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Florida Virtual Training And Simulation Market

Florida Virtual Training and Simulation Market by Component (Hardware and Software), Application (Defense & Security, Civil Aviation, Education, Entertainment, and Others): Opportunity Analysis and Industry Forecast, 2021-2030

A12377
Pages: 134
Jul 2021 | 433 Views
   
Author(s) : Pramod Borasi, Shreyas Wadodkar , Vineet Kumar
Tables: 41
Charts: 37
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COVID-19

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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. 

Florida State governing authorities has introduced different platforms for the students to continue their learning process and help them to emerge from the pandemic situation, which is expected to fuel the growth of the virtual training and simulation market.

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.

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

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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.

Segment review

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.

Florida Virtual Training and Simulation Market
By Component

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

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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.

Florida Virtual Training and Simulation Market
By End User

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Defense and Security accounted for the largest market share in 2020.

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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.

Market Segments

By Component

  • Hardware 
  • Software 

By End User

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

Key Market Players Profiled In The Report

  • ANSYS, Inc.
  • Apex Officer
  • CAE Inc.
  • Cubic Corporation
  • Kratos Defense & Security Solutions, Inc.
  • Lockheed Martin Corporation
  • PaleBlue 
  • Simigon
  • The DiSTI Corporation
  • VirtaMed Inc.    
 

CHAPTER 1:INTRODUCTION

1.1.REPORT DESCRIPTION
1.2.KEY BENEFITS FOR STAKEHOLDERS
1.3.KEY MARKET SEGMENTS
1.4.KEY MARKET PLAYERS
1.5.RESEARCH METHODOLOGY

1.5.1.Secondary research
1.5.2.Primary research
1.5.3.Analyst tools & models

CHAPTER 2:EXECUTIVE SUMMARY

2.1.KEY FINDINGS

2.1.1.Top impacting factors
2.1.2.Top investment pockets

2.2.CXO PERSPECTIVE

CHAPTER 3:MARKET OVERVIEW

3.1.MARKET DEFINITION AND SCOPE
3.2.KEY FORCES SHAPING THE FLORIDA VIRTUAL TRAINING AND SIMULATION MARKET

3.2.1.Moderate-to-high bargaining power of suppliers
3.2.2.Moderate-to-high bargaining power of buyers
3.2.3.Moderate-to-high threat of substitutes
3.2.4.Low-to-high threat of new entrants
3.2.5.Low-to-high competitive rivalry

3.3.VALUE CHAIN ANALYSIS

3.3.1.R&D
3.3.2.Component manufacturers
3.3.3.Assembly, programming, and testing
3.3.4.Marketing and sales
3.3.5.End user
3.3.6.After-sales services

3.4.MARKET DYNAMICS

3.4.1.Drivers

3.4.1.1.Increase in awareness about virtual training and simulation
3.4.1.2.Cost-effective benefits of virtual training and simulation solutions
3.4.1.3.Increase in defense, healthcare, and education expenditure

3.4.2.Restraints

3.4.2.1.Resistance to adopt the virtual training and simulation technology

3.4.3.Opportunities

3.4.3.1.Advancements in technology
3.4.3.2.Scope for improvements in other industries (mining, transportation, and energy)

3.5.INDUSTRY ROADMAP OF VIRTUAL TRAINING AND SIMULATION MARKET
3.6.COVID-19 IMPACT ANALYSIS ON VIRTUAL TRAINING AND SIMULATION MARKET

3.6.1.Impact on market size
3.6.2.Consumer trends, preferences, and budget impact
3.6.3.Regulatory framework
3.6.4.Economic impact
3.6.5.Key player strategies to tackle negative impact
3.6.6.Opportunity window

CHAPTER 4:VIRTUAL TRAINING AND SIMULATION MARKET, BY COMPONENT

4.1.OVERVIEW
4.2.HARDWARE

4.2.1.Key market trends, growth factors, and opportunities
4.2.2.Market size and forecast

4.3.SOFTWARE

4.3.1.Key market trends, growth factors, and opportunities
4.3.2.Market size and forecast

CHAPTER 5:VIRTUAL TRAINING AND SIMULATION MARKET, BY END USER

5.1.OVERVIEW
5.2.DEFENSE & SECURITY

5.2.1.Key market trends, growth factors, and opportunities
5.2.2.Market size and forecast

5.3.CIVIL AVIATION

5.3.1.Key market trends, growth factors, and opportunities
5.3.2.Market size and forecast

5.4.EDUCATION

5.4.1.Key market trends, growth factors, and opportunities.

