The Global Military Simulation and Virtual Training Market is Expected to Exhibit Moderate to Strong Growth
The global military simulation market is expected to exhibit moderate to strong growth over the forecast period according to the new report – The Global Military Simulation and Virtual Training Market 2014–2024 – which forecasts market growth at a CAGR of 3.48%, primarily driven by procurement of other military equipment such as aircraft, submarines, helicopters, cyber security systems, UAVs and naval ships.
A major factor working in favour of military simulators is their usefulness in cutting costs, especially during a phase of budget cuts. Significant spenders include countries in North America, Asia-Pacific and Europe, with the global military simulation market projected to be dominated by the US over the forecast period, followed by the Asia-Pacific, European and Latin American regions.
The Global Military Simulation and Virtual Training Market 2014-2024
This report offers detailed analysis of the Global Military Simulation and Virtual Training Market with the identification of market drivers augmenting its provision of historic and forecast data for the next decade. Together with its investigation of the developments and challenges in the industry, analysis of key markets, major programs, and the competitive landscape, along with SWOT analysis of the industry as a whole, The Global Military Simulation and Virtual Training Market 2014–2024 should be considered the definitive informational resource for those with a stake in the global government biometric systems market seeking to secure growth whilst minimizing risk.
KEY MARKET DRIVERS
To capitalize on the opportunities presented by market growth, organizations with a vested interest in the global military simulation and virtual training market must remain sensitive to the key drivers of the market, thereby facilitating informed business decisions that maximize profits with minimized risk.
Key Market Drivers:
- The defense ministries around the world are taking significant cost cutting initiatives across their militaries in order to cope with their reduced financial resources.
- Governments are downsizing their militaries and cutting down on training budgets. As a result, militaries are currently focusing on attaining cheaper and more effective solutions for their training requirements.
- Many countries have claimed to have reorganized their militaries, so that they are smaller but more powerful, they intend to achieve the same through innovative simulation and virtual training systems. Governments consider live training programs to be expensive and logistically difficult, whereas simulators are a more cost effective and agile alternative.
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Source : ASDReports - Market Research
May 14, 2015 - Singapore, Singapore