USD 0.4 billion
Virtual Sensors Market Size, Share, Growth Analysis, By Type(Hardware and software), By Application(Predictive Maintenance, Performance Monitoring) - Industry Forecast 2024-2031
Report ID:
SQMIG45O2018 |
Region:
Global |
Published Date: March, 2024
Pages:
197
|
Tables:
61 |
Figures:
75
Virtual Sensors Market Insights
Virtual Sensors Market size was valued at USD 0.4 billion in 2021 and is poised to grow from USD 0.5 billion in 2022 to USD 4.80 billion by 2030, growing at a CAGR of 32.6% during the forecast period (2023-2030).
The global virtual sensors market is projected to experience significant growth due to the increasing adoption of IoT cloud platforms and the growing demand from the manufacturing sector. This surge can be attributed to the rising awareness among organizations about the benefits and cost-effectiveness of virtual sensors. Also known as soft sensors, virtual sensors are software-based solutions developed using mathematical models based on the readings of physical sensors. They are deployed to overcome the limitations associated with physical sensors, offering the ability to predict results based on multiple parameters such as temperature, pressure, speed, and position. As a cost-effective alternative to physical sensors, virtual sensing solutions are in high demand across various sectors including telecommunications, technology, aviation, automobile, and media. These solutions enhance operational efficiency, minimize expenses, and provide organizations with improved efficiency, agility, and scalability. Leading manufacturers in the industry are focusing on developing virtual sensing solutions as standard models, leading to the emergence of standardization as a major trend. Standardization facilitates the characterization of sensed data and the creation of a structure-based model for sensor deployment, enabling the seamless modification of data between sensor networks. However, the deployment of virtual sensors on cloud sensor networks raises data security concerns, which hinders widespread adoption. Vendors are actively involved in developing secure cloud solutions to address these privacy concerns, and subscription-based private cloud platforms are available in the market to ensure data security and privacy.
US Virtual Sensors Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Software
Fastest Growth
Software
Growth Rate
32.6% CAGR
Global Virtual Sensors Market ($ Bn)
Country Share for North America Region (%)
Global Virtual Sensors Market By Type ($ Bn)
Global Virtual Sensors Market By Type (%)
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Virtual Sensors Market Segmental Analysis
Global Virtual Sensors Market is segmented by type, application, and region. Based on type, the market can be segmented into hardware and software. Based on application, the market is segmented into predictive maintenance, performance monitoring, and optimization and control. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Virtual Sensors Market Analysis by Type
By type, the market can be segmented into hardware, and software. Software dominated the virtual sensors market due to several key factors. Virtual sensors rely on advanced algorithms and software solutions to process the data collected from various sources. The software segment has witnessed widespread adoption due to its flexibility, scalability, and ease of integration. Organizations across industries have embraced virtual sensors for data processing, analysis, and generating actionable insights.
While the hardware segment is the fastest growing segment in the market. As virtual sensors become more prevalent across industries, there is a growing demand for specialized hardware components that can capture and process specific types of data. This includes advanced sensors, cameras, accelerometers, temperature sensors, and more.
Virtual Sensors Market Analysis by Application
By application, the market can be segmented into predictive maintenance, performance monitoring, and optimization and control. Predictive maintenance is the dominating segment in the virtual sensors market due to its wide-ranging benefits and increasing adoption across industries. Predictive maintenance using virtual sensors enables organizations to detect and predict potential equipment failures before they occur. This allows for proactive maintenance, minimizing costly downtime and reducing overall maintenance costs.
Performance monitoring is the fastest growing segment in the virtual sensors market. Organizations across industries are increasingly focused on optimizing their operations and maximizing efficiency. Performance monitoring using virtual sensors allows real-time tracking and analysis of key performance indicators (KPIs), enabling organizations to identify bottlenecks, inefficiencies, and areas for improvement.
Global Virtual Sensors Market By Type, 2023 (%)
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Virtual Sensors Market Regional Insights
North America dominated the global virtual sensors market. The region has witnessed significant growth and adoption of virtual sensors due to several factors. Firstly, North America has a well-established and advanced technology infrastructure, which provides a favorable environment for the implementation of virtual sensing solutions. The presence of major technology companies and early adopters of innovative technologies further contributes to the dominance of this region.
The fastest-growing region in the global virtual sensors market is Asia Pacific. The region is experiencing rapid economic growth, industrialization, and urbanization, which are driving the adoption of virtual sensing solutions across various industries. Countries like China, Japan, South Korea, and India are at the forefront of technological advancements and are witnessing substantial demand for virtual sensors.