5.4.1.1.E-Learning

5.4.1.1.1.Key market trends, growth factors, and opportunities

5.4.1.2.Game-based learning

5.4.1.2.1.Key market trends, growth factors, and opportunities

5.4.2.Market size and forecast

5.5.ENTERTAINMENT

5.5.1.Key market trends, growth factors, and opportunities
5.5.2.Market size and forecast

5.6.OTHERS

5.6.1.Key market trends, growth factors, and opportunities
5.6.2.Market size and forecast

CHAPTER 6:COMPETITIVE LANDSCAPE

6.1.KEY PLAYERS POSITIONING ANALYSIS, 2020
6.2.TOP WINNING STRATEGIES
6.3.COMPETITIVE DASHBOARD

CHAPTER 7:COMPANY PROFILE

7.1.ANSYS, INC.

7.1.1.Company overview
7.1.2.Key executives
7.1.3.Company snapshot
7.1.4.Product portfolio
7.1.5.R&D expenditure
7.1.6.Business performance
7.1.7.Key strategic moves and developments

7.2.APEX OFFICER

7.2.1.Company overview
7.2.2.Key executives
7.2.3.Company snapshot
7.2.4.Product portfolio
7.2.5.Key strategic moves and developments

7.3.CAE INC.

7.3.1.Company overview
7.3.2.Key executive
7.3.3.Company snapshot
7.3.4.Product portfolio
7.3.5.R&D expenditure
7.3.6.Business performance
7.3.7.Key strategic moves and developments

7.4.CUBIC CORPORATION

7.4.1.Company overview
7.4.2.Key executive
7.4.3.Company snapshot
7.4.4.Product portfolio
7.4.5.Key strategic moves and developments

7.5.KRATOS DEFENSE & SECURITY SOLUTIONS, INC.

7.5.1.Company overview
7.5.2.Key executives
7.5.3.Company snapshot
7.5.4.Operating business segments
7.5.5.Product portfolio
7.5.6.R&D expenditure
7.5.7.Business performance
7.5.8.Key strategic moves and developments

7.6.LOCKHEED MARTIN CORPORATION

7.6.1.Company overview
7.6.2.Key executives
7.6.3.Company snapshot
7.6.4.Operating business segments
7.6.5.Product portfolio
7.6.6.R&D expenditure
7.6.7.Business performance
7.6.8.Key strategic moves and developments

7.7.PALEBLUE

7.7.1.Company overview
7.7.2.Key executives
7.7.3.Company snapshot
7.7.4.Product portfolio
7.7.5.Key strategic moves and developments

7.8.SIMIGON

7.8.1.Company overview
7.8.2.Key executives
7.8.3.Company snapshot
7.8.4.Product portfolio
7.8.5.R&D expenditure
7.8.6.Business performance

7.9.THE DISTI CORPORATION

7.9.1.Company overview
7.9.2.Key executives
7.9.3.Company snapshot
7.9.4.Product portfolio
7.9.5.Key strategic moves and developments

7.10.VIRTAMED INC.

