Certified Global Research Member
Key Questions Answered
- Global Market Outlook
- In-depth analysis of global and regional trends
- Analyze and identify the major players in the market, their market share, key developments, etc.
- To understand the capability of the major players based on products offered, financials, and strategies.
- Identify disrupting products, companies, and trends.
- To identify opportunities in the market.
- Analyze the key challenges in the market.
- Analyze the regional penetration of players, products, and services in the market.
- Comparison of major players’ financial performance.
- Evaluate strategies adopted by major players.
- Recommendations
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
Virtual Sensors Marketplace is strongly influenced by factors which stress virtual sensors becoming more important in multiple industries. The most important factor is the necessity of cost-saving approaches when it comes to the sensor deployment and data storage costs. The virtual sensors can be the perfect alternative of physical sensors which is possible through a mathematical model and algorithm that simulates sensor reading. Such a strategy has two main strengths: it is cheaper than the use of many physical sensors, and it is especially relevant for those applications where efficient use of funds is paramount.
Simplification of the industrial process and system becomes another key which determines the Virtual Sensors Market growth. In sectors of industry where intricate process is involved as in manufacturing, energy, and healthcare, using of physical sensors at every point is unrealistic economically. These virtual sensors address the challenge of keeping up by utilizing data from the existing sensors, as well as advanced algorithms, to estimate and predict the invisible parameters. This manoeuver allows industries to evaluate their whole processes with fewer instruments and physical sensors.
In addition, the fast-growing of the Internet of Thing (IoT), the more devices interconnection also acts as a major fuel that drives the growth of the Virtual Sensors Market. In the IoT system environment, a lot of devices generates high volumes of data and that installs physical sensors for every parameter that could be complicated. Virtual sensors can be utilised as a solution to fill in some missing data points as well as make the whole network to be more accurate than ever. That especially applies in terms of smart cities, industrial IoT, and any other cases where the time factor is the fundamental requirement for decisions.
For this, the industry is going increasingly towards predictive maintenance and condition monitoring, mainly due to the use of virtual sensors. In sectors such as the manufacturing industry, aviation sector and energy industry etc, prediction of failing equipment and condition of key assets becomes inevitable. Virtual sensors' predictive maintenance functions by meeting these ends: they analyze historical data, they identify patterns, and then they forecast potential issues. This kind of approach is proactive and results in minimize of downtime, an extended lifespan to the equipment and increased overall operational efficiency.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Component, Deployment Mode, End Userand Region |
Virtual Sensors Market Highlights:
Virtual Sensors Market Overview
Virtual Sensors Market Size was valued at USD 0.5 billion in 2022. The Virtual Sensors market industry is projected to grow from USD0.657 Billion in 2023 to USD 5.83886 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 31.40%during the forecast period (2023 - 2032). Increased data-driven business and ongoing innovations in the field of VR are the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Virtual Sensors Market Trends
Rising adoption of loT and cloud platforms is driving the market growth
Functional efficiency offered by virtual sensors is driving their uptake across various end-users. Increasing penetration of cloud platforms is expected to create numerous opportunities for adopting virtual sensors. Leading manufacturers are implementing a cloud-based virtual sensing solution as a standard platform. Implementing virtual sensors on a cloud platform helps businesses reduce the cost associated with maintenance and improve data connectivity between the user and sensor-cloud server. In addition to this, such solutions enable effective transport monitoring, weather forecasting, military activities, and the healthcare industry. The cloud platform allows end-users to cut down the total cost of ownership and increase data storage capabilities, which has impacted the virtual sensor market CAGR.
Additionally, virtual sensor-based predictive maintenance allows end-users to determine the conditions of instruments to evaluate when maintenance should be performed. Thus, it helps manufacturers in minimizing unexpected device downtime, lowers the maintenance cost, and extends the equipment life cycle. Environmental pollution regulations have further elevated the demand for virtual sensors among industry verticals. Virtual sensors can be integrated with components such as connectors, hoses and tubing, motors, actuators, and filters. Through constant monitoring, manufacturing industries can provide real-time insights into their machinery by continuously monitoring factors such as vibrations, temperature, ultrasound and electromagnetic.
Growing adoption of condition-based maintenance (CBM) and IoT-enabled predictive maintenance (PdM) is one of the key reasons behind the adoption of virtual sensors among industry verticals. In addition, the increasing use of the industrial Internet of Things (IoT) for design and manufacturing is expected to play an essential role in this market's growth. Thus, driving the Virtual Sensors market revenue.
Virtual Sensors Market Segment Insights
Virtual Sensors Type Insights
Based on Components, the global Virtual Sensors market segmentation includes Solutions and Services. The solutions segment dominated the market because solutions are the essential Component of virtual sensors, as they provide the tools and functionality for collecting, processing, and analyzing data. Solutions provide the tools and functionality for collecting, processing and analyzing data.
