Asia Virtual Training and Simulation Market Expected to Reach $227.13 Billion by 2030

According to a recent report published by Allied Market Research, titled, “Asia Virtual Training and Simulation Industry by Component, and End User: Opportunity Analysis and Industry Forecast, 2021-2030,” the Asia virtual training and simulation market size was valued at $54.28 billion in 2020, and is projected to reach $227.13 billion by 2030, growing at a CAGR of 15.2% from 2021 to 2030. Enhanced productivity through interoperability and government mandates, due to COVID-19 for virtual training and simulation solution usage drive the growth of the market. In addition, expansion of the education industry along with increased adoption of advanced technology in this sector fuels the growth of the market. Furthermore, rise in cases in pandemic and health concerns as well as emergence of virtual reality (VR) and augmented reality (AR) technologies and their integration with online training and education platforms are expected to provide lucrative opportunities for the market growth.

In Asia virtual training and simulation industry. On the basis of component, the hardware segment dominated the overall Asia virtual training and simulation market in 2020, and is expected to continue this trend during the forecast period as there has been an increase in adoption of hardware among defense and industrial sectors, as it ensures effective functioning of virtual training & simulation solution and platforms.

However, the software segment is expected to witness highest growth in the upcoming years. This is attributed to increase in adoption of virtual training and simulation software in training and education sector in Asia. Most of the organizations have started adopting these solutions to align all educational and training tools together such as video lectures & practical education in the end users such as civil aviation training, healthcare education, and defense training, which improves the overall productivity of training programs.

As per Asia virtual training and simulation market Trends. On the basis of end users, the entertainment segment dominated overall Asia virtual training and simulation market in 2020 and is expected to continue this trend during the forecast period. This is due to growing adoption of simulation based games and increasing demand of 3D movies in the Asia region. Also increasing use of simulation-based gaming consoles for training of people to encouraging them to handle or tackle situations similar to real world through creation of a simulated environment. However, education segment is highest growing segment and it will continue this trends during the forecast period. This growth is attributed due to initiatives taken by governments authorities of emerging countries such as China, Japan and India for online education also increase in Internet usage, and high adoption of technology in teaching and education sector boosts the growth of the market in the Asia region.

Post COVID-19, the Asia virtual training and simulation market share was valued at $ 54.28 billion in 2021, and is projected to reach $ 227.13 by 2030, growing at a CAGR of 15.2 % from 2020 to 2030. It has registered increase in its revenue and is expected to reach $ 63.62billion in 2021. The market is coming on normal track from mid-2021 and will be attaining a growth rate of15.2% from 2021 to 2030, owing to rise in adoption of online training and virtual training & simulation industry across the globe, which is expected to drive the growth of the market in the pandemic situation. The virtual training and simulation market has witnessed growth in the past few years; however, due to the outbreak of the COVID-19 pandemic, the market has witnessed a slight decline in hardware revenue in 2020. This is attributed due to implementation of lockdown by governments in majority of the countries and the shutdown of schools, colleges, offices, and other organizations to prevent the transmission of virus. The virtual training and simulation market is projected to prosper in the upcoming years after the recovery from the COVID-19 pandemic. Furthermore, various organizations across the Asian countries are adopting online training sessions for their employees to improve their business process and to increase their operational efficiency. In addition, various countries have installed virtual training & simulation applications and have adopted virtual training for their students to continue their curriculum without any transmission of the virus among public..

Key Findings Of The Study

• By Component, the hardware segment dominated the Asia virtual training and simulation market in 2020. However, the software segment is expected to exhibit significant growth during the forecast period.
• On the basis of End User, the entertainment segment accounted for the highest revenue of Asia virtual training and simulation market in 2020; however, the education segment is expected to witness the highest growth rate during the forecast period.

The key players operating in the Asia State for Virtual Training and Simulation market include ANSYS, Inc., BAE System, CAE Inc., Cubic Corporation, Kratos Defense & Security Solutions, Inc., Laerdal Medical Corporation, Lockheed Martin Corporation, ON24, INC, SAAB AB, and Thales Group. Major players have adopted various revenue and business growth strategies to enhance and develop their product portfolio, strengthen their virtual training and simulation market share, and help them increase their market penetration