7.10.1.Company overview
7.10.2.Key executives
7.10.3.Company snapshot
7.10.4.Product portfolio
7.10.5.Key strategic moves and developments

LIST OF TABLES

TABLE 01.FLORIDA VIRTUAL TRAINING AND SIMULATION MARKET, BY COMPONENT, 2020–2030 ($BILLION)
TABLE 02.FLORIDA VIRTUAL TRAINING AND SIMULATION MARKET REVENUE FOR HARDWARE, 2020–2030 ($BILLION)
TABLE 03.FLORIDA VIRTUAL TRAINING AND SIMULATION MARKET REVENUE FOR SOFTWARE, 2020–2030 ($BILLION)
TABLE 04.FLORIDA VIRTUAL TRAINING AND SIMULATION MARKET REVENUE, BY END USER, 2020–2030 ($BILLION)
TABLE 05.FLORIDA VIRTUAL TRAINING AND SIMULATION MARKET REVENUE FOR DEFENSE & SECURITY, 2020–2030 ($BILLION)
TABLE 06.FLORIDA VIRTUAL TRAINING AND SIMULATION MARKET REVENUE FOR CIVIL AVIATION, 2020–2030 ($BILLION)
TABLE 07.FLORIDA VIRTUAL TRAINING AND SIMULATION MARKET REVENUE FOR EDUCATION, 2020–2030 ($BILLION)
TABLE 08.FLORIDA VIRTUAL TRAINING AND SIMULATION MARKET REVENUE FOR ENTERTAINMENT, 2020–2030 ($BILLION)
TABLE 09.FLORIDA VIRTUAL TRAINING AND SIMULATION MARKET REVENUE FOR OTHERS, 2020–2030 ($BILLION)
TABLE 10.ANSYS, INC.: KEY EXECUTIVES
TABLE 11.ANSYS INC.: COMPANY SNAPSHOT
TABLE 12.ANSYS INC.: PRODUCT PORTFOLIO
TABLE 13.APEX OFFICER.: KEY EXECUTIVES
TABLE 14.APEX OFFICER.: COMPANY SNAPSHOT
TABLE 15.APEX OFFICER.: PRODUCT PORTFOLIO
TABLE 16.CAE INC.: KEY EXECUTIVE
TABLE 17.CAE INC.: COMPANY SNAPSHOT
TABLE 18.CAE INC.: PRODUCT PORTFOLIO
TABLE 19.CUBIC CORPORATION: KEY EXECUTIVE
TABLE 20.CUBIC CORPORATION: COMPANY SNAPSHOT
TABLE 21.CUBIC CORPORATION: PRODUCT PORTFOLIO
TABLE 22.KRATOS DEFENSE & SECURITY SOLUTIONS, INC.: KEY EXECUTIVES
TABLE 23.KRATOS DEFENSE & SECURITY SOLUTIONS, INC.: COMPANY SNAPSHOT
TABLE 24.KRATOS DEFENSE & SECURITY SOLUTIONS, INC.: OPERATING SEGMENTS
TABLE 25.KRATOS DEFENSE & SECURITY SOLUTIONS, INC.: PRODUCT PORTFOLIO
TABLE 26.LOCKHEED MARTIN CORPORATION.: KEY EXECUTIVES
TABLE 27.LOCKHEED MARTIN CORPORATION: COMPANY SNAPSHOT
TABLE 28.LOCKHEED MARTIN CORPORATION: OPERATING SEGMENTS
TABLE 29.LOCKHEED MARTIN CORPORATION: PRODUCT PORTFOLIO
TABLE 30.PALEBLUE: KEY EXECUTIVES
TABLE 31.PALEBLUE: COMPANY SNAPSHOT
TABLE 32.PALEBLUE: PRODUCT PORTFOLIO
TABLE 33.SIMIGON: KEY EXECUTIVES
TABLE 34.SIMIGON: COMPANY SNAPSHOT
TABLE 35.SIMIGON: PRODUCT PORTFOLIO
TABLE 36.THE DISTI CORPORATION: KEY EXECUTIVES
TABLE 37.THE DISTI CORPORATION: COMPANY SNAPSHOT
TABLE 38.THE DISTI CORPORATION: PRODUCT PORTFOLIO
TABLE 39.VIRTAMED INC.: KEY EXECUTIVES
TABLE 40.VIRTAMED INC.: COMPANY SNAPSHOT
TABLE 41.VIRTAMED INC.: PRODUCT PORTFOLIO

