Global Military Simulation and Training Market Size study, by Training Type (Live, Virtual, Constructive, Gaming Simulation), by Application (Airborne, Naval, Ground) and Regional Forecasts 2020-2027
London, UK -- (SBWIRE) -- 08/06/2021 -- Global Military Simulation and Training Market is valued at approximately USD 11.67 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 5.57 % over the forecast period 2020-2027. Military simulation and training are important technology used for the provision of machine use and maintenance training services and for the techniques of military warfare. A time-efficient and cost-saving approach, specifically used by the defense industry, is military simulation and training. It is used as an important tool in the defense sector to prepare staff for higher roles, to promote new methods and procedures for personnel, to establish and evaluate new methods, as well as to evaluate the efficacy of modern weapons systems. The market is driven by the adoption of virtual training to ensure trainee protection and cost-effectiveness, reduction of military budgets in developing countries, paving the way for simulator training activities, growing political tensions, and civil unrest worldwide.
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The key players of the global Military simulation and training market have adopted various strategies to gain competitive advantage including product launch, mergers, and acquisition, partnerships and agreements, investment, funding, and others. For instance, in August 2020, Bohemia Interactive Simulations (BISim) launched VBS4 20.1, BISim's most critical tech update since 2013. VBS4 is a synthetic and positive simulation of the entire earth. It provides a major phase improvement from VBS3, offering greater ease of use, improved performance, and full-earth terrain representation. In July 2018, Northrop Grumman Corporation was awarded a contract of USD 128 million by the US Army to provide operation and sustainment of virtual, live, constructive training, and simulation systems. The company has been supporting the army program, Mission Training Complex Contractor Support (MTCCS – III Corps). The company provides mission command training to more than 70,000 service members annually.
Major market players included in this report are:
Airbus Group SE
BAE Systems PLC
Elbit Systems PLC
General Dynamics Corp.
L3 Technologies Inc.
Lockheed Martin Corp.
Northrop Grumman Corp.
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By Training Type:
Target Audience of the Global Military Simulation and Training Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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