Virtual Sensors Market Size Worth $1.4 Billion By 2025 | CAGR: 27.2%: Grand View Research, Inc.
SAN FRANCISCO, Nov. 27, 2019 /PRNewswire/ -- The global virtual sensors market size is expected to reach USD 1.4 billion by 2025, expanding at a CAGR of 27.2%, according to a new report by Grand View Research, Inc. Growing use of virtual sensors in the human activity recognition and in the healthcare domain is driving the market. Implementation of cloud platforms integrated with IoT applications is driving the market growth.
A virtual sensor is expected to achieve multiple objectives built for a specific purpose and result in a meta-analysis about its environment. These circuits can range from very simple to very complex design and undergo changes to produce a desired output. The device is an intangible form of sensor which is activated via two kinds of input, one from user and other from physical sensor. However, virtual sensors, in terms of capabilities are much beyond physical devices that can work individually and collectively irrespective of their physical counterparts.
Key suggestions from the report:
- The service segment is anticipated to witness higher growth owing to growing training and consulting activities for imparting significant knowledge and advantages of virtual sensors
- The cloud deployment segment is expected to witness a steady market growth, which can be attributed to the rise in use of IoT approach
- The aerospace and defense segment is accelerating the product demand for enhancing the passenger's safety and safer flight operations
- The key players in the virtual sensors market are Siemens AG, General Electric Company; Aspen Technologies, Inc.; Elliptic Laboratories A/S; and Tactile Mobility.
Read 110 page research report with ToC on "Virtual Sensors Market Size, Share & Trends Analysis Report By Component (Solution, Service), By Deployment (Cloud, On-premise), By End Use (Oil & Gas, Electronics, Healthcare), By Region, And Segment Forecasts, 2019 - 2025'' at: https://www.grandviewresearch.com/industry-analysis/virtual-sensors-market
Trends such as new product launches and agreements are likely to be witnessed in the market. In order to enhance industrial facilities, GE offers virtual sensors to reliantly work on predix, which is a cloud-based platform mainly used in the industrial space. Moreover, Siemens AG is working on digital twin technology for the development of virtual sensing solution for its customers. Siemens AG has developed Simcenter solution that is combining the system simulation and 3D CAE for predicting the performance parameters earlier and throughout the product lifecycle.
The solutions segment is expected to witness largest virtual sensors market share over the forecast period. This is attributed to advent of industry 4.0 and rising demand for cloud-based solutions in the manufacturing facilities. Such solutions are anticipated to promote the robot guidance operations by sensing and reducing accidents.
The market in Asia Pacific offers lucrative growth opportunities in terms of technology output, competitive advantage, and relevancy. In addition, the market witnesses a high influx of investments by stakeholders in various verticals pertaining to product development. Compliance policies and government regulations are pivotal in creating a sustainable market development. North America is expected to hold largest market share over the forecast period. This is attributed to rising demand for IoT cloud models and continuous innovations in the field of VR. In addition, growing adoption of advanced technologies among the companies in the region is driving the market growth.
Grand View Research has segmented the global virtual sensors market based on component, deployment, end use, and region:
- Virtual Sensors Component Outlook (Revenue, USD Million, 2014 - 2025)
- Solution
- Service
- Virtual Sensors Deployment Outlook (Revenue, USD Million, 2014 - 2025)
- Cloud
- On-premise
- Virtual Sensors End-use Outlook (Revenue, USD Million, 2014 - 2025)
- Oil & Gas
- Automotive & Transportation
- Manufacturing & Utilities
- Electronics
- Healthcare
- Aerospace & Defense
- Others
- Virtual Sensors Regional Outlook (Revenue, USD Million, 2014 - 2025)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Asia Pacific
- Japan
- China
- India
- Latin America
- Brazil
- Middle East & Africa
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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