Global Military Simulation & Virtual Training Market Size, Share, Growth Analysis, By Application(Land, Naval), By Technology(Live, Virtual)

Description

Global Military Simulation & Virtual Training Market size was valued at USD 12.85 Billion in 2022 and is poised to grow from USD 13.56 Billion in 2023 to USD 20.81 Billion by 2031, at a CAGR of 5.50% during the forecast period (2024-2031).

The rising need for lifelike training environments to enhance military readiness and efficiency is expected to propel the growth of the military simulation and virtual training market in the coming years. Advanced technologies such as virtual reality (VR) and augmented reality (AR), along with sophisticated simulators, are driving this growth by accurately replicating real-world combat situations. Other factors fueling market expansion include the demand for cost-effective military training solutions, the increasing complexity of modern military operations, and a strong emphasis on minimizing risks to military personnel during training exercises. Furthermore, the COVID-19 pandemic has accelerated the adoption of virtual training solutions across various military and defense applications, presenting a favorable landscape for players in the military simulation and virtual training market.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Military Simulation & Virtual Training Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Military Simulation & Virtual Training Market Segmental Analysis

The global military simulation and virtual training market can be studied based on various segments such as technology, application, and region. Based on technology, the market is segmented into live, virtual, and constructive simulations. On the basis of application, the market encompasses land, naval, and aerospace training. On a regional level, the market can be segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Military Simulation & Virtual Training Market

Rising political tensions and recent conflicts globally are prompting nations to boost their defense expenditures, leading to a projected surge in demand for military simulation and virtual training in the foreseeable future. The increasing need for cost-effective military training solutions is expected to drive market growth in the coming years.

Restraints in the Global Military Simulation & Virtual Training Market

The development and implementation of military simulation systems incur significant expenses, posing a considerable limitation to the growth of the military simulation and virtual training market. The high costs associated with both hardware and software necessary for virtual training may deter organizations from embracing such practices, further hindering market expansion.

Market Trends of the Global Military Simulation & Virtual Training Market

Military organizations globally are seeking to enhance the realism and immersion of their training programs, driving increased demand for military simulation and virtual training solutions over the long term. Utilizing VR and AR technologies facilitates this goal, enabling military entities to adopt such solutions and consequently stimulate market expansion.

Product Code: SQMIG20A2233

Executive Summary

Market Overview
Wheel of Fortune

Research Methodology

Information Procurement
Secondary & Primary Data Sources
Market Size Estimation
Market Assumptions & Limitations

Parent Market Analysis

Market Overview
Market Size
Market Dynamics
- Drivers
- Opportunities
- Restraints
- Challenges

Key Market Insights

Technology Analysis
Pricing Analysis
Supply Chain Analysis
Value Chain Analysis
Ecosystem of the Market
IP Analysis
Trade Analysis
Startup Analysis
Raw Material Analysis
Innovation Matrix
Pipeline Product Analysis
Macroeconomic Indicators
Top Investment Analysis
Key Success Factor
Degree of Competition

Market Dynamics & Outlook

Market Dynamics
- Drivers
- Opportunities
- Restraints
- Challenges
Regulatory Landscape
Porters Analysis
- Competitive rivalry
- Threat of Substitute Products
- Bargaining Power of Buyers
- Threat of New Entrants
- Bargaining Power of Suppliers
Skyquest Special Insights on Future Disruptions
- Political Impact
- Economic Impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact

Global Military Simulation & Virtual Training Market by Application

Market Overview
Land
Naval
and Aerospace Training

Global Military Simulation & Virtual Training Market by Technology

Market Overview
Live
Virtual
and Constructive Simulations

Global Military Simulation & Virtual Training Market Size by Region

Market Overview
North America
- USA
- Canada
Europe
- Germany
- Spain
- France
- UK
- Rest of Europe
Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Rest of Latin America
Middle East & Africa (MEA)
- GCC Countries
- South Africa
- Rest of MEA

Competitive Landscape

Top 5 Player Comparison
Market Positioning of Key Players, 2021
Strategies Adopted by Key Market Players
Top Winning Strategies
- By Development
- By Company
- By Year
Recent Activities in the Market
Key Companies Market Share (%), 2021

Key Company Profiles

Lockheed Martin Corporation - USA
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
BAE Systems plc - United Kingdom
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Thales Group - France
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
CAE Inc. - Canada
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Elbit Systems Ltd. - Israel
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Boeing Company - USA
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
VSTEP - Netherlands
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Raytheon Technologies Corporation - USA
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
General Dynamics Corporation - USA
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Kratos Defense & Security Solutions, Inc. - USA
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
SAAB Group - Sweden
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Cubic Corporation - USA
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Leonardo S.p.A. - Italy
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Meggitt Training Systems - United Kingdom
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Northrop Grumman Corporation - USA
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Rheinmetall AG - Germany
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Textron Inc. - USA
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Rockwell Collins (now part of Raytheon Technologies) - USA
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
L3Harris Technologies, Inc. - USA
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Presagis (formerly CAE's Modeling and Simulation division) - Canada
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments

Global Military Simulation & Virtual Training Market Size, Share, Growth Analysis, By Application(Land, Naval), By Technology(Live, Virtual) - Industry Forecast 2024-2031