Military simulation and training market to show moderate growth over next decadeNews
February 12, 2015
AMSTERDAM. Analysts at ASD Reports say the global military simulation market should show moderate to strong growth through 2024 in their report titled "The Global Military Simulation and Virtual Training Market 2014–2024." In the report they see the market as have a CAGR of 3.48 percent, mostly driven by procurement of other military equipment such as submarines, aircraft, helicopters, UAVs, cyber security systems, and naval ships.
ASD Reports analysts say providers of military simulators should do well because their systems help reduce costs, which is especially attractive in today's budget-constrained environment. Procurers of this technology include countries in North America, Asia-Pacific, and Europe, with the global military simulation market expected to be dominated by the U.S. over the forecast period, followed by the Asia-Pacific, European, and Latin American regions, according to ASD Reports.
The new repot lists key military simulation and training market drivers:
- Defense ministries globally are making significant cost cutting initiatives across their militaries to deal with reduced financial resources.
- Governments are downsizing their militaries and cutting down on training budgets. Therefore they need cheaper and more effective solutions to meet their training requirements.
- Many countries say they have reorganized their militaries, so that they are smaller but more powerful. They are intending to achieve the same results through innovative simulation and virtual training systems. Governments consider live training programs to be expensive and logistically difficult, whereas simulators are a more cost effective and agile alternative, ASD Reports analysts say.
For more on the report, click here.