Report Code: A09819 | Pages: NA | Mar 2023 | 2387 Views | ||
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Request Now !Virtual sensors are called soft sensors and are software based solutions. Multiple output readings of physical sensors as a mathematical model are used to develop these sensors. Limitations of physical sensors can be overcome by deploying these virtual sensors. Various parameters such as speed, temperature, position, and pressure can be predicted by using single virtual sensor. Thus, they provide cost benefits and find their applications in IoT, Cloud, security, analytics and other industries such as process industry, oil & Gas, transportation, automotive, consumer electronics, healthcare, and defense & aerospace. Innovations in the sensor and control industry will pave the way for virtual sensor market growth.Â
The global virtual sensors market is segmented into deployment type, component, application, end user, and region. Based on deployment type, the market is further segmented into on-premises and cloud. In terms of component, the market is sub-divided into services and solutions. By applications, the market is divided into IoT, cloud platforms, security, analytics, and others. Based on industry vertical, the market is bifurcated further into process industry, oil & gas, transportation, automotive, consumer electronics, healthcare, defense & aerospace, and others. Geographically, the global market is divided across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Key players of the virtual sensors market analyzed in the research include Honeywell, Cisco, Siemens, GE, Elliptic Labs, Schneider Electric, Aspen Technologies, Algorithmica Technologies, Tactile Mobility, LMI Technologies Inc. and others. They have adopted various strategies including new product launches, collaborations, partnerships, mergers & acquisitions, joint ventures, agreements, and others to gain a stronghold and international presence across the world.
Increase in implementation of these sensors in end user industries, automotive, transportation, and aerospace & defense. In addition, demand from manufacturing industries and rise in use of IoT in various industries has created significant impact on its market growth. Moreover, ease in installation and reduced costs as compared to physical sensors has further led to virtual sensor market growth.
Digital Ghost was launched by General Electric in the year 2019. It is used in industrial control systems as a powerful cyber defense solution. The systems network and the critical infrastructure of the organizations are protected with the help of Digital Ghost as it creates an additional layer of security. GE’s Digital Twin and edge computing technologies which are used for monitoring systems are also combined because of the use of this virtual sensor. Thus, this product flourished the market as it is a virtual form of the control systems that can find attacks created on anomalies in how the machine is functioning.
Many companies increased their performance agility by transforming analytics, data collection and IT infrastructure with the help of virtual sensors. This is beneficial for telecommunications and aerospace industries which led to surge in demand and usage of these sensors in this industries. The main reason they are preferred over physical sensors for data storage is they are cost effective. In addition, the efficiency these sensors offer in the virtual environment has led to significant positive impact on the market growth. As these sensors have advantages in terms of innovation, data & analytics and technology, they have helped these industries grow.
Virtual Sensor Market Scope and Structure Analysis:
Report Metric | Details |
 Market size available for years |  2019–2027 |
 Base year considered |  2019 |
 Forecast period |  2021–2027 |
 Forecast units |  Value (USD) |
 Segments covered | Deployment Type, Component, Application, End User, and Region |
 Regions covered | North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa) |
 Companies covered | Honeywell, Cisco, Siemens, GE, Elliptic Labs, Schneider Electric, Aspen Technologies, Algorithmica Technologies, Tactile Mobility, LMI Technologies Inc. and others. |
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Key segments covered:
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Questions answered in the research report:
Virtual Sensors Market Report Highlights
Aspects | Details |
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By Component |
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By Deployment Type |
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Key Market Players | General Electric, Cisco, Honeywell, Siemens, Schneider Electric, Elliptic Labs, Algorithmica technologies, EXPUTEC, TACTILE MOBILITY, IntelliDynamics |
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