Global Virtual Sensors Market By Geography, 2024-2031
- Largest
- Fastest
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Virtual Sensors Market Dynamics
Virtual Sensors Market Drivers
Increasing demand for cost-effective solutions and improved operational efficiency
- One significant driver propelling the growth of the global virtual sensors market is the increasing demand for cost-effective solutions and improved operational efficiency. Virtual sensors offer organizations a viable alternative to physical sensors, minimizing operational expenses while enhancing efficiency. By utilizing mathematical models based on multiple output readings from physical sensors, virtual sensors can accurately predict results across various parameters. This cost-effectiveness and functional efficiency provided by virtual sensors drive their adoption across industries, making them a prominent driver of market growth.
Virtual Sensors Market Restraints
Concern regarding data security and privacy
- One notable restraint hindering the widespread adoption of virtual sensors in the global market is the concern regarding data security and privacy. Deploying virtual sensors on cloud sensor networks raises apprehensions about the vulnerability of sensitive data. Organizations are hesitant to fully embrace virtual sensors due to the potential risks associated with data breaches and unauthorized access. However, efforts are being made by vendors to develop secure cloud solutions and subscription-based private cloud platforms to address these concerns and ensure the protection of data privacy in virtual sensor deployments.
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Virtual Sensors Market Competitive Landscape
the global virtual sensors market is characterized by intense rivalry among various companies striving to gain a competitive edge. Key market players are actively engaged in research and development activities to enhance their virtual sensing solutions. Companies are focusing on innovations to offer advanced features such as improved accuracy and real-time monitoring capabilities. Strategic collaborations, partnerships, and mergers and acquisitions are common strategies employed by players to expand their market presence. Additionally, companies are also investing in marketing initiatives to raise awareness about the benefits of virtual sensors and attract a larger customer base.
Virtual Sensors Market Top Player’s Company Profiles
- Honeywell International Inc. (US)
- General Electric Company (US)
- Siemens AG (Germany)
- Texas Instruments Incorporated (US)
- Emerson Electric Co. (US)
- ABB Ltd (Switzerland)
- Schneider Electric SE (France)
- Rockwell Automation, Inc. (US)
- Yokogawa Electric Corporation (Japan)
- STMicroelectronics N.V. (Switzerland)
- Analog Devices, Inc. (US)
- Infineon Technologies AG (Germany)
- NXP Semiconductors N.V. (Netherlands)
- Sensirion AG (Switzerland)
- TE Connectivity Ltd. (Switzerland)
- First Sensor AG (Germany)
- Vishay Intertechnology, Inc. (US)
- Robert Bosch GmbH (Germany)
- Broadcom Inc. (US)
- Mouser Electronics, Inc. (US)
Virtual Sensors Market Recent Developments
- In June 2023, Google Cloud announced a strategic partnership with Splunk to integrate virtual sensor capabilities into the Splunk Data-to-Everything Platform, enabling real-time analytics and insights.
- In May 2023, NVIDIA Corporation acquired DeepMap, a startup specializing in high-definition mapping and virtual sensor technology, to bolster its autonomous vehicle capabilities.
- In March 2023, IBM partnered with Siemens to develop virtual sensor solutions for asset management and predictive maintenance in industrial settings, leveraging AI and IoT technologies.
- In January 2023, Qualcomm Technologies announced the launch of its Virtual Sensing Accelerator, a hardware solution designed to enhance the performance and efficiency of virtual sensors in mobile and IoT devices.
- In November 2022, Honeywell International Inc. acquired Opto 22, a provider of industrial automation and virtual sensing solutions, to expand its portfolio of edge computing and IIoT offerings.
Virtual Sensors Key Market Trends
- One key market trend in the global virtual sensors market is the increasing focus on standardization. Standardization is becoming a prominent trend as it allows for the characterization of sensed data and the development of standardized models for sensor deployment. This enables seamless data modification between sensor networks and facilitates interoperability. Standardization efforts help in streamlining virtual sensor integration, ensuring compatibility across different systems and devices. By establishing a common framework, standardization enhances the overall efficiency and effectiveness of virtual sensing solutions, driving their widespread adoption in various industries.
Virtual Sensors Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global virtual sensors market analysis, the market is experiencing substantial growth driven by factors such as the increasing adoption of IoT cloud platforms, rising awareness about the advantages and cost-effectiveness of virtual sensors, and the need to overcome limitations associated with physical sensors. North America dominated the market due to its advanced technology infrastructure and strong manufacturing sector, while Asia Pacific emerged as the fastest-growing region due to rapid economic growth and industrialization. However, data security and privacy concerns pose a restraint to widespread adoption. Key players in the market are focused on innovation and strategic partnerships. Standardization and interoperability emerge as important trends shaping the market's trajectory.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 0.4 billion |
| Market size value in 2031 | USD 4.80 billion |
| Growth Rate | 32.6% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Virtual Sensors Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Virtual Sensors Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Virtual Sensors Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Virtual Sensors Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Virtual Sensors Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Virtual Sensors Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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