Pune, India, Sept. 20, 2022 (GLOBE NEWSWIRE) -- The global Virtual Sensors Market Size is set to reach USD 1,838.5 million by 2026, exhibiting a CAGR of 31.6% during the forecast period. Increasing uptake of Internet of Things (IoT) is expected to be one of the leading virtual sensors market trends in the upcoming decade. IoT can be understood as a concept of interlinking multiple computing devices to the internet and other connected devices. More importantly, IoT can strengthen the existing cloud-computing infrastructure in a company. For example, a combination of IoT and cloud-computing can aid a business to undertake cost-effective asset management measures and improve the enterprise’s life-cycle services. Moreover, IoT and cloud can reduce maintenance costs and enhance data collection and analysis abilities of a firm. As a result, these technologies find a wide range of applications in a variety of industries, from defense to weather forecasting to healthcare, thereby augmenting the soft sensors market potential.
- September 2019: Honeywell International launched its novel cost-efficient and high-performance HGuide inertial measurement units (IMUs). These solutions are lightweight and can withstand any kind of challenging surroundings and environment. Moreover, these sensors can be utilized in various industries including agriculture, defense, transportation, and robotics.
- May 2019: Siemens teamed up with a company under Alphabet called Chronicle to develop sophisticated solutions to protect the energy industry from increasing cyber threats. The partnership will combine Siemens’ experience in cybersecurity and Chronicle's Backstory platform to come up with advanced solutions for the energy sector.
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Fortune Business Insights™ provides the above information in its new report, titled “Virtual Sensors Market Size, Share & Industry Analysis, By Component (Solution, Services), By Deployment (Cloud, On-Premises), By End-User (Oil and Gas, Manufacturing and Utilities, Consumer Technology, Automotive, Aerospace and Defence, Healthcare, Chemical, and Others) and Regional Forecast, 2019-2026”. According to the report, the value of the market stood at USD 214.4 million in 2018. Besides this, the report also shares:
- Comprehensive analysis of the factors driving the market and the factors restraining the growth of the market;
- In-depth evaluation of the different market segments;
- Detailed research into the regional and competitive dynamics of the market; and
- Projection of upcoming trends and future prospects of the market.
Report Scope & Segmentation
|Forecast Period||2022 to 2026|
|Forecast Period 2022 to 2026 CAGR||31.6%|
|2026 Value Projection||USD 1,838.5 Million|
|Virtual Sensors Market Size in 2018||USD 214.4 Million|
|Historical Data for||2015 to 2017|
|No. of Pages||140|
|Segments covered||Component; Deployment; End-User;|
|Virtual Sensors Market Growth Drivers||Rising Adoption of IoT and Cloud Platform to Drive the Market”|
|Growing Adoption of Predictive Maintenance to Expand the Market Size|
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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Drivers & Restraints-
Heightened Security Concerns to Hinder Growth
Awareness about the risks involved with cloud computing may cast a shadow on the virtual sensors market growth”, says a lead analyst at Fortune Business Insights™. Cloud platforms offer huge amounts of space to store vast volumes of data. With enormous amounts of data being generated on a daily basis, the lure of cloud computing is hard to resist. However, the downside to this is the high vulnerability quotient attached to such systems. For instance, even a small-time hacker can access data from a remote location. Small companies, who cannot afford investing in building expensive firewalls, are especially susceptible to such attacks. Furthermore, rising threat of terrorism has forced governments in many countries to monitor private data such as emails and private texts of citizens. These risks have, therefore, negatively impacted the adoption of cloud systems, which has hampered the virtual sensing technology market demand.
Presence of Key Market Players to Tighten Competition in North America
With a market size of USD 77.0 million in 2018, North America is projected to dominate the virtual sensors market share. This will be owing to the presence of major players, growing preference of vendors for Software as a Solution (SaaS), and ready adoption of advanced technologies by leading companies.
Asia-Pacific is anticipated to showcase a remarkable CAGR during the forecast period as manufacturers in the region, especially in China, Japan, and South Korea, are heavily investing in developing Virtual Reality (VR) technologies. Additionally, players in India and China are readily adopting predictive maintenance solutions to streamline their processes and cut down costs.
Implementation of virtual sensors in different industry verticals along with technological advancements will drive the market in Europe.
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Vigorous R&D Efforts by Companies to Intensify Competition
The inferential sensing market analysis finds that top players in this market are intensely focused on building and elevating their research and development capacities to come up with innovative solutions. A few players are also collaborating with other competitors to widen their offerings.
List of Key Players Mentioned in the Report:
- TACTILE MOBILITY
- LMI TECHNOLOGIES INC.
- Elliptic Laboratories A/S
- Cisco Systems, Inc.
- Modelway S.r.l.
- OSIsoft, LLC
- Aspen Technology, Inc.
- Schneider Electric
- Honeywell International Inc.
- General Electric
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Major Table of Contents:
- Definition, By Segment
- Research Approach
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Global Virtual Sensors Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Component (Value)
- By Deployment (Value)
- By End-User (Value)
- Oil and Gas
- Manufacturing and Utilities
- Consumer Technology
- Aerospace and Defence
- By Region (Value)
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
- By Component (Value)
How big is the Virtual Sensors Market?
The global virtual sensors market size stood at USD 214.4 Million in 2018 and is projected to reach USD 1,838.5 Million by 2026, exhibiting a CAGR of 31.6% during the forecast period.
How big is Virtual Sensors Market In North America?
The market in North America stood at USD 77.0 Million in 2018 and is expected to gain a huge portion of the market share in the coming years.
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