Military simulation and virtual training market to reach $15.07 billion by 2025, study says
SAN FRANCISCO. The worldwide military simulation and virtual training market size is expected to reach $15.07 billion by 2025, according to a study conducted by Grand View Research, "Military Simulation and Virtual Training Market Size, Share & Trends Analysis Report By Platform Type (Flight, Vehicle, Battlefield, Virtual Boot Camp), By Application (Ground, Air, Naval), And Segment Forecasts, 2018 - 2025."
The global military simulation and virtual training market is anticipated to expand at a combined annual growth rate (CAGR) of 4.2 percent over the forecast period, driven by such factors as rising global political instability, increased adoption of simulators and virtual training methods, the rising prices for armed components, and concerns about the environment.
The study authors found that North America accounted for approximately 36 percent of global military spending in 2017 and expect that region will continue to lead the military simulation and virtual training market over the next few years, with growth attributed to the increasing demand and high defense expenditure of the U.S. and Canada. However, spending in the Asia-Pacific region is expected to expand at the highest CAGR -- 5.0 percent -- over the forecast period, driven mainly by mounting investments in the defense sector in countries such as China and India, which accounted for around 17 percent of the global military spending in 2017.
For additional information on this market forecast. please visit the Grand View Research website.