Portland, OR, Nov. 25, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global virtual training and simulation market was estimated at $148.32 billion in 2017 and is expected to hit at $328.87 billion by 2022, registering a CAGR of 16.8% from 2016–2022. The report provides a detailed analysis of the top winning strategies, top investment pockets, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
An increase in awareness about virtual training & simulation, cost-effective benefits of virtual training & simulation solutions, and rise in defense, healthcare, and education expenditure drive the growth of the global virtual training and simulation market. On the other hand, resistance to adopt the virtual training & simulation technology, and lack of investments in R&D restrain the growth to some extent. However, advancements in technology and cope for improvements in other industries including mining, transportation, and energy are expected to create lucrative opportunities for the key players in the industry.
The hardware segment to dominate by 2022-
Based on the component, the hardware segment contributed to nearly two-thirds of the total market revenue in 2017 and is expected to lead the trail throughout the forecast period. The software segment, on the other hand, is projected to grow at the fastest CAGR of 20.6% during the study period.
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The entertainment segment to rule the roost-
Based on end-user, the entertainment segment generated the major share in 2017, holding half of the total market. At the same time, the education segment would showcase the fastest CAGR of 22.1% throughout 2016–2022.
North America to retain its top status in terms of revenue-
Based on geography, North America accounted for nearly two-fifths of the total market share in 2017 and is anticipated to maintain the lion’s share during the estimated period. Simultaneously, the Asia-Pacific region would cite the fastest CAGR of 17.2% till 2022.
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Leading market players-
The key market players analyzed in the global virtual training and simulation market report include SAAB Training USA LLC, Lockheed Martin Global Training and Logistics, CAE, Inc., and others. These market players have incorporated a number of strategies including partnership, expansion, collaboration, joint ventures, and others to retain their robust stand in the industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.