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2021
Asia Virtual Training And Simulation Market

Asia Virtual Training and Simulation Market

by Component (Hardware and Software), End User (Defense & Security, Healthcare, Education, Entertainment, and Others), and Country (China, Japan, India, South Korea, Sri Lanka, and Rest of Asia): Opportunity Analysis and Industry Forecast, 2021-2030
Update Available On-Demand

Report Code: A13119
Pages: 182
Aug 2021 | 1097 Views
Author(s) : Rachita R
Tables: 58
Charts: 65
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COVID-19

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Asia Virtual Training and Simulation Industry Statistics - 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 15.20% from 2021 to 2030. Asia virtual training and simulation software is used by training and education provider companies, aviation companies, educators, and solo learners for effective training and education experiences. The key objective of virtual training and simulation software is to enhance training and education process and produce better outcomes. Virtual training and simulation software helps educators and trainers to gather data and information from relevant disciplines and deliver it to trainee more effectively. Enhanced data communication and coordination among trainer and trainee will result in better improvement of skill sets. Virtual training and simulation is training method which uses the simulated virtual environment is created to test certain abilities of a trainee that can contribute to the learning process. It is widely applicable in-flight simulation, simulation-based gaming, serious games, healthcare training, energy, transportation training, e-learning, military & navy, digital manufacturing, and others. 

Virtual training and simulation market in Asia region is observing growing popularity and attention of researchers in both industry and academia. 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. During the COVID-19 pandemic, organizations that deployed virtual training and simulation earlier have been able to quickly adjust to the new variant of virus due to online education and training facility that will help to achieve business requirements that were resulting due to advancement in healthcare 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. This is attributed to increase in adoption of online training & education which is expected to boost the demand for hardware, which is required for virtual training and simulation. However, the software segment is expected to witness highest growth in the upcoming years as there has been an increase in the adoption of virtual training and simulation software among the end users, as it ensures effective functioning of virtual training and simulation platform. In addition, high implementation of virtual training in industry vertical such as civil aviation and defense & security create needs for software in the market which is anticipated to drive the growth of the Asia virtual training and simulation market during the forecast period. 

Asia-Virtual-Training-&-Simulation-Market-2021-2030

On the basis of country, the China dominated the Asia virtual training and simulation market share in 2020, and is expected to continue this trend during the forecast period. The growth of the segment is attributed to rise in concerns about saving time and physical present of student, which is associated with class room training and education, which is highly valuable. Larger firms in the various industry verticals such as Lockhead Martine Inc. and CAE Corporation provide defense and security related training and simulation software for their customers in China. However, the Japan is expected to witness highest growth in the upcoming years as increase in use of online training and simulation in the Japan and adoption of online education due to COVID-19 pandemic. This in turn fuels the market growth of the market.

The report focuses on the growth prospects, restraints, and opportunities of the Asia virtual training and simulation market analysis. The study provides Porter’s five forces analysis of the Asia virtual training and simulation industry to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the Asia virtual training and simulation market trends.

Segment Review

The Asia virtual training and simulation market is segmented on the basis of component, end user, and country. By component, it is categorized into hardware and software. Depending on end user, it is categorized into defense & security, civil aviation, education, entertainment, and others. By country, it is categorized into China, India, Japan, South Korea, Sri-Lanka, and Rest of Asia.

Impact Of Covid-19 On The Asia Virtual Training And Simulation Market

The current Asia virtual training and simulation market forecast of 2030 is projected to be higher than pre-COVID-19 estimates. Prior to COVID-19, revenue of the Asia Virtual Training and Simulation market was estimated to be $ 54.28 billion in 2020; however, the pandemic has positively impacted the market growth. It has registered increase in its revenue and is expected to reach $ 63.62 billion in 2021. The market is camming on normal track from mid of 2021 and will be attaining a growth rate of 15.2% from 2021 to 2030, owing to rise in adoption of online training and e-learning across the globe, which is expected to drive the growth of the market in the pandemic situation.

The virtual training and simulation market is projected to higher growth in the upcoming years due to the recovery from the COVID-19 pandemic. Furthermore, various organizations across the Asia state 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 e-learning applications and have adopted virtual training for their students to continue their curriculum without any transmission of the virus among public.

Asia Virtual Training and Simulation Market
By Component

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Software segment is projected as one of the most lucrative segments.