Virtual Sensors Deployment Mode Insights
The global Virtual Sensors market segmentation, based on Deployment Mode, includes Cloud, On-Premise. The cloud segment dominated the market; Cloud-based virtual sensors can be easily scaled up or down to meet the changing needs of an organization. Cloud-based virtual sensors are typically easier to use than on-premise solutions, as they do not require specialized IT skills.
Figure1: Virtual Sensors Market, by Deployment Mode, 2022&2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Virtual Sensors End User Insights
Based on End Users, the global Virtual Sensors market segmentation includes Electronics, Automotive & Transportation, Manufacturing & Utilities, Healthcare, Oil & Gas, Aerospace & Defense, and Others. The electronics segment dominated the market because electronics is a highly data-intensive industry, and virtual sensors can be used to collect and analyze data from various sources, such as sensors, actuators, and machines. This means that a large amount of data can be collected and analyzed using virtual sensors.
Virtual Sensors Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American Virtual Sensors market area will dominate this market, owing to the presence of key vendors with an increased inclination towards Software as a Solution (SaaS)will boost the market growth in this Region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: VIRTUAL SENSORS MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Due to technological advancements, Europe's Virtual Sensors market accounts for the second-largest market share. Key players offering virtual sensor solutions are a major reason behind the market growth in the Region. Further, the German Virtual Sensors market held the largest market share, and the UK Virtual Sensors market was the fastest-growing market in the European Region.
The Asia-Pacific Virtual Sensors Market is expected to grow at the fastest CAGR from 2023 to 2032. This is because ongoing innovations in the field of VR will create lucrative growth opportunities for manufacturers operating in the Region. Moreover, China’s Virtual Sensors market held the largest market share, and the Indian Virtual Sensors market was the fastest-growing market in the Asia-Pacific region.
Virtual Sensors Key Market Players& Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Virtual Sensors market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The Virtual Sensors industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global Virtual Sensors industry to benefit clients and increase the market sector. In recent years, the Virtual Sensors industry has offered some of the most significant advantages to medicine. Major players in the Virtual Sensors market, including Aspen Technology Inc, Algorithmica Technologies GmbH, Elliptic Laboratories, General Electric Company OsiSoft LLC, Siemens AG, Rockwell Automation, ANDATA SmartUQ LLC, Tactile Mobility Schneider Electric IntelliDynamics LMI Technologies Modelway., and others, are attempting to increase market demand by investing in research and development operations.
Aspen Technology, Inc., known as AspenTech, provides Software and services for the process industries headquartered in Bedford, Massachusetts. AspenTech has 35 offices globally. Aspen Technology collaborated with Hexagon to accelerate digital transformation among process industries. Aspen Technology and Hexagon PPM will provide a digital twin allowing operators to make better decisions that maximize throughput, quality and uptime for plant infrastructure and the chemical processes.
OSIsoft, LLC manufactures application software for real-time data management called the PI System. Founded in 1980, OSIsoft was privately held and headquartered in San Leandro, California.- OSIsoft, LLC collaborated with Dianomic Inc. to build and support a set of Linux-based micro-service modules to help discover, connect, secure, and manage smart sensors for OEMs and developers.
Key Companies in the Virtual Sensors market include
-
Aspen Technology Inc
-
Algorithmica Technologies GmbH
-
Elliptic Laboratories
-
General Electric Company
-
OsiSoft LLC
-
-
Rockwell Automation
-
ANDATA
-
SmartUQ LLC
-
Tactile Mobility
-
Schneider Electric
-
IntelliDynamics
-
LMI Technologies
-
Modelway
Virtual Sensors Industry Developments
June 2019: Aspen Technology collaborated with Hexagon to accelerate digital transformation among process industries. Aspen Technology and Hexagon PPM will provide a digital twin allowing operators to make better decisions that maximize throughput, quality and uptime for plant infrastructure and the chemical processes.
October 2019: OSIsoft, LLC collaborated with Dianomic Inc. to build and support a set of Linux-based micro-service modules to help discover, connect, secure, and manage smart sensors for OEMs and developers.
Virtual Sensors Market Segmentation
Virtual Sensors Component Outlook
-
Solution
-
Services
Virtual Sensors Deployment Mode Outlook
-
Cloud
-
On-Premise
Virtual Sensors End User Outlook
-
Electronics
-
Automotive & Transportation
-
Manufacturing & Utilities
-
Healthcare
-
Oil & Gas
-
Aerospace & Defense
-
Others
Virtual Sensors Regional Outlook
-
North America
-
US
-
Canada
-
Europe
-
Germany
-
France
-
UK
-
Italy
-
Spain
-
Rest of Europe
-
Asia-Pacific
-
China
-
Japan
-
India
-
Australia
-
South Korea
-
Australia
-
Rest of Asia-Pacific
-
-
Rest of the World
-
Middle East
-
Africa
-
Latin America
-
Leading companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
