Florida Virtual Training and Simulation Market Statistics - 2030
Florida virtual training and simulation market size was valued at $5.71 Billion in 2020, and is projected to reach $20.07 Billion by 2030, growing at a CAGR of 13.4% from 2021 to 2030. Florida 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.
On the basis of component, the hardware segment dominated the overall Florida 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. Also, 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 Florida virtual training and simulation market during the forecast period.
By end user, the defense & security segment dominated the Florida 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 Lockheed Martin and CAE Corporation provide defense and security related training and simulation software for their customers in defense and public sector. However, the education segment is expected to witness highest growth in the upcoming years as increase in use of online training and simulation in the education industry and adoption of online education due to COVID-19 pandemic. This in turn fuels the Florida virtual training and simulation market growth.
The report focuses on the growth prospects, restraints, and Florida virtual training and simulation market opportunity analysis. The study provides Porter’s five forces analysis of the Florida 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 Florida virtual training and simulation market trends.
The Florida virtual training and simulation market is segmented on the basis of component and end user. By component, it is categorized hardware and software. By end user, it is categorized into defense & security, civil aviation, education, entertainment, and others.
Impact of COVID-19 on the Florida virtual training and simulation market
The current estimation of 2030 is projected to be higher than pre-COVID-19 estimates. The pandemic has positively impacted the market growth. It has registered increase in its revenue and is expected to reach $ 6.47 billion in 2021. The market is expected to be on normal track from mid-2021 and will be attaining a growth rate of 13.4% 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. Furthermore, various organizations across the Florida 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.
Top impacting factors
Numerous factors such as increase in awareness about virtual training and simulation among the industrial vertical and cost effectivity of the virtual training and simulation solution in training and education drives the market growth in Florida. Moreover, increase in simulation training expenditure among defense, healthcare, and education in Florida drives the growth of the virtual training and simulation solution market.
However, lack of awareness and resistance toward adoption of virtual training and simulation solution hinder the growth of the market. Furthermore, increase in use of advanced technology and need of improvement of training and education in the industry vertical such as mining, transportation and energy industry creates lucrative opportunity in the market during the forecast period.
Software segment is projected as one of the most lucrative segments.
Increase in awareness about virtual training and simulation
Virtual training and simulation have found scope in various industries such as civil aviation, defense & security, healthcare, digital manufacturing, education, and entertainment. Nowadays, individuals or organizations are taking advantage of either hardware or software or combination of both solutions to train professionals, students, crews, and other associated people in an efficient way with minimum efforts.
According to a primary respondent, in the near future, awareness of simulation & virtual training and the importance of training in a situation similar to real life scenario will help people in different fields to understand/utilize & train in a better state of the art technology and to develop more advanced and even sophisticated systems. Immersive gaming is expected to gain mainstream appeal among the individuals that are dwelling on enhanced interactive virtual devices for an enthralled experience. Furthermore, virtual reality training and simulations has revolutionized the gaming industry, as a person can experience and interact in a three dimensional environment during a game. This has grown the need for games whose content is based on virtual reality and in turn increase the awareness of the market.
By End User
Defense and Security accounted for the largest market share in 2020.
Key Benefits For Stakeholders
- The study provides an in-depth analysis of Florida Virtual Training and Simulation industry 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 Florida Virtual Training and Simulation market size is provided.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the Florida Virtual Training and Simulation industry.
- The quantitative analysis of the Florida virtual training and simulation market forecast from 2021 to 2030 is provided to determine the market potential.
By End User
- Defense & Security
- Civil Aviation
Key Market Players Profiled In The Report
- ANSYS, Inc.
- Apex Officer
- CAE Inc.
- Cubic Corporation
- Kratos Defense & Security Solutions, Inc.
- Lockheed Martin Corporation
- The DiSTI Corporation
- VirtaMed Inc.
Florida Virtual Training and Simulation Market Report Highlights
By END USER
Key Market Players
KRATOS DEFENSE & SECURITY SOLUTIONS, INC., .PALEBLUE, ANSYS, INC., VIRTAMED INC., SIMIGON, CUBIC CORPORATION, CAE INC., LOCKHEED MARTIN CORPORATION, THE DISTI CORPORATION, APEX OFFICER
In accordance with several interviews that were conducted with top level CXOs, adoption of virtual training and simulation in Florida State has increased over the period of time due to growing online education industry and evolving supportive government regulations across the State. In addition, ability of the software to improve productivity of educators and learners on online platforms and reduced the errors and glitches in online training and education system is increasing its popularity among the end users. Furthermore, many small & medium size enterprises in Florida 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. However, 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 details of real incidents while developing the solutions, so that a trainee gets a real-world experience with minimum wastage of resources such as 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. The key players operating in the Florida State for Virtual Training and Simulation market include ANSYS, Inc., Apex Officer, CAE Inc., Cubic Corporation, Kratos Defence & Security Solutions, Inc., Lockheed Martin Corporation, PaleBlue, Simigon, The DiSTI Corporation, and VirtaMed Inc. 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