LIST OF FIGURES

FIGURE 01.KEY MARKET SEGMENTS
FIGURE 02.FLORIDA VIRTUAL TRAINING AND SIMULATION MARKET, 2020–2030
FIGURE 03.TOP IMPACTING FACTORS
FIGURE 04.TOP PLAYERS OF THE FLORIDA VIRTUAL TRAINING AND SIMULATION MARKET
FIGURE 05.MODERATE-TO-HIGH BARGAINING POWER OF SUPPLIERS
FIGURE 06.MODERATE-TO-HIGH BARGAINING POWER OF BUYER
FIGURE 07.MODERATE-TO-HIGH THREAT OF SUBSTITUTES
FIGURE 08.LOW-TO-HIGH THREAT OF NEW ENTRANTS
FIGURE 09.LOW-TO-HIGH COMPETITIVE RIVALRY
FIGURE 10.VALUE CHAIN ANALYSIS OF VIRTUAL TRAINING AND SIMULATION MARKET
FIGURE 11.MARKET DYNAMICS: FLORIDA VIRTUAL TRAINING AND SIMULATION MARKET
FIGURE 12.INDUSTRY ROADMAP OF FLORIDA VIRTUAL TRAINING AND SIMULATION MARKET
FIGURE 13.FLORIDA VIRTUAL TRAINING AND SIMULATION MARKET REVENUE, BY COMPONENT, 2020–2030 ($BILLION)
FIGURE 14.FLORIDA VIRTUAL TRAINING AND SIMULATION MARKET, BY END USER, 2020–2030
FIGURE 15.KEY PLAYER POSITIONING ANALYSIS: FLORIDA VIRTUAL TRAINING AND SIMULATION MARKET
FIGURE 16.TOP WINNING STRATEGIES, BY YEAR, 2017-2021
FIGURE 17.TOP WINNING STRATEGIES, BY DEVELOPMENT, 2017-2021
FIGURE 18.TOP WINNING STRATEGIES, BY COMPANY, 2017-2020
FIGURE 19.COMPETITIVE DASHBOARD
FIGURE 20.COMPETITIVE DASHBOARD
FIGURE 21.COMPETITIVE HEATMAP OF KEY PLAYERS
FIGURE 22.R&D EXPENDITURE, 2018-2020 ($MILLION)
FIGURE 23.ANSYS, INC.: REVENUE, 2018–2020 ($MILLION)
FIGURE 24.ANSYS, INC.: REVENUE SHARE BY REGION, 2020 (%)
FIGURE 25.R&D EXPENDITURE, 2018–2020 ($MILLION)
FIGURE 26.CAE INC.: REVENUE, 2018–2020 ($MILLION)
FIGURE 27.CAE INC.: REVENUE SHARE BY REGION, 2020 (%)
FIGURE 28.R&D EXPENDITURE, 2018–2020 ($MILLION)
FIGURE 29.KRATOS DEFENSE & SECURITY SOLUTIONS, INC.: REVENUE, 2018–2020 ($MILLION)
FIGURE 30.KRATOS DEFENSE & SECURITY SOLUTIONS, INC.: REVENUE SHARE BY SEGMENT, 2020 (%)
FIGURE 31.R&D EXPENDITURE, 2018–2020 ($MILLION)
FIGURE 32.LOCKHEED MARTIN CORPORATION: 2018–2020 ($MILLION)
FIGURE 33.LOCKHEED MARTIN CORPORATION: REVENUE SHARE BY SEGMENT, 2020 (%)
FIGURE 34.LOCKHEED MARTIN CORPORATION: REVENUE SHARE BY REGION, 2020 (%)
FIGURE 35.R&D EXPENDITURE, 2018–2020 ($MILLION)
FIGURE 36.SIMIGON: REVENUE, 2018–2020 ($MILLION)
FIGURE 37.SIMIGON: REVENUE SHARE BY REGION, 2020 (%)

 
 

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

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