Military simulation/modeling/virtual training market to show strong growth to 2034, study predicts

News

March 04, 2024

DUBLIN. Global revenue for the military simulation, modeling, and virtual training market in terms of value -- standing at $14.2 billion so far in 2024 -- is expected to show strong revenue growth through to 2034, according to a report from Research and Markets, "Military Simulation, Modelling and Virtual Training Market Report 2024-2034."

The study authors state that this market growth is bolstered by several critical drivers: The increasing complexity of military operations necessitates advanced training methodologies, which then spurs the adoption of simulation and virtual training solutions; the global surge in defense budgets that amplifies investment in cutting-edge technologies and fosters development of sophisticated training systems; and the emphasis on cost-effective training solutions and the need for realistic battlefield simulations that thereby positions the market as a strategic asset for defense forces worldwide

Factors that could hold this market back from major growth, however, include a lack of objective ways to measure preparedness for combat or live exercises following such virtual simulation and training. 

Visit the Research and Markets website for more information.