WILMINGTON, DE, UNITED STATES, January 29, 2024 /EINPresswire.com/ -- According to a recent report published by Allied Market Research, titled, “Virtual Training and Simulation Market by Component and End User: Opportunity Analysis and Industry Forecast, 2020–2027,”

The virtual training and simulation market size was valued at $204.41 billion in 2019, and is projected to reach $601.85 billion by 2027, growing at a CAGR of 13.7% from 2020 to 2027.

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The global virtual training and simulation market is in its growing phase, having significant acceptance in almost every major region. In this report, the market is studied on the basis of its components, end users, and region. The top impacting factors identified in the virtual training and simulation market growth includes rising awareness regarding simulation technology; cost-effectiveness of virtual training and simulation; and increase in defense, healthcare, and education expenditure. In the prevailing business scenario, the demand for advanced and efficient virtual training and simulation tools is on a continuous rise. On the other hand, resistance to adopt this technology and lack of investments in R&D are anticipated to hinder the market pace.

Currently, North America represents the highest share in the global virtual training and simulation market, whereas the Asia-Pacific market is expected to grow at the fastest rate during the forecast period. Further, innovation in technology, falling prices of virtual training & simulation products, widening scope of the technology in various end users, and rising internet usage increased the adoption of virtual training and simulation.

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Competitive Analysis:
The competitive environment of Virtual Training and Simulation Industry is further examined in the report. It includes details about the key players in the market's strengths, product portfolio, Virtual Training and Simulation Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.

Key Players:
CAE Inc.
L-3 Link Simulation & Training
Cubic Corporation
ON24, Inc.
BAE systems PLC
Kratos Defence & Security Solutions, Inc.
DiSTI Corporation
ANSYS, Inc.
SaaB AB
Lockheed Martin Corporation and Many More

Region wise, Asia-Pacific is expected to witness significant growth in terms of CAGR in the coming years. Moreover, the North America market dominated the virtual training and simulation market in 2019 in terms of revenue.

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The virtual training and simulation market have witnessed significant growth in past few years; however, due to the outbreak of the COVID-19 pandemic, the market is projected to witness a steady growth in 2020.

In addition, the virtual training and simulation market is projected to prosper in the upcoming years after the recovery from the COVID-19 pandemic. Furthermore, various organizations across the globe are adopting online training session for their employees to improve their business process and to increase their operational efficiency.

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About Us:
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 Insights" 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.

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Allied Market Research
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