Pune, India, Sept. 20, 2022 (GLOBE NEWSWIRE) — The global Virtual Sensors Market Size is projected to reach $1,838.5 million by 2026, growing at a CAGR of 31.6% over the forecast period. Increasing adoption of the Internet of Things (IoT) is expected to be one of the leading virtual sensor market trends in the coming decade. IoT can be understood as a concept of connecting multiple computing devices to the internet and other connected devices. More importantly, IoT can strengthen an organization’s existing cloud computing infrastructure. For example, a combination of IoT and cloud computing can help a company implement cost-effective asset management efforts and improve business lifecycle services. In addition, IoT and cloud can reduce maintenance costs and improve an organization’s data collection and analysis capabilities. As a result, these technologies are finding a wide range of applications across a variety of industries, from defense to weather forecasting to healthcare, expanding the market potential for soft sensors.
Industry Developments:
- Sept 2019: Honeywell International has launched its novel cost-effective and high-performance HGuide Inertial Measurement Units (IMUs). These solutions are lightweight and able to withstand any type of demanding environment and environment. Additionally, these sensors can be used in various industries including agriculture, defense, transportation, and robotics.
- May 2019: Siemens has partnered with an Alphabet company called Chronicle to develop sophisticated solutions to protect the energy industry from increasing cyber threats. The partnership will combine Siemens’ cybersecurity expertise and Chronicle’s backstory platform to develop advanced solutions for the energy sector.
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Fortune Business Insights™ provides the above information in its new report entitled Virtual Sensors Market Size, Share & Industry Analysis, By Component (Solution, Services), By Deployment (Cloud, On-Premises), By End-User ( Oil and Gas, Manufacturing & Utilities, Consumer Technology, Automotive, Aerospace & Defense, Healthcare, Chemicals & Others) and Regional Forecast, 2019-2026”. According to the report, the value of the market in 2018 was $214.4 million. In addition, the report also shares:
- Comprehensive analysis of the factors driving the market and the factors restraining the growth of the market;
- In-depth assessment of the different market segments;
- Detailed research on regional and competitive market dynamics; and
- Projection of upcoming trends and future prospects of the market.
Report scope and segmentation
| report coverage | details |
| forecast period | 2022 to 2026 |
| Forecast period 2022 to 2026 CAGR | 31.6% |
| Value prognosis 2026 | $1,838.5 million |
| base year | 2018 |
| Virtual sensors market size in 2018 | $214.4 million |
| Historical data for | 2015 to 2017 |
| number of pages | 140 |
| segments covered | Component; Mission; end users; |
| Growth Drivers of Virtual Sensors Market | Increasing Adoption of IoT and Cloud Platforms to Drive the Market” |
| Increasing adoption of predictive maintenance to expand market size |
An overview of the impact of COVID-19 on this market:
The advent of COVID-19 has brought the world to a standstill. We understand that this health crisis has had an unprecedented impact on businesses across all industries. But that too shall pass. Increasing support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and others are thriving. Overall, almost all sectors are likely to be affected by the pandemic.
We are making continuous efforts to help your business thrive and thrive during the COVID-19 pandemic. Based on our experience and expertise, we offer you a cross-industry impact analysis of the coronavirus outbreak to help you prepare for the future.
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Driver & Restraints-
Increased security concerns to hamper growth
Awareness of the risks associated with cloud computing may cast a shadow over the growth of the virtual sensor market,” said a senior analyst at Fortune Business Insights™. Cloud platforms offer huge amounts of storage space to store huge amounts of data. With enormous amounts of data being generated every day, the lure of cloud computing is hard to resist. However, the downside to this is the high vulnerability quotient associated with such systems. For example, even a small hacker can access data from a remote location. Small businesses that cannot afford to invest in expensive firewalls are particularly vulnerable to such attacks. In addition, the increasing threat of terrorism has forced governments in many countries to monitor private data such as e-mails and private texts of citizens. These risks have therefore negatively impacted the adoption of cloud systems, which has hampered demand in the virtual sensor technology market.
Regional Analysis
Presence of key market players to increase competition in North America
With a market size of USD 77.0 million in 2018, North America is expected to dominate the virtual sensors market share. This will be due to the presence of key players, the growing preference of vendors for Software as a Solution (SaaS) and the willing adoption of advanced technologies by leading companies.
Asia-Pacific is expected to show a notable CAGR during the forecast period as manufacturers in the region, particularly in China, Japan and South Korea, invest heavily in the development of Virtual Reality (VR) technologies. Additionally, players in India and China are readily adopting predictive maintenance solutions to streamline their processes and reduce costs.
The implementation of virtual sensors in various industry verticals along with technological advances will propel the market in Europe.
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competitive landscape
Intensive R&D efforts by companies to intensify competition
The market analysis of inference sensors shows that top players in this market are intensively concentrating on building and increasing their research and development capacities in order to develop innovative solutions. Some players are also collaborating with other competitors to expand their offerings.
List of Key Players Mentioned in the Report:
- TACTILE MOBILITY
- EXPUTEC
- LMI TECHNOLOGIES INC.
- Elliptic Laboratories A/S
- Siemens
- Cisco Systems, Inc.
- Modelway Srl
- OSIsoft, LLC
- Aspen Technology, Inc.
- Schneider Electric
- Honeywell International Inc.
- General Electric
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Main table of contents:
- introduction
- Definition, by segment
- research approach
- Sources
- summary
- market dynamics
- Drivers, limitations and opportunities
- New trends
- Important Findings
- Macro and microeconomic indicators
- Consolidated SWOT Analysis of Key Players
- Global Virtual Sensors Market Analysis, Insights and Forecasts, 2015-2026
- Key Findings / Summary
- Market size estimates and forecasts
- By Component (Value)
- After Deployment (Value)
- By End User (Value)
- oil and gas
- Manufacturing and Utilities
- consumer technology
- automobile
- Aerospace and Defense
- healthcare
- chemical
- Other
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Table of contents continued..!!!
FAQs:
– How big is the market for virtual sensors?
The global virtual sensor market size was US$214.4 million in 2018 and is projected to reach US$1,838.5 million by 2026, growing at a CAGR of 31.6% over the forecast period.
How big is the virtual sensor market in North America?
The North American market was worth $77.0 million in 2018 and is expected to capture a large chunk of the market share in the coming years.
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