Over the past decades, the industry of defense and security has been grown up more significantly with the effective development in the technology. The Nature of warfare has changed more increasingly and has turned up from being weapon-centric to technology and information-centric. The military simulations are also called as war games on a frequent basis and these are the simulations in which the theories of warfare can be confirmed and experienced without the need for the authentic aggressions. For instance, the virtual training is accurately refers to a training which is done on a virtual platform or simulated environment, or when the learner and the mentor are in the detached locations. Hence, the military simulation and virtual training are vigorous in this new era to improve the situational awareness. An aim on the emerging synthetic training environments and interoperable competences for the virtual training are some of the key trends in this market. Rising emphasis on the maritime security and subsequent aim on the virtual solutions for naval training and focus on introducing flight simulators for training combat aircrafts pilots are the major key drivers for leading the market growth around the globe. With the effectiveness of the military simulations and virtual training in the market, will grow more significantly in the coming years.
Additionally, despite the drivers the market has one major restraint which hinder the market growth more effectively likewise the replication of the physiological effects. Not only has this, for leading the market growth the market key players adopt the different opportunities such as growing adoption of AR technology in the defense and aerospace segment and growing usage of UAVs and the subsequent on drone simulators.
According to the report analysis, ‘Global Military Simulation and Virtual Training Market Research Report – Forecast till 2023’states that some of the major companies which are currently functioning in this market more actively across the globe for acquiring the handsome amount of share includes BAE Systems PLC (UK), CAE Inc. (Canada), Elbit Systems Ltd (Israel), Israel Aerospace Industries Ltd (Israel), L-3 Technologies, Inc. (US), Lockheed Martin Corporation (US), Northrop Grumman Corporation (US), Rockwell Collins, Inc. (US), Thales Group (France), and the Boeing Company (US). Meanwhile, CAE Inc., Lockheed Martin Corporation and Northrop Grumman Corporation are the foremost developers of military simulation and virtual training systems and together accounted for nearly 50% of the market share in 2017.
With the significant drivers and opportunities in the market, is spread across the globe which majorly includes North America, Europe, Asia Pacific region, Middle East and Africa, Latin America and rest of the world. However, the market of the military simulation and virtual training across the globe is projected to account a 6.9% CAGR in the period of 2018-2023. The market was led by the North America with a an effective percent of share (35.1%) in 2018, followed by the Europe and Asia Pacific region with the share of 24.3% and 22.9% respectively. It is expected that in the forecasted period the market of Military Simulation and Virtual Training will grow around the globe more significantly over the decades.
For more information on the research report, refer to below link:-
Ankur Gupta, Head Marketing