Virtual Sensors Market was valued at US$ 376.97 Mn. in 2020, and the total virtual sensor revenue is expected to grow at a CAGR of 32.6 % for the period 2021-2027, reaching nearly US$ 2717.14 Mn. in 2027.
Virtual Sensors Market Overview:The virtual sensors are also known as soft sensors, used in place of real sensors (RS) to take readings from the RS and control variables to calculate the values of unsensed process variables. These sensors help in predicting physical phenomena like temperature, pressure, speed, and position. Due to their low cost, high efficiency, and predictive maintenance features, these virtual sensors are increasingly used in automotive and transportation, oil and gas, healthcare, aerospace, and defense. As a result, the global virtual sensor market is expected to reach US$ 2717.14 Mn. by 2027. To know about the Research Methodology :- Request Free Sample Report
Virtual Sensors Market Dynamics:The rapid growth in the telecommunication and media sector, and rising penetration of IoT devices across developing countries driving the growth of the virtual sensor market. The focus of the governments in deploying 5G networks and increasing the penetration of cloud platforms is expected to create huge opportunities for market growth. Increasing data-driven business and rising concern toward data security are boosting the market growth. In 2020, AWS direct connect stood at first place in providing cloud solutions to businesses in the world. The rapid growth of industrialization and increasing use of the industrial internet of things (IIoT) in manufacturing and processing sectors anticipate the growth of the market. Virtual sensors are used in internet-enabled devices like PLCs, IPCs, human-machine interfaces, robots, and vision cameras in various industries such as food and beverages, pharmaceutical, automobile production, and live monitoring of garbage containers in cities. In January 2022, “Ivanti Wavelink” announced the launch of “Ivanti Neurons” for the industrial internet of things. This development optimizes the supply chain operations by addressing the issues like labor shortage, poor distribution management, and lack of end-to-end supply chain visibility. In October 2021, “COMPREDICT” a German-based startup, developed a system to collect data and reuse it through the cloud to cloud connection, which benefits the car manufacturer, telematics companies, and fleet operators. These compredict’s systems are helping in measuring the dynamic behaviors of the components such as batteries, brakes, and powertrains. In September 2020, the EU funded INSTABAT projects for the development of Li-ion battery cells based on a virtual sensor platform. This will improve battery safety, quality, reliability, and life. These are some recent technological developments expected to drive the virtual sensor market. Some of the factors slowing the growth of the virtual sensors market are lack of skilled laborers and technical knowledge in handling high tech equipment, day to day entry of new technologies in the market, and unawareness among the small scale industries regarding the benefits of virtual sensor use, etc. Furthermore, the increasing number of cyber threats to internet-connected devices and the high cost of installation becoming roadblocks for the market growth.
Virtual Sensors Market Segmentation:Based on component, The Virtual Sensors Market is sub-segmented into solution and service. The solution segment dominates the global market and it held a share of 51 % in 2020. The rapid utilization of automation in the manufacturing of passenger vehicles and two-wheelers and the growing demand for electric vehicles is driving the growth of the virtual sensor market. These virtual sensor solutions are helping the manufacturer to enhance the product properties and its conditions. The service segment took second place in the virtual sensor market. It is providing consulting, training, support, and maintenance to the industries. Based on End-User Segment, the Virtual Sensors Market is sub-segmented into Oil & Gas, Automotive & Transportation, Manufacturing & Utilities, and aerospace & defense. The Manufacturing & utility segment dominates the global market and was valued at US$ 4.2 Bn. in 2020. The manufacturing and utility segment is expected to drive the global market due to the high demand for real-time data and monitoring systems within operations. Furthermore, IoT in conjunction with Industry 4.0 has resulted in the establishment and advancement of smart factories that are fully automated and equipped with wireless connectivity. The aerospace and defense industry is expected to grow rapidly in the forecast period. This can be attributed to the benefits provided by these sensors, such as increased reliability and the provision of safe flight operations. Furthermore, virtual simulation training aids in ensuring aviation safety and identifying other risks to the pilots' and aircraft's lives. These factors are expected to boost demand for software-based sensing solutions in the aerospace and defense industries.
Virtual Sensors Market regional insights:In 2020, North America held the largest share in the Virtual Sensors market. Because of the increased use of IoT cloud models as part of the virtual deployment, raising investment in research & developments and the presence of major vendors with a preference for SaaS platforms drives the market demand for virtual sensors, as virtual reality is a popular technology in the public sector in North America. Furthermore, the regional market is fueled by ongoing VR innovations. As a result, increased willingness among regional enterprises to adopt innovative advanced technologies is supporting overall market growth. Increased spending of the United States on military equipment and rapid expansion in space technologies are expected to create huge demand for the global market by 2027. The objective of the report is to present a comprehensive analysis of the global market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding the Virtual Sensors Market dynamics, structure by analyzing the market segments and projecting the Virtual Sensors Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Virtual Sensors Market make the report investor’s guide.
