The global live laser-based training and simulation platforms market revenue is expected to reach USD 1,791 million by 2030, exhibiting a CAGR of 6.50% during 2022–2030. This can be attributed to the constant rise in the awareness regarding these solutions in various industries, such as mining, energy, transportation, defense, and healthcare. Additionally, the significant growth in the frequency of partnerships and collaborations, product launches, and other strategic developments by the top players will propel the growth of the market.
Moreover, the growing demand for more-individualized and effective training, rising cost of preparing people for the job, time-taking nature of real-world training, and harms associated with the use of substances such as explosives and flammable materials have all contributed to the defense and security sector's increasing preference for live laser-based training and simulation. Additionally, the quick developments in artificial intelligence have improved virtual training simulation software; thus, its higher training effectiveness is projected to have a beneficial impact on the industry.
Additionally, the spike in the expenditure by government and private firms in sectors including healthcare and military is forecast to have a positive impact on the market. Furthermore, the advancements in technology and increase in the investments in research and development will create lucrative opportunities for the adoption of the virtual training and simulation technology.
Hardware led the live laser-based training and simulation platforms market on the basis of component in 2022. This is primarily due to the rise in the awareness regarding the benefits offered by these platforms, the biggest of which are cost savings and the lifelike and immersive experiences.
These advantages have attracted industries associated with high risks. For instance, healthcare professionals must regularly perform complicated surgical procedures, which often end up putting patients’ lives in danger. Similarly, military personnel, civil pilots, and miners need to be extremely skilled at their job, as well as keeping themselves and those around them from harm. Here, these virtual platforms offer a safe and controlled environment for training, which continues to drive their adoption in such high-risk industries.
Additionally, there is a significant rise in the accuracy level required from healthcare professionals, who are now being trained through live laser-based simulation. The benefits provided by this technology boost the demand for the associated hardware required for making novice healthcare professionals adept at their jobs. For instance, a screen-based simulation training tool, called SimSTAT – Appendectomy, is designed to give anesthesiologists enhanced training in handling difficult anesthetic crises in patients undergoing acute appendicitis surgery.
Moreover, there is a continuous spike in the usage of virtual reality platforms in the gaming industry. It is predicted that by 2025, the revenue generated by the global VR gaming sector will increase from USD 1.8 billion in 2020 to USD 6.9 billion. As a result, the increase in the usage of VR headsets in the entertainment industry is forecast to create lucrative growth opportunities for the industry participants.
APAC is expected to progress with the highest CAGR, of around 7.1%, during the forecast period. This is primarily due to the rise in the expenditure on the defense sector in this region, especially by India, Japan, and China.
The top players in the market include BAE Systems, CAE INC., Cubic Corporation, Lockheed Martin Corporation, L3 Link Simulation & Training, Northrop Grumman, Thales Group, SAAB AB, Raytheon Technologies Corporation, and Rheinmetall AG.