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