenue growth through to 2034.
The growth of the Military Simulation, Modelling, and Virtual Training Market is underpinned by several critical drivers. Firstly, the increasing complexity of military operations necessitates advanced training methodologies, spurring the adoption of simulation and virtual training solutions. This trend is driven by the need to prepare military personnel for intricate and diverse scenarios, enhancing their skills and decision-making abilities in realistic environments.
Secondly, the global surge in defence budgets amplifies investments in cutting-edge technologies, fostering the development of sophisticated training systems. This financial commitment enables defence forces to stay abreast of technological advancements and maintain a competitive edge.
Furthermore, the emphasis on cost-effective training solutions and the need for realistic battlefield simulations position the market as a strategic asset for defence forces worldwide. The cost-effectiveness of simulation and virtual training compared to traditional training methods is a compelling factor. Additionally, the realism offered by these technologies allows military personnel to undergo training that closely simulates actual combat situations, contributing to better-prepared and more adaptable forces.
Insufficient Data Availability Hampers the Assessment of Proficiency Gains Achieved Through Training in Simulators.
Simulators have emerged as a cost-effective and low-risk alternative to live training for the army and navy, with nations worldwide, both developed and developing, investing in simulation technologies to safeguard assets and streamline training expenses. Unlike live practices, simulators offer immediate and personalised feedback to troops, eliminating the need for extensive resources and surveillance over large training areas. However, concerns arise regarding how to objectively measure troop performance in simulator-based training.
Various countries and training units employ subjective measures to assess troop performance, lacking an objective gauge of preparedness for combat or live exercises. Program Executive Officers for Simulation, Training, and Instrumentation are actively researching methods to quantify virtual training outputs using data from both live and simulator-based exercises. Despite being time and capital-intensive, this endeavour aims to establish standards for performance measurement.
Key Market Dynamics
Market Driving Factors
- Increased Defence Spending Across Countries Concentrated on Adoption of Modern Technologies
- The Mature Adoption of Flight Simulators for Training Combat Pilots
- Military Simulation Systems Have Undergone Rapid Evolution, Aligning with Advancements in Aircraft, Jets.
Market Restraining Factors
- Insufficient Data Availability Hampers the Assessment of Proficiency Gains Achieved Through Training in Simulators.
- Throughout the Lifespan of a Simulator, Challenges May Arise Related to Hardware Maintenance and Obsolescence
- High Initial Costs, Particularly in the Context of Rapidly Evolving Aviation and Defence Technologies
Market Opportunities
- AI Military Training Simulation Software Saves Time And Money
- Increasing Acquisition of Military UAV Expected to Drive Demand for Drone Simulators
- Simulation software to boost Army's Future Ready Training
Forecasts to 2034 and other analyses reveal commercial prospects
- In addition to revenue forecasting to 2034, the new study provides you with recent results, growth rates, and market shares.
- You will find original analyses, with business outlooks and developments.
- Discover qualitative analyses (including market dynamics, drivers, opportunities, restraints and challenges), cost structure, impact of rising military simulation, modelling and virtual training prices and recent developments.
Segments Covered in the Report
Market Segment by Deployment
- On-Premises Simulation
- Cloud-Based Simulation
Market Segment by End-User
- Military
- Government Agencies
- Defense Contractors
Market Segment by Simulation Type
- Flight Simulation
- Vehicle Simulation
- Weapon Simulation
- Other Simulation Type
Market Segment by Technology
- Hardware
- Modeling and Simulation Software
- Communication Systems
- Artificial Intelligence (AI) Integration
- Other Technology
Market Segment by Component
- Visual Systems
- Motion Systems
- Audio Systems
- Control Systems
- Interface Devices
- Other Components
In addition to the revenue predictions for the overall world market and segments, you will also find revenue forecasts for four regional and 20 leading national markets.
The report also includes profiles and for some of the leading companies in the Military Simulation, Modelling and Virtual Training Market, 2024 to 2034, with a focus on this segment of these companies' operations.
Leading companies profiled in the report
- Airbus SE
- BAE System Inc.
- Elbit Systems Ltd.
- General Dynamics Corporation
- Israel Aerospace Industries Ltd.
- L3Harris Technologies, Inc
- Leonardo S.p.A
- Lockheed Martin Corporation
- Northrop Grumman Corporation
- Raytheon Technologies Corporation
- Rheinmetall AG
- Saab AB
- Textron Inc
- Thales Group
- The Boeing Company
In summary, the report provides you with the following knowledge:
- Revenue forecasts to 2034 for Military Simulation, Modelling and Virtual Training Market, 2024 to 2034 Market, with forecasts for deployment, end-user, simulation type, technology, and component, each forecast at a global and regional level - discover the industry's prospects, finding the most lucrative places for investments and revenues.
- Revenue forecasts to 2034 for four regional and 20 key national markets - See forecasts for the Military Simulation, Modelling and Virtual Training Market, 2024 to 2034 market in North America, Europe, Asia-Pacific, Latin America and Middle East & Africa. Also forecasted is the market in the US, Canada, Brazil, Germany, France, UK, Italy, China, India, Japan, and Australia among other prominent economies.
- Prospects for established firms and those seeking to enter the market - including company profiles for 15 of the major companies involved in the Military Simulation, Modelling and Virtual Training Market, 2024 to 2034.
For more information about this report visit https://www.researchandmarkets.com/r/crn52r
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
