Portland, OR -- (SBWIRE) -- 06/19/2017 -- Rising awareness about the virtual training and simulation technology; its cost-effective benefits; and increased expenditure in education, healthcare, and defense sectors, are key drivers for growth in virtual training and simulation market. Further, innovation in design and development of solutions, improved features, and increase in scope of this technology in other industries such as transportation, energy, and mining are catalysts for growth in the market. The supportive government initiates and increased spending on education sector, rise in awareness about this technology, and increased number of Internet users are expected to drive significant growth in Asia-Pacific, which is projected to grow at the fastest CAGR during the forecast period.
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Virtual Training and Simulation Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $329 billion by 2022, registering a CAGR of 14.6% during the forecast period 2016 - 2022. The education segment is expected to dominate the market from 2016 to 2022. Asia-Pacific is expected to grow at the highest growth rate, whereas North America accounted for 39% share of the market in 2014 and is anticipated to grow at a significant rate.
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Increase in defense, education & healthcare spending, rise in awareness about this technology, and its cost-effective benefits in various industries are the major factors that drive the market growth. Leading companies in this market are taking initiatives toward development of novel solutions by investing in R&D and are seeking new opportunities by expanding their market presence through partnerships, collaborations, and other strategic alliances. For instance, in military simulation and virtual training market, leading vendors focus on development of more compact and cost-effective simulators that can elevate the quality of virtual environment same as the real world. However, resistance to adopt this technology in various regions such as North African countries and limited investments in R&D activities have restricted the growth of the market to a certain level.
In the year 2014, hardware segment accounted for about 70% of total revenue. It is expected to dominate the market throughout the analysis period, expanding at a CAGR of 14.6% owing to its higher adoption in education, civil aviation, and healthcare industry. In the year 2014, North America dominated the virtual training and simulation market in hardware segment, whereas Asia-Pacific is expected to grow at the fastest CAGR around17% during the forecast period. The software segment is projected to reach significant amount by 2022, which will be more than four times as compared to that of 2014.
Among the end users, entertainment sector generated the maximum revenue in the virtual training and simulation industry and represented around 54% share of the total market revenue in 2014. Further, by 2022, the segment is expected to dominate the market, with a CAGR of 14.1%. However, education sector is projected to grow at the fastest CAGR of 22.1% due to supportive government initiatives and spending in education sector along with rise in number of Internet users especially in Asia-Pacific.
Key findings of the study:
-In the year 2014, hardware segment led the overall virtual training and simulation market revenue, and is projected to grow at a CAGR of14.6% during the forecast period.
-Education sector virtual training and simulation market is anticipated to grow at the fastest CAGR of 22.1%, owing to the support from governments, rise in Internet penetration, and presence of strong regulatory bodies.
-Entertainment sector generated the maximum revenue in virtual training and simulation industry in 2014.
-In education segment, e-learning accounted for the maximum share in the revenue, while game-based learning is anticipated to grow at the highest CAGR.
-In the year 2014, North America was the dominant region in virtual training and simulation market. However, Asia-Pacific is expected to grow at the fastest CAGR with China leading the market.
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