Virtual Sensors Market Size, Analysis, Share & Forecast 2031

Virtual Sensors Market Size, Analysis, Share & Forecast 2031

Segments - Virtual Sensors Market by Deployments (On-premise and Cloud), Components (Service and Solution), End-users (Healthcare, Automotive & Transportation, Electronics, Oil & Gas, Manufacturing & Utilities, Aerospace & Defense, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

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Author : Raksha Sharma
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Fact-checked by : Vineet Pandey
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Editor : Shruti Bhat

Upcoming | Report ID :ICT-SE-2799 | 4.2 Rating | 62 Reviews | 194 Pages | Format : PDF Excel PPT

Report Description


Virtual Sensors Market Outlook 2031

The global virtual sensors market size was USD 643.06 Million in 2022 and is anticipated to reach USD 7.61 Billion by 2031 register a considerable CAGR 31.6% during the forecast period, 2023-2031. The growth of the market is attributed to the adoption of cloud-based platforms across the manufacturing sector.

Virtual sensors also known as soft sensors, which are software-based solutions. They are created using a mathematical model based on various output data from physical sensors. These techniques have been used to overcome the constraints of physical sensors. A single virtual sensor can anticipate outcomes based on several parameters, such as speed, temperature, pressure, and position.

Global Virtual Sensors Market Outlook

As a result of the cost advantages, these solutions are increasingly being used as a substitute for physical sensors. The COVID-19 pandemic has significant effect on the sensors market as new projects across the globe have been delayed or suspended, which have significantly led to decline in demand for virtual sensors.

  • Rising implementation of Industrial Internet of Things technology for design and manufacturing is one of the key factors driving the market growth.
  • Growing adoption for predictive maintenance is expected to boost the market growth in the coming years.
  • Risks associated with data security due to cloud-based platforms is anticipated to hamper the market expansion during the projected timeline.
  • Lack of infrastructure and platform deployment for virtual sensors present a major restraining factor, which is anticipated to hamper the market expansion during the forecast period.
  • Promising prospects for the virtual sensor technology in the aerospace and automobile industries is projected to create a significant growth opportunity for the market in the near future.

Scope of The Virtual Sensors Market Report

The report on the global virtual sensors market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Virtual Sensors Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2022

Historic Data

2016–2021

Forecast Period

2023–2031

Segmentation

Deployments (On-premise and Cloud), Components (Service and Solution), and End-users (Healthcare, Automotive & Transportation, Electronics, Oil & Gas, Manufacturing & Utilities, Aerospace & Defense, and Others)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

TACTILE MOBILITY; Siemens AG; Elliptic Laboratories A/S; General Electric Company; and Aspen Technologies, Inc.

Virtual Sensors Market Segment Insights

On-premise segment is expected to grow at a rapid pace

Based on deployments, the global virtual sensors market is bifurcated into on-premise and cloud. The on-premise segment is expected to grow at a rapid pace during the forecast period attributed to higher data security and low privacy concerns. Moreover, in an on-premise deployment, IT professionals that can track, monitor, and supervise the optimization process in real time are necessary, which presents a major factor driving the segment.

However, the cloud segment is anticipated to hold a key share of the market in the coming years due to growing deployment of sensor network through cloud computing technology.

Virtual Sensors Market Deployments

Manufacturing facilities to drive solution segment

In terms of components, the market is bifurcated into service and solution. The solution segment is projected to expand at a considerable CAGR during the forecast period owing to manufacturing facilities offered by industry 4.0. Additionally, these solutions are enhancing the robot guidance operations by reducing and predicting the accidents, which is projected to accelerate the segment growth further.

On the other hand, the service segment is anticipated to account for a major market share during the forecast period as it offers speed, sensitivity, and diversity that significantly results in speedy delivery in transmission of information between two nodes in a network.

Manufacturing & utilities segment is anticipated to hold significant market share

On the basis of end-users, the global virtual sensors market is segregated into healthcare, automotive & transportation, electronics, oil & gas, manufacturing & utilities, aerospace & defense, and others. The manufacturing & utilities segment is anticipated to hold significant market share in the coming years attributed to the major demand for monitoring systems and gaining real-time data within the operations.

However, the aerospace & defense segment is expected to register a considerable CAGR during the forecast period owing to the benefits, such as provision of safe flight operations and higher reliability offered by these sensors.

Virtual Sensors Market End Users

North America is anticipated to constitute a key market share

In terms of regions, the global virtual sensors market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period attributed to the rise in use of Internet of Things technology-based cloud models as a part of virtual deployment in the region.

However, Europe market is anticipated to expand at a rapid pace during the forecast period owing to extensive use of virtual sensors in healthcare sector in the region to detect phobias, panic disorders, and anxiety disorders in patients.

Global Virtual Sensors Market Region

Segments

The global virtual sensors market has been segmented on the basis of

Deployments

  • On-premise
  • Cloud

Components

  • Service
  • Solution

End-Users

  • Healthcare
  • Automotive & Transportation
  • Electronics
  • Oil & Gas
  • Manufacturing & Utilities
  • Aerospace & Defense
  • Others

Regions

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

Competitive Landscape

Key players competing in the global virtual sensors market are TACTILE MOBILITY; Siemens AG; Elliptic Laboratories A/S; General Electric Company; and Aspen Technologies, Inc. As part of their efforts to grow their client base and acquire a competitive advantage over competitors, manufacturers operating in the market are adopting various strategic initiatives such as partnerships, collaborations, mergers & acquisitions, and new product development.

For instance, in September 2018, TACTILE MOBILITY introduced data analytics and tactile sensing platform for excellent driving experience for the consumers in the automotive industry.

Global Virtual Sensors Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Virtual Sensors Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Virtual Sensors Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Virtual Sensors Market - Supply Chain
  4.5. Global Virtual Sensors Market Forecast
     4.5.1. Virtual Sensors Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Virtual Sensors Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Virtual Sensors Market Absolute $ Opportunity
5. Global Virtual Sensors Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Virtual Sensors Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Virtual Sensors Demand Share Forecast, 2019-2026
6. North America Virtual Sensors Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Virtual Sensors Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Virtual Sensors Demand Share Forecast, 2019-2026
7. Latin America Virtual Sensors Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Virtual Sensors Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Virtual Sensors Demand Share Forecast, 2019-2026
8. Europe Virtual Sensors Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Virtual Sensors Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Virtual Sensors Demand Share Forecast, 2019-2026
9. Asia Pacific Virtual Sensors Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Virtual Sensors Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Virtual Sensors Demand Share Forecast, 2019-2026
10. Middle East & Africa Virtual Sensors Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Virtual Sensors Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Virtual Sensors Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Virtual Sensors Market: Market Share Analysis
  11.2. Virtual Sensors Distributors and Customers
  11.3. Virtual Sensors Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. TACTILE MOBILITY
     11.4.2. Siemens AG
     11.4.3. Elliptic Laboratories A/S
     11.4.4. General Electric Company
     11.4.5. Aspen Technologies, Inc.

Methodology

Our Clients

Dassault Aviation
General Mills
Microsoft
Deloitte
Nestle SA
FedEx Logistics
The John Holland Group
Siemens Healthcare