Dublin, Sept. 08, 2021 (GLOBE NEWSWIRE) — Rising Demand for Virtual Simulation Training for Ensuring Safety of Trainees and Cost-Effectiveness according to“Military Synthetic and Digital Training Solution Market” report that has been added to ResearchAndMarkets.com’s offering.
The global military synthetic and digital training solution market is estimated to reach $17,385.8 million in 2026, at a compound annual growth rate (CAGR) of 9.45% during the forecast period 2021-2026.
Military Synthetic and Digital Training Solution Market
The manufacturers ensure that the hardware and software integrated within the military synthetic and digital training solution are well matched within their scope of application. To ensure that users (military personnel) get the best possible simulation environment, the companies operating in the vertical are increasing their investment in research and development.
Some major technological development within the market encompasses cross-domain simulations and ultra-high-fidelity immersive experience. The market faces several technical and non-technical challenges, such as integrating software and hardware and operations on an open network. However, these are expected to be eliminated over time from the market.
Impact of COVID-19 Military Synthetic and Digital Training Solution Market
The COVID-19 pandemic has accelerated the growth of the military synthetic and digital training solution market. The increasing geopolitical conflicts between nations due to rising cases of COVID-19 and the arms and ammunition escalation race across the globe have generated a demand for combat-ready troops across several nations. Such situations have generated business opportunities for the market.
However, limited logistics support and fund allocation toward acquiring new simulation technologies due to COVID-19 have also seized a few business opportunities. Several companies have reported a loss of business and limited their fund toward R&D, which may impact the market in the long run. However, the gradual decline of COVID-19 cases will lead to a more stable ecosystem, opening new business opportunities for the global military synthetic and digital training solution market.
Military Synthetic and Digital Training Solution Industry Overview
The global military synthetic and digital training solution market has been growing rapidly over the past few years due to the rising demand for high-quality and high-fidelity simulators that offer comprehensive cross-domain training environments. Major key companies are acquiring smaller and emerging companies to increase their operational regions in various applications.
Market Segmentation
Military Synthetic and Digital Training Solution Market by Application
The global military synthetic and digital training solution market has been segmented based on various immersion applications, including combat and personnel training, maintenance, repair and overhaul (MRO) training, leadership and skill assessment, and medical training. The combat and personnel training segment includes various sub-segments such as personnel training, aircraft, vehicle, and vessel.
These segments are also further divided into manned and unmanned vehicles. The aircraft segment will witness the highest market share in combat and personal training within the global military synthetic and digital training solution market. The increasing cost of live combat and personnel training and the rising risk of fatal injuries during live training is the primary market driver supporting the usage of military simulators.
Key Market Players and Competition Synopsis
The companies profiled in the report have been selected post undergoing in-depth interviews with experts and understanding the details around companies such as product portfolio, annual revenues, market penetration, research and development initiatives, key developments, and domestic and international presence in the military synthetic and digital training solution industry.
Key Questions Answered in the Report
- Which region is expected to be leading the global military synthetic and digital training solution market by 2026?
- What are the key developmental strategies implemented by the key players to sustain in this highly competitive market?
- What are the futuristic trends in this market, and how is the market expected to change during the forecast period 2021-2026?
- What are the key drivers and challenges faced by the companies currently working in the global military synthetic and digital training solution market?
- What are the anticipated segments and applications expected to dominate the market share during the forecast period?
- What are the opportunities for the companies to expand their businesses in the global military synthetic and digital training solution market?
- What is the current and future revenue scenario of this market?
Industry Outlook
- Evolution of Military Training Environment: Current Vs. Future Scenario
- Aerial Military Simulator (by Country), 2021
- Emerging Technologies in the Global Military Synthetic and Digital Training Solution Market
- Integration of Artificial Intelligence (AI)
- Internet of Things (IoT) and Machine-to-Machine (M2M) Interactions
- Patent Analysis, 2020 and 2021
- Supply Chain Analysis
Market Dynamics
Business Drivers
- Rising Demand for Virtual Simulation Training for Ensuring Safety of Trainees and Cost-Effectiveness
- Ease of Accessing Data
- Reduction of Training Cost
- Increased Training Efficiency
- Reduced Dependency
- Enhanced Safety
- Rising R&D Activities for Development of Military Simulation System
- Integration of Synthetic Training Environment (STE) in Next-Generation Equipment
- Miniaturization of Components
- Improvement in Communication Technologies
- Fifth Generation (5G) and Internet of Things (IoT)
- Laser Communication
- Wireless Communication
Business Challenges
- High Production and Deployment Cost of Systems
- High Complexity Associated with Simulation System
- Low Bandwidth and Latency
- Limited Data Rendering Capabilities
- Prone to Cyber Attack
Business Opportunities
- Developing a Multi-Domain Battle Training System
- Partnership Opportunities with Telecom and AR/VR Manufacturers
- Remote Training Solution
Key Market Strategies and Developments
- Long Term Collaborations, Contracts, New Product Launches, and Investments
Companies Mentioned
- Airbus S.A.S.
- Boeing
- CAE Inc.
- ECA Group
- General Dynamics Mission Systems, Inc.
- Indra Sistemas, S.A.
- Kongsberg
- L3Harris Technologies, Inc.
- Leidos
- Leonardo S.p.A.
- Northrop Grumman
- Reiser Simulation and Training (RST)
- Saab
- ST Engineering
- Thales Group
- The DiSTI Corporation
For more information about this report visit https://www.researchandmarkets.com/r/cxtraz
