Global Virtual Sensors Market – Overview
Global Virtual Sensors Market is expected to register a CAGR of 33.5% during the review period, 2019–2025.
Virtual sensors are being widely utilized today as they free up space for hardware components in size-specific applications such as mobile phones and are often inexpensive in terms of deployment for industrial applications. Major factors driving the growth of the market are the reduced cost of implementation and deployment as compared to physical sensors and easier IoT and cloud platform integration. The use of virtual sensors in mobile devices has helped reduce both device weight and device cost. The growth of industry 4.0 has also ushered in the implementation of virtual sensors in industrial scenarios to measure and provide data combined from a number of physical sensors.
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However, the lack of awareness about virtual sensors and potential security issues of virtual sensors are expected to hinder the market growth. Virtual sensors are connected to the cloud, and transmit data continuously to remotely located servers. A security breach at either end of the connection could result in data loss and theft of confidential sensor data.
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. The solution segment is expected to have a larger market share, whereas the services segment is expected to have a higher CAGR during the forecast period.
By deployment mode, the market has been segmented into cloud and on-premise. The on-premise segment is expected to have a largest market share, whereas the cloud segment is expected to have a higher CAGR during the forecast period.
By end user, the market has been divided into electronics, automotive & transportation, manufacturing & utilities, healthcare, oil & gas, aerospace & defense, and others. The electronics segment is expected to have the highest market share, whereas the aerospace & defense sector is expected to register the highest CAGR during the forecast period.
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 General Electric Company, OsiSoft LLC, Siemens AG, Aspen Technology, Inc, Algorithmica Technologies GmbH, Elliptic Laboratories, Rockwell Automation, ANDATA, SmartUQ LLC, Tactile Mobility, Schneider Electric, IntelliDynamics, LMI Technologies, Modelway, and Exputec among others.
By region, the global virtual sensors market has been segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.
North America accounted for the largest market share in the virtual sensors market. The region is dominating the global virtual sensors market in terms of market share during the forecast period owing to the high demand for industrial automation in the region. The US holds the majority of the North American market due to the presence of a large number of local players providing virtual sensor solutions.
The market in Asia-Pacific is expected to grow at the highest CAGR during the forecast period. The region is expected to show rapid growth owing to the increasing demand for the virtual sensor solutions among the manufacturing hubs in countries such as China and South Korea. The increasing number of government regulations and compliance in the region is expected to affect the adoption of virtual sensor solutions.
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