Top impacting factors    

Top impacting factors such as increase in awareness about virtual training & simulation solution and growth in awareness regarding the cost-effective benefits of virtual training & simulation technology boost the Asia virtual training and simulation market growth. Moreover, rise in defense, healthcare, and education expenditure by countries such as China, India, and Japan further fuels the growth of the market. However, resistance to adopt the virtual training and simulation technology restrains the growth of the market. Furthermore, technological advancements and scope for improvement in other industries are create Asia virtual training and simulation market opportunity. These are the key factors that drive the growth of the Asia virtual training and simulation market.

Increase in defense, healthcare, and education expenditure by Asian countries

In Asia, the governments of China, India, and Japan has significantly increased its yearly expenditure for virtual training and simulation in military, healthcare, and education sector, which indicates the rise in sales for related equipment, including virtual training and simulation solutions. This increase in expenditure is due to rise in air traffic and commercial aircraft fleet. In addition, virtual training saves time and cost of training. Increase in number of Internet users and adoption of mobile phones, technological advancements in healthcare and digital education drives the market. As well as growth in penetration of interactive gaming in education segment, and remarkable growth in Virtual Training & Simulation market increases adoption of virtual reality and simulator solution. Virtual reality headsets also known as head mount displays are considered as a breakthrough in modern electronics in terms of technology. Currently, on-going trend of potential social impact of virtual reality technology has increased significantly over the past decade. Major companies operating in the virtual reality solutions and services are striving for high consumer base, which in turn decrease the cost of VR headsets manufacturing, owing to R&D activities for virtual devices with miniature design. This in turn is expected to drive the growth of the market in the coming years at a significant rate.

Asia Virtual Training and Simulation Market
By End User

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Education segment is projected as one of the most lucrative segments.

Key Benefits For Stakeholders

  • The study provides an in-depth analysis of Asia virtual training and simulation market along with the current trends and future estimations to elucidate the imminent investment pockets.
  • Information about key drivers, restraints, and opportunities and their impact analysis on the Asia virtual training and simulation market size is provided.
  • Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the content delivery Asia virtual training and simulation market.
  • The quantitative analysis of the Asia Virtual Training and Simulation Market from 2020 to 2030 is provided to determine the Asia virtual training and simulation market potential.

Key Market Segments

By Component

  • Hardware 
  • Software 

By End User

  • Defense & Security
  • Civil Aviation
  • Education
  • Entertainment
  • Others

By Country

  • China 
  • Japan    
  • India
  • South Korea
  • Sri-Lanka
  • Rest of Asia

Key Market Players Profiled In The Report

  • ANSYS, Inc.
  • BAE System 
  • CAE Inc.
  • Cubic Corporation
  • Kratos Defense & Security Solutions, Inc.
  • Laerdal Medical Corporation
  • Lockheed Martin Corporation
  • ON24, INC
  • SAAB AB
  • Thales Group
 

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In accordance with several interviews that were conducted with top level CXOs, adoption of virtual training and simulation in Asia has increased over the period of time due to growing online education industry and evolving supportive government regulations across the region. In addition, ability of the software to improve productivity of educators and learners on online platforms and reduced errors and glitches in online training and education system is increasing its popularity among the end users.

Furthermore, many small & medium size enterprises in Asian continent are adopting virtual training and simulation solutions to reduce cost and time of training and increase productivity of learners. Moreover, several restrictions associated with physical classrooms and training sites, owing to COVID-19 has encouraged educators and trainees to use software-based tools to continue learning process. According to the CXOs of leading companies operating in the virtual training and simulation market, initial investments and development cost of training & simulation solutions are higher as compared to other solutions. These virtual training and simulation solutions provide better options for training as compared to conventional tools and methods.

As virtual training and simulation solution manufacturers focus on each & every detail of real incidents while developing the solutions, so that a trainee gets a real-world experience with minimum wastage of resources such as time, money, human life, and physical entities. For instance, the idea of using a real aircraft component is expected to approximately cost $10,000, but by using the latest technology available in the market it can be manufactured to simulate the component at a lesser price between $2,000 and $3,000. However, there was a time, when an aircraft simulator used to cost approximately three times the actual aircraft’s cost, but today the development & innovation has helped the manufactures to minimize the manufacturing cost to a great extent.

The applications of simulation technology are observed in various end users, which include aviation, naval, military, medical, and others. In addition, in the near future, the awareness and adoption of virtual training and simulation solutions are expected to increase at a significant rate among various end users. This is expected to improve training process in different organizations, which is estimated to result into high productivity and innovation.

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. The key players operating in the Asia Virtual Training and Simulation market include ANSYS, Inc., BAE system, CAE Inc., Cubic Corporation, Kratos Defence & Security Solutions, Inc., Laerdal Medical Corporation, Lockheed Martin Corporation, ON24, INC, Simigon, 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

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