The military simulation and virtual training market is expected to grow at a CAGR of 5% during the forecast period. Cost-effective virtual training, drivers.2, and drivers.3 are some of the significant factors fueling military simulation and virtual training market growth.
Cost-effective virtual training
To estimate the market size of military simulation and virtual training market, Technavio has tracked the recent trends and developments in the industry. The market size has been developed in terms of value by considering the following factors
Vendor sales: It excludes all freelance tutoring services and discounts and rebates
Revenues: Taken in local currencies, if not available in US dollars, for each country and vendor and then converted to US dollars using the yearly average currency exchange rate of 2019, the base year. This implies that the figures reflect industry trends, not distorted by fluctuations in international exchange rates.
Exclusions: The report does not consider the effect of inflation and price fluctuation over the forecast period
Currency: Unless explicitly mentioned, all revenues are represented in US dollars
The market sizing has been built and validated using multiple demand-side and supply-side approaches for a detailed understanding of the military simulation and virtual training market. The specific market sizing approaches used for evaluating the military simulation and virtual training market are:
Top down: Validated the market based on the contribution of military simulation and virtual training to the overall global education market
Bottom up: Validated the market on the basis of the revenue and/or volume or market share of key education services companies providing military simulation and virtual training
Combination: Using a combination of more than one approach described above and integrating the results in the data model
Within the above-mentioned market sizing models, analysts have made assumptions and estimates listed below:
Total enrollment/demand
Average price of product/course/solution/subscription fees
New installations
For this report, we have also used the following macro data in modeling the market size for 2019
Population
GDP growth
Government spending on education
Disposable income
Based on the above data models, Technavio has estimated the total value for global military simulation and virtual training market as $12,545.33 billion in 2019.
