Virtual Sensors Market

Global Virtual Sensors Market Size (2023 to 2028)

The global virtual sensors market size is expected to be worth USD 427.38 Million in 2023. It is expected to grow at a CAGR of 30.60% during the forecast period and reach a value of USD 1,623.79 Million by 2028.

Virtual sensors are software sensors that are opposed to physical or hardware sensors. These sensors are employed for the indirect measurements of abstract conditions by combining sensed information that can be generated from a group of heterogeneous physical sensors.

MARKET DRIVERS:

The growth of the global virtual sensors market is primarily driven by the rapid expansion of numerous industrial sectors, including manufacturing, automotive, electrical, and electronics, and the growing healthcare in emerging economies. Moreover, the government in various countries is promoting the usage of digital technologies to improve the customer experience, which is another factor that shows a positive impact on the growth of the virtual sensors market over the forecast period.

The rising adoption of Internet-of-Things (IoT) applications and cloud platforms is a major factor that is driving the growth of the Global Virtual Sensors Market. Also, the growing usage of these virtual sensors is decreasing the expenses that are spent on the physical sensor, which is another factor that was pushing the adoption of these sensors, thus turning out to be one of the growth factors for the target market's growth. Besides the fact that these virtual sensors provide results faster when compared to physical sensors, the increase in the usage of advanced technologies for security & surveillance in the military, as well as commercial sectors, is fuelling the growth of the Virtual Sensors Market.

MARKET RESTRAINTS:

However, concerns that are related to data security because of the usage of cloud services are the major restraint that was hampering the growth of the Global Virtual Sensors Market. In addition, the lack of awareness about the advantages that are associated with these virtual sensors is another factor that was challenging the target market's growth. Nevertheless, increasing the area of application of these virtual sensors in the aviation sector and in the automotive sector is creating lucrative opportunities for the expansion of the players in the Global Virtual Sensors Market.

Impact of COVID-19 on the Virtual Sensors Market:

The impact of the COVID-19 pandemic on the Global Virtual Sensors Market is in a very negative way because of the stalled economic growth of various countries owing to the imposition of lockdowns in various sectors, which is resulting in the reduced demand for various electronics that include these virtual sensors.

REPORT COVERAGE:

This research report on the global virtual sensors market has been segmented and sub-segmented into the following categories.

Virtual Sensors Market – By Component:

• Solutions
• Services

Virtual Sensors Market – By Type of Deployment Outlook:

• Cloud
• On-premises

Virtual Sensors Market – By End Used Industry Outlook:

• Oil & Gas
• Automotive & Transportation
• Process Industry
  • Manufacturing
  • Utilities

• Electrical
• Electronics and consumer technology
• Healthcare
• Chemical
• Aeronautics & Defense
• Home Automation
• Retail
• Consumer Goods
• Others

Virtual Sensors Market – By Region:

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

In the regional analysis of the Global Virtual Sensors Market, North America accounted for the major portion of the global market. The major factors that are driving the growth of the target market in this region are the growing usage of IoT cloud models as a part of the virtual deployment in North America. Moreover, the growing demand for virtual sensors in this area owing to the presence of various vendors that are inclining towards the SaaS platform in the market as virtual reality is a prominent technology across the public sector in North America, is further boosting the growth of Virtual Sensors Market in the locale. And the on-going innovations in the VR technologies coupled with the higher willingness among the enterprises towards the adoption of innovative advanced technologies in the region is creating growth opportunities for the market growth.

Europe's Virtual Sensors Market is expected to witness substantial growth during the conjecture period. This regional market growth can be credited to the immense usage of virtual sensors in the healthcare industry to identify conditions like anxiety disorders, phobia, and panic disorders among patients. Furthermore, recent innovations like the integration of VR with bio-sensing feedback along with data integration are likely to promote the call for these virtual sensors in the European market.

KEY MARKET PLAYERS:

The key players in the Global Virtual Sensors Market include General Electric (US), Cisco Systems, Inc. (US), Honeywell International Inc. (US), Siemens (Germany), Schneider Electric (France), Elliptic Laboratories A/S (Norway), Algorithmica Technologies GmbH (Germany), EXPUTEC (Austria), TACTILE MOBILITY (Israel), Cleveland Electric Laboratories, BioComp Systems, Inc., Andata Development Technology GmbH (Austria), AVEVA Group plc, Aspen Technology, Inc. (US), OSIsoft, LLC (US), Modelway S.r.l. (Italy), LMI Technologies Inc (Canada).

RECENT HAPPENINGS IN THE MARKET:

• Cisco, a multi-national conglomerate that develops, manufactures & sells networking hardware, software, telecommunications equipment, and other high-technology services & products, was into a partnership with Schneider Electric on connecting building management systems for developing a bridge operational technology and IT building management systems for smart buildings.
• General Electric, one of the key players in the Global Virtual Sensors Market, has secured an order from Japanese power producer JFE Steel which is for upgrading a gas turbine at Chiba Power Plant.