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.
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.
Virtual Sensors Market Trends, Drivers, Restraints, and Opportunities
- 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.
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Attributes
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Details
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Report Title
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Virtual Sensors Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Deployments (On-premise and Cloud), Components (Service and Solution), and End-users (Healthcare, Automotive & Transportation, Electronics, Oil & Gas, Manufacturing & Utilities, Aerospace & Defense, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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TACTILE MOBILITY; Siemens AG; Elliptic Laboratories A/S; General Electric Company; and Aspen Technologies, Inc.
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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.
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.
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.
Segments
The global virtual sensors market has been segmented on the basis of
Deployments
Components
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.
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