Virtual training & simulation for military will grow as cost, collaboration emphasizedNews
March 21, 2023
ELMHURST, Ill. The market for military simulation and virtual training is expected to increase by $6.11 billion over the period 2021 to 2026, with market growth marking a combined annual growth rate (CAGR) of 7.13%, according to a new report from Technavio, "Military Simulation and Virtual Training Market by Product and Geography -- Forecast and Analysis 2022-2026."
Boosting this market, say the study authors, are several factors, including cost-effective virtual training, increasing investments in simulations, and additional collaboration among vendors and OEMs. According to the research, virtual training is highly cost-effective as it minimizes the risks associated with real-time training, including personnel and equipment or devices involved, which has caused defense agencies to shift their focus to simulation and synthetic training methodology. Additionally, the study authors note that increased budgets for defense and law enforcement over the last several years have meant more demand for innovative simulation training systems.
One of the key factors that could hinder market growth, say the study authors, is the high cost of military simulations: For one thing, military training simulators need a variety of peripheral products -- such as TV screens and various controlling equipment along with virtual private networks (VPN) and networking infrastructure -- which raises the overall cost of operation.
For additional information, visit the Technavio website.