Increasing adoption of digital simulation technology such as web-based simulation and cloud-based simulation for e-Learning, online computer games, and medical education is significantly boosting the demand for simulators. Furthermore, the simulator market is anticipated to experience significant growth over the forecast period, owing to several factors such as use of simulation technology for advanced endovascular training, disaster management, and financial fraud detection, and increasing implementation of advanced 3D simulation technology for eRobotics.
The global simulator market is projected to increase in market value from US$ 5.6 Bn in 2019 to US$ 21.4 Bn by 2029, progressing at an impressive CAGR of 14.5% during the forecast period of 2019-2029.
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Key Takeaways of Simulator Market Study
- Demand from aerospace and defense industry is expected to grow at the fastest rate, owing to growing security concerns, need to train the workforce, testing and conducting evaluations, and analyzing the effectiveness of war activities.
- Asia Pacific Excluding Japan is expected to emerge as the fastest-growing region in the global simulator market. This is attributed to the use of simulators for predicting the performance of an existing or planned system, and to compare alternative solutions for a particular production problem in the manufacturing and automotive industry.
- According to PMR, the platform segment is projected to generate an incremental opportunity of ~US$ 10.7 Bn during the forecast period of 2019 to 2029.
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Participant Insights of Simulator Market
The report provides valuable insights at the company level, focusing on product innovation in the simulator market, along with business and marketing strategies of emerging market players. Some market players featured in the report are CAE, Inc., Dassault Systemes SA, Elbit Systems Ltd., ELITE Simulation Solutions, Emerson Electric Co., and Hexagon AB.
The global simulator market is highly competitive due to the presence of a large number of players. Tier-I participants in the simulator market are estimated to hold around 40%-45% market share. These key major players are actively innovating their simulation products via enhancements and upgrades to cater to new customer demands and strengthen their market presence.
CAE launched A350 CAE 7000XR series full flight simulators to meet pilot training requirements in Latin America, and to increase its market presence and customer base.
Future Outlook of Simulator Market
Simulator providers serve a large set of customers in the process industry, utility industry, and others. These providers deploying advanced simulation technologies to improve process productivity enhance performance. Hence, key players in the simulator market are expected to invest and partner with manufacturing companies in this market to reach new growth avenues during the forecast period. Moreover, increasing collaboration of gaming simulator vendors with entertainment technology providers for offering advance features with 3D simulation and real-life experience of gameplay are also projected to offer substantial growth opportunities for players in the global simulator market.
For More IT and Telecommunication Related Report:https://www.prnewswire.com/news-releases/5g-network-equipment-market-is-anticipated-to-exhibit-a-cagr-of-over-55-during-the-forecast-period-2021-2031-301326850.html
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