Global Virtual Sensors Market is Calculated to Value Over USD 1 Billion by 2026 End

  • 19 Aug 2019

Global Virtual Sensors Market is calculated to value over USD 1 Billion by 2026 end and register a CAGR of over 29.9% during the forecast period 2019 to 2026

Virtual sensors are based on mathematical models that process conditions or estimate product properties. They are used in applications where physical sensors are unable to function and they are also used in improving efficiency.

Market Drivers and Restraints:

One of the key factors driving the market is a rising demand for cloud platform implementation and integrating it with IoT applications. Using virtual sensors saves the times it takes to install physical sensors which makes it cost-effective as well which increases its demand even more thus driving the virtual sensors market growth further.

Insights on Global Virtual Sensors Market:

North America dominates this market as a majority of established vendors providing virtual sensor solutions are present in this region. Furthermore, many leading multinational companies are heavily investing in advanced technologies which expands the virtual sensors market size in the region further.

Asia Pacific is a fast-growing regional market due to favourable government regulations and compliance policies. This opens up lucrative opportunities for established vendors to expand their businesses in the region which is anticipated to grow at the highest CAGR during the forecast period.

Cloud deployment segment dominates the market as the business operations are conducted without using any server infrastructure or even office location which gives employees the freedom to work remotely. Furthermore, it has better data storage capabilities as compared to on-premises deployment which increases its demand even more thus boosting the market.

The solutions segment is likely to dominate the global market during the forecast period. One major reason for this to happen is that it helps the companies calculate accurate measurements when the physical sensors slow down. Market vendors seldom provide virtual sensor solutions either as a software or integrated with complete solutions thus providing an advanced feature.

Virtual sensors, integrated with IoT and AI, has been adopted by the process industry, mainly utilities and manufacturing. It allows manufacturers to design machines without using process optimization, remote monitoring, timely data delivery and design prototypes in the manufacturing plants which fuels the market growth.

Competitive Landscape:

·     GE

·     Cisco

·     Honeywell

·     Siemens

·     Schneider Electric

·     Elliptic Labs

·     Algorithmica Technologies

·     Aspen Tech.

·     Tactile Mobility

GE offers virtual sensors that work on the predix platform. Predix is used to power industrial apps and it is a cloud-based platform. They also launched digital ghost in January 2019 which is an active solution for industrial control systems in order to defend it from cyber-attacks. It has provided an additional level of protection by combining with GE’s edge computing and digital twin technologies for system monitoring. Additionally, GE launched predix edge in November 2018 which helps enterprises unravel edge-to-cloud computing and makes them capable of securing their industrial IoT initiatives right from pilot phase to final production phase.

Cisco and the government of Indonesia signed an agreement in September 2018 in order to promote Cisco’s country digital acceleration (CDA) strategy. With this agreement, Cisco will help the government of Indonesia to accelerate its digitization agendas along with providing citizen-beneficiary services.

Honeywell launched Honeywell Marketplace in march 2019. This can help enterprises obtain virtual sensors form various established vendors without wasting any time to search the right vendor for purchasing virtual sensors.

Virtual Sensors Market Segmentation

1.   By Region

·     North America

·     Europe

·     Asia Pacific

·     Rest of the World

2.   By Deployment

·     Cloud

·     On-Premises

3.   By Component

·     Solutions

·     Services

4.   By End User

·     Process Industry

o  Manufacturing and Utilities

·     Automotive & Transportation

·     Oil & Gas

FutureWise Key Takeaways:

•   Growth prospects

•   SWOT analysis

•   Key trends

•   Key data-points affecting market growth

Objectives of the Study:

•   To provide with an exhaustive analysis on the global virtual sensors market by region, by deployment, by component, by end user

•   To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)

•   To evaluate and forecast micro-markets and the overall market

•   To predict the market size, in key regions (along with countries)— North America, Europe, Asia Pacific and rest of the world

•   To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions

•   Profiling of companies to evaluate their market shares, strategies, financials and core competencies

 

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