Virtual Sensors Market Global Trends, Market Share, Industry Size, Growth, Opportunities, and Market Forecast 2019 to 2026
Global Virtual Sensors Market is calculated to value
over USD 1 Billion by 2026 end and register
a CAGR of
over 29.9% during
the forecast period 2019 to 2026
Virtual sensors are based on mathematical models that
process conditions or estimate product properties. They are used in
applications where physical sensors are unable to function and they are also
used in improving efficiency.
Market Drivers and Restraints:
One of the key factors driving the market is a rising
demand for cloud platform implementation and integrating it with IoT
applications. Using virtual sensors saves the times it takes to install
physical sensors which makes it cost-effective as well which increases its
demand even more thus driving the market further.
Insights on Global Virtual
Sensors Market:
North America dominates this market as a majority of
established vendors providing virtual sensor solutions are present in this
region. Furthermore, many leading multinational companies are heavily investing
in advanced technologies which boost the market in the region even more.
Asia Pacific is a fast-growing regional market due to
favourable government regulations and compliance policies. This opens up
lucrative opportunities for established vendors to expand their businesses in
the region which is anticipated to grow at the highest CAGR during the forecast
period.
Cloud deployment segment dominates the market as the
business operations are conducted without using any server infrastructure or
even office location which gives employees the freedom to work remotely.
Furthermore, it has better data storage capabilities as compared to on-premises
deployment which increases its demand even more thus boosting the market.
The solutions segment is likely to dominate the global
market during the forecast period. One major reason for this to happen is that
it helps the companies calculate accurate measurements when the physical
sensors slow down. Market vendors seldom provide virtual sensor solutions
either as a software or integrated with complete solutions thus providing an
advanced feature.
Virtual sensors, integrated with IoT and AI, has been
adopted by process industry, mainly utilities and manufacturing. It allows
manufacturers to design machines without using process optimization, remote
monitoring, timely data delivery and design prototypes in the manufacturing
plants which fuels the market growth.
Competitive Landscape:
· GE
· Cisco
· Honeywell
· Siemens
· Schneider Electric
· Elliptic Labs
· Algorithmica
Technologies
· Aspen Tech.
· Tactile Mobility
GE offers virtual sensors that work on the predix
platform. Predix is used to power industrial apps and it is a cloud-based
platform. They also launched digital ghost in January 2019 which is an active
solution for industrial control systems in order to defend it from
cyber-attacks. It has provided an additional level of protection by combining
with GE’s edge computing and digital twin technologies for system monitoring.
Additionally, GE launched predix edge in November 2019 which helps enterprises
unravel edge-to-cloud computing and makes them capable of securing their
industrial IoT initiatives right form pilot phase to final production phase.
Cisco and the government of Indonesia signed an
agreement in September 2019 in order to promote Cisco’s country digital
acceleration (CDA) strategy. With this agreement, Cisco will help the
government of Indonesia to accelerate their digitization agendas along with
providing citizen-beneficiary services.
Honeywell launched Honeywell Marketplace in march
2019. This can help enterprises obtain virtual sensors form various established
vendors without wasting any time to search the right vendor for purchasing
virtual sensors.
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Virtual
Sensors Market Segmentation
1. By
Region
· North
America
· Europe
· Asia
Pacific
· Rest
of the World
2. By
Deployment
· Cloud
· On-Premises
3. By
Component
· Solutions
· Services
4. By
End User
· Process
Industry
o Manufacturing
and Utilities
· Automotive
& Transportation
· Oil
& Gas
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FutureWise Key Takeaways:
• Growth
prospects
• SWOT
analysis
• Key
trends
• Key
data-points affecting market growth
Objectives
of the Study:
• To
provide with an exhaustive analysis on the global virtual sensors market by
region, by deployment, by component, by end user
• To
cater comprehensive information on factors impacting market growth (drivers,
restraints, opportunities, and industry-specific restraints)
• To
evaluate and forecast micro-markets and the overall market
• To
predict the market size, in key regions (along with countries)— North America,
Europe, Asia Pacific and rest of the world
• To
record evaluate and competitive landscape mapping- product launches,
technological advancements, mergers and expansions
• Profiling
of companies to evaluate their market shares, strategies, financials and core
competencies
Table of Contents
1: Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.4 Years Considered for the Study
1.5 Stakeholders
2: Research Methodology
2.1 Research Data
2.2 Market Size Estimation
2.3 Market Forecast
2.4 Assumptions for the Study
3: Executive Summary
4: Premium Insights
4.1 Attractive Opportunities in the
Virtual Sensors Market
4.2 Market, By Component, 2019–2026
4.3 Market, By Deployment Mode,
2019 & 2026
4.4 Market, By End User, 2019
4.5 Market Investment Scenario
5: Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.3 Industry
Trends
6: Virtual Sensors Market, By Component
6.1 Introduction
6.2 Solutions
6.3 Services
7: Market, By Deployment Mode
7.1 Introduction
7.2 Cloud
7.3 On-Premises
8: Market, By End User
8.1 Introduction
8.2 Oil and Gas
8.3 Automotive and Transportation
8.4 Process Industry -
Manufacturing and Utilities
8.5 Electrical, Electronics, and
Consumer Technology
8.6 Healthcare
8.7 Chemical
8.8 Aeronautics and Defense
8.9 Others
9: Virtual Sensors Market, By Region
9.1 Introduction
9.2 North America
9.3 Europe
9.4 Asia Pacific
9.5 Rest of the World
10: Competitive Landscape
10.1 Competitive Leadership
Mapping
11: Company Profiles
11.1 General Electric
11.2 Cisco
11.3 Honeywell
11.4 Siemens
11.5 Schneider Electric
11.6 Elliptic Labs
11.7 Algorithmica
Technologies
11.8 Exputec
11.9 Tactile Mobility
11.10 Intellidynamics
11.11 Andata
11.12 Aspen Technology
11.14 Modelway
11.15 LMI Technologies
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Contact Person: Vinay Thaploo
Email: sales@futurewiseresearch.com
Phone: +44 141 628 9353 / +1 970 279 4295
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Website: www.futurewiseresearch.com
Contact Person: Vinay Thaploo
Email: sales@futurewiseresearch.com
Phone: +44 141 628 9353 / +1 970 279 4295
City: Leeds
Country: United Kingdom
Website: www.futurewiseresearch.com
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