Virtual Sensors Market: Global Emerging Opportunities, Trends and Forecast Analysis (2023-2029)

Virtual Sensors Market was valued at US$ 8.78 Bn. in 2022, and the total virtual sensor revenue is expected to grow at a CAGR of 32.6 % for the period 2023-2029, reaching nearly US$ 6.33 Bn. in 2029.
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$ 6.33 Bn. by 2029.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 2022, 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 2022. 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 2022. 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 2022, 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 2029.

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:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $  8.78 Bn.


Forecast Period 2023 to 2029 CAGR:
32.6 %
Market Size in 2029:
US $  6.33 Bn.


 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
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
North America (United States, Canada and Mexico)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Virtual Sensors Market Key Players are:
1. General Electric
2. Cisco
3. Honeywell
4. Siemens
5. Schneider Electric
6. Elliptic Labs
7. Algorithmica Technologies
8. Exputec
9. Tactile Mobility
10. Intellidynamics
11. Andata
12. Aspen Technology
13. Osisoft
14. Modelway
15. LMI Technologies
16. 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 2022.

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 2023-2029.

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 2022 to 2029.

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.