The global military simulation and virtual training market is estimated to grow at a considerable CAGR during the forecast period. The adoption of simulation-based training techniques is increasing to ensure safety and cut down training costs. The simulation-based training is essential to improve preparedness and responsiveness in war theatres and critical settings by facing complex situations which is crucial for the success of the mission where the ability to take the right decision at the right time is required. Moreover, the rising need for low-cost simulators having advanced artificial intelligence (AI) is expected to boost the growth of the market. The major factors driving the market are increasing investments in simulations by various governments in order to provide a better and safe training environment. Moreover, the adoption of virtual training to ensure cost-effectiveness and reduction in military budgets in developed countries are also contributing to the growth of the market.
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The major players operating in the global military simulation and virtual training market are Lockheed Martin Corp., Bohemia Interactive Simulations k.s., Meggitt PLC, Raytheon Company, KratosDefense & Security Solutions, Inc., Cubic Corp., and L3 Technologies, Inc. In addition, few key players are focusing on acquisition strategies to boost their presence in the market. Bohemia Interactive Simulations developed an augmented reality (AR) visual system for Textron Inc. that provides support to trainee’s interaction with the real-world using AR/VR technologies.
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- Market Coverage
- Market number available for – 2024-2030
- Base year- 2023
- Forecast period- 2024-2030
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
The Report Military Simulation and Virtual Training Market – Segment by Region
North America
- US
- Canada
Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Middle East & Africa
- Latin America
The Report Covers:
- Comprehensive research methodology of the global military simulation and virtual training market.
- This report also includes a detailed and extensive market overview with key analyst insights.
- An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
- Insights about market determinants which are stimulating the global military simulation and virtual training market.
- Detailed and extensive market segments with regional distribution of forecast revenues.
- Extensive profiles and recent developments of market players.
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