Market Snapshot
Virtual sensors are a software that, given the available information, estimates product properties or process conditions using mathematical models. These mathematical models use other physical sensor readings to calculate the estimated property or condition. The sensors learn to interpret the relationships between the different variables and observes readings from different instruments. Virtual sensors are useful in conditions where properties or states such as shelf aging time, humidity tests, tensile strength measures cannot be measured by physical sensors. They are also faster than physical sensors in providing information between readings.
Global Virtual Sensors Market is expected to register a CAGR of 33.5% during the review period, 2019–2025.
The data-driven businesses of today require real-time and accurate data for various decision-making processes. Virtual sensors offer a solution to such data-driven businesses through easy deployment and monitoring of assets from which data is required.
With several advantages like lower cost compared to physical sensors and easier integration with IoT and cloud platforms, the virtual sensor market is expected to have favorable growth prospects during the forecast period.
Key Players
The Global Virtual Sensors Market is characterized by the presence of several regional and local providers. Some of the key players in the market are 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 Exputec among others.
Key Developments
- October 2019: Elliptic Laboratories launched the INNER BEAUTY AI virtual sensor. Elliptic Labs’ INNER BEAUTY AI Virtual Proximity Sensor uses sophisticated software to detect user proximity, eliminating the need for traditional hardware sensors while simultaneously enhancing the design and advancing sensor capabilities. INNER BEAUTY AI has been recently used in OnePlus 7T smartphone as well, which was launched last month in India.
- April 2019: Schneider Electric has announced the availability of EcoStruxure Asset Advisor for electrical distribution as part of the company’s EcoStruxure IoT-enabled system architecture and platform. EcoStruxure Asset Advisor brings a proactive approach to electrical distribution, combining IoT and cloud-based technologies with Schneider Electric’s experts and services to provide predictive and preventive services for business continuity.
Market Segmentation
The Global Virtual Sensors Market has been segmented based on Component, Deployment Mode, End User, and Region.
By component, the market has been segmented into solutions and services.
By deployment mode, the market has been segmented into cloud and on-premise.
By end user, the market has been divided into electronics, automotive & transportation, manufacturing & utilities, healthcare, oil & gas, aerospace & defense, and others
The regions included in the study are North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.
Regional Analysis
Geographically, the global virtual sensors market has been categorized into four regions, namely North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
North America is expected to hold the largest market size in the global virtual sensors market during the forecast period. The region predominantly has a high concentration of large multinational companies, which largely contribute to the growth of the market. Asia-Pacific is also expected to advance at the highest CAGR during the forecast duration owing to the increasing demand for the virtual sensor solutions among enterprises in the region.
Asia-Pacific is expected to be the fastest-growing regional market during the forecast period. It is expected to provide lucrative opportunities for the virtual sensor solutions vendors, owing to the increasing demand for the virtual sensor solutions among enterprises in the region.
Key Questions Addressed by the Report
- What was the historic market size (2018)?
- What will be the growth rate by 2025?
- Who are the key players in this market?
- What are the strategies adopted by key players?
Frequently Asked Questions (FAQ) :
The global virtual sensors market can rise at 33.5% CAGR by 2025.
The market can value high by 2025.
Solutions and services are some virtual sensors components.
SmartUQ LLC, Rockwell Automation, ANDATA, and Tactile Mobility are some reputed names in virtual sensors market.
Increase in data-driven business can drive the market.