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Virtual Sensors Market Report Coverage Details Base Year: 2020 Forecast Period: 2021-2027 Historical Data: 2016 to 2020 Market Size in 2020: US $ 376.97 Mn. Forecast Period 2021 to 2027 CAGR: 32.6 % Market Size in 2027: US $ 2717.14 Mn. Segments Covered: by Component • Service • Solution by Deployment • Cloud • On-Premises by End-User • Oil & Gas • Automotive & Transportation • Manufacturing & Utilities • Aerospace & defense
Virtual Sensors Market, by Region• North America • Europe • Asia Pacific • The Middle East and Africa • South America
Virtual Sensors Market Key Players• General Electric • Cisco • Honeywell • Siemens • Schneider Electric • Elliptic Labs • Algorithmica Technologies • Exputec • Tactile Mobility • Intellidynamics • Andata • Aspen Technology • Osisoft • Modelway • LMI Technologies • Aspen Technology, Inc. Frequently Asked Questions: 1. Which region has the largest share in Virtual Sensors Market? Ans: North-America held the largest share in 2020. 2. What is the growth rate of the Virtual Sensors Market? Ans: The Virtual Sensors Market is growing at a CAGR of 32.6 % during the forecasting period 2021-2027. 3. What segments are covered in Virtual Sensors Market? Ans: Virtual Sensors Market is segmented into component, deployment, and end-user. 4. What is the study period of this market? Ans: The Virtual Sensors Market is studied from 2020 to 2027. 5. Who are the key players in Fall Detection System Market? Ans: General Electric, Cisco, Honeywell, Siemens, Schneider Electric, Elliptic Labs, Algorithmica Technologies, Exputec, Tactile Mobility, Intellidynamics, Andata, Aspen Technology, Osisoft, Modelway, LMI Technologies, Aspen Technology, Inc.
1. Virtual Sensors Market: Research Methodology 2. Virtual Sensors Market: Executive Summary 2.1 Market Overview and Definitions 2.1.1. Introduction to Virtual Sensors Market 2.2. Summary 2.1.1. Key Findings 2.1.2. Recommendations for Investors 2.1.3. Recommendations for Market Leaders 2.1.4. Recommendations for New Market Entry 3. Virtual Sensors Market: Competitive Analysis 3.1 MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2 Consolidation in the Market 3.2.1 M&A by region 3.3 Key Developments by Companies 3.4 Market Drivers 3.5 Market Restraints 3.6 Market Opportunities 3.7 Market Challenges 3.8 Market Dynamics 3.9 PORTERS Five Forces Analysis 3.10 PESTLE 3.11 Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • Latin America 3.12 COVID-19 Impact 4. Virtual Sensors Market Segmentation 4.1 Virtual Sensors Market, by Component (2020-2027) • Service • Solution 4.2 Virtual Sensors Market, by Deployment (2020-2027) • Cloud • On-premises 4.3 Virtual Sensors Market, by End-User (2020-2027) • Oil & Gas • Automotive & Transportation • Manufacturing & Utilities • Aerospace & defense 5. North America Virtual Sensors Market (2020-2027) 5.1 Virtual Sensors Market, by Component (2020-2027) • Service • Solution 5.2 Virtual Sensors Market, by Deployment (2020-2027) • Cloud • On-premises 5.3 Virtual Sensors Market, by End-User (2020-2027) • Oil & Gas • Automotive & Transportation • Manufacturing & Utilities • Aerospace & defense 5.4 North America Virtual Sensors Market, by Country (2020-2027) • United States • Canada • Mexico 6. Asia Pacific Virtual Sensors Market (2020-2027) 6.1. Asia Pacific Virtual Sensors Market, by Component (2020-2027) 6.2. Asia Pacific Virtual Sensors Market, by Deployment (2020-2027) 6.3. Asia Pacific Virtual Sensors Market, by End-User (2020-2027) 6.4. Asia Pacific Virtual Sensors Market, by Country (2020-2027) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 7. Middle East and Africa Virtual Sensors Market (2020-2027) 7.1 Middle East and Africa Virtual Sensors Market, by Component (2020-2027) 7.2. Middle East and Africa Virtual Sensors Market, by Deployment (2020-2027) 7.3. Middle East and Africa Virtual Sensors Market, by End-User (2020-2027) 7.4. Middle East and Africa Virtual Sensors Market, by Country (2020-2027) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 8. Latin America Virtual Sensors Market (2020-2027) 8.1. Latin America Virtual Sensors Market, by Component (2020-2027) 8.2. Latin America Virtual Sensors Market, by Deployment (2020-2027) 8.3 Latin America Virtual Sensors Market, by End-User (2020-2027) 8.4. Latin America Virtual Sensors Market, by Country (2020-2027) • Brazil • Argentina • Rest Of Latin America 9. European Virtual Sensors Market (2020-2027) 9.1. European Virtual Sensors Market, by Component (2020-2027) 9.2. European Virtual Sensors Market, by Deployment (2020-2027) 9.3. European Virtual Sensors Market, by End-User (2020-2027) 9.4. European Virtual Sensors Market, by Country (2020-2027) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 10. Company Profile: Key players 10.1. General Electric 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2 D Cisco 10.3 Honeywell 10.4 Siemens 10.5 Schneider Electric 10.6 Elliptic Labs 10.7 Algorithmica Technologies 10.8 Exputec 10.9 Tactile Mobility 10.10 Intellidynamics 10.11 Andata 10.12 Aspen Technology 10.13 Osisoft 10.14 Modelway 10.15 LMI Technologies 10.16 Aspen Technology, Inc.