The Virtual Sensors Market size was valued at USD 0.79 Billion in 2023 and is expected to grow to USD 7.1 Billion by 2031 and grow at a CAGR of 31.25 % over the forecast period of 2024-2031.
Virtual sensing solutions are highly sought-after, especially in the media, aviation, telecommunications, and technology industries. The demand for these solutions is being driven by the functional efficiency they provide in the real world. Virtual sensors are also being used by businesses to increase their operational efficiency, agility, and scalability. Thus, virtual sensors are known to reduce operating costs and increase operational effectiveness.
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An informative and dependable sensing environment, which is necessary to supply and sustain intelligent services in building life-cycle and digitalization, has a significant potential for virtual sensing technologies. However, there are still few thorough literature studies and recommendations for virtual sensing applications in the construction industry.
Limited understanding of virtual sensor modelling, verification, and calibration in building operations is provided by the current virtual sensing classification. Therefore, with an emphasis on virtual sensors and virtual sensor calibration, this study examines current virtual sensors and applications as well as analyses contemporary virtual sensing technologies. In the beginning, virtual sensors are divided into built-in and in-situ types based on the environment used for modelling and verification.
Rising the use of Industrial Internet of Things
Increasing Predictive Maintenance Adoption to Increase Market Size
Rising demand for Virtual Sensors
Virtual sensing solutions are highly sought-after, especially in the media, aviation, telecommunications, and technology industries. The demand for these solutions is being driven by the functional efficiency they provide in the real world. Virtual sensors are also being used by businesses to increase their operational efficiency, agility, and scalability. Thus, virtual sensors are known to reduce operating costs and increase operational effectiveness.
RESTRAIN:
Risk Associated with data security
OPPORTUNITY:
Increasing penetration of cloud platforms
Growing Governments focus on 5G networks
Innovations of virtual sensor technologies in the automotive and aerospace sectors
Numerous businesses are expanding thanks to technological advancements. The advantages of virtual sensors in terms of technology, data and analytics, and innovation aid in the expansion of these industries. To improve their performance agility, many businesses are currently changing their data gathering, analytic, organizational structure, and IT architecture. The concept and architecture of a virtual sensor assist in developing unique digital projects for businesses and organizations. Other digital activities that businesses conduct can be driven by a virtual sensor.
CHALLENGES:
Lack of Skilled Workforce and technical knowledge
A range of technologies, skill sets, and trained persons are required to operate the most up-to-date equipment and software programmes in order to construct a virtual sensor for an asset or process. The shift to digital would impact the kind of skills needed for workers at various points throughout the value chain, from development to sales and marketing. The need for new employee skill sets and a high level of qualification would the anticipated improvement in working efficiency and data dependence of processes. This could help in a skills gap between newly hired employees and experienced personnel.
By Component
Solutions
Services
By Deployment Type
Cloud
On-premises
By End-User
Oil and Gas
Automotive and Transportation
Process Industry - Manufacturing and Utilities
Electrical, Electronics and Consumer technology
Healthcare
Chemical
Aeronautics and Defense
Others (Home Automation, Retail, and Consumer Goods)
Due to the growing adoption of loT cloud models as a component of virtual deployment, North America continues to have a prominent position in the worldwide market. Virtual reality is a popular technology in North America's public sector, and the market for virtual sensing is stimulated by the presence of significant providers with a preference for SaaS platforms. Additionally, the regional market is supported by ongoing VR innovation. hence, greater willingness "Among the region's businesses, the adoption of cutting-edge technologies is fostering the expansion of the market as a whole."
The demand for virtual sensors in the European "market" is increasing as a result of the integration of VR with biosensing feedback supported by data integration. A favorable outlook for the region's healthcare industry will open up profitable growth chances for the market's producers. Additionally, there are significant growth chances in the near future due to untapped potential in the markets of Germany, Italy, and the Netherlands.
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REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
General Electric, Cisco Systems, Inc., Honeywell International Inc., Siemens, Schneider Electric, Elliptic Laboratories A/S, Aspen Technology, Inc., LMI TECHNOLOGIES INC., OSIsoft, LLC, EXPUTEC, Modelway S.r.l., TACTILE MOBILITY and other players are listed in a final report.
Honeywell International Inc-Company Financial Analysis
Siemens AG will roll out its virtual sensor technology for the manufacturing industry in 2021. This technology can replicate physical sensors and provide real-time data analysis for process improvement and preventive maintenance using artificial intelligence.
| Report Attributes | Details |
| Market Size in 2023 | US$ 0.79 Bn |
| Market Size by 2031 | US$ 7.1 Bn |
| CAGR | CAGR of 31.25% From 2024 to 2031 |
| Base Year | 2022 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Component (Solutions, Services) • By Deployment Type (Cloud, On-premises) • By End-User (Oil and Gas, Automotive and Transportation, Process Industry - Manufacturing and Utilities, Electrical, Electronics and Consumer technology, Healthcare, Chemical, Aeronautics and Defense, Others (Home Automation, Retail, and Consumer Goods)) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Company Profiles | General Electric, Cisco Systems, Inc., Honeywell International Inc., Siemens, Schneider Electric, Elliptic Laboratories A/S, Aspen Technology, Inc., LMI TECHNOLOGIES INC., OSIsoft, LLC, EXPUTEC, Modelway S.r.l., TACTILE MOBILITY |
| Key Drivers | • Rising the use of Industrial Internet of Things • Increasing Predictive Maintenance Adoption to Increase Market Size • Rising demand for Virtual Sensors |
| Market Restraints | • Risk Associated with data security |
Ans: Virtual Sensors Market is anticipated to expand by 31.25 % from 2024 to 2031.
Ans: Lack of Skilled Workforce and technical knowledge
Ans: USD 7.1 million is expected to grow by 2031.
Ans: Virtual Sensors Market size was valued at USD 0.79 Billion in 2023
Ans: Increasing penetration of cloud platforms, Growing Governments focus on 5G networks and Innovations of virtual sensor technologies in the automotive and aerospace sectors
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of the Ukraine- Russia war
4.2 Impact of ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Virtual Sensors Market Segmentation, By Component
8.1 Solutions
8.2 Services
9. Virtual Sensors Market Segmentation, By Deployment Type
9.1 Cloud
9.2 On-premises
10. Virtual Sensors Market Segmentation, By End-User
10.1 Oil and Gas
10.2 Automotive and Transportation
10.3 Process Industry - Manufacturing and Utilities
10.4 Electrical, Electronics and Consumer technology
10.5 Healthcare
10.6 Chemical
10.7 Aeronautics and Defense
10.8 Others (Home Automation, Retail, and Consumer Goods)
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 North America Virtual Sensors Market by Country
11.2.2North America Virtual Sensors Market by Component
11.2.3 North America Virtual Sensors Market by Deployment Type
11.2.4 North America Virtual Sensors Market by End-User
11.2.5 USA
11.2.5.1 USA Virtual Sensors Market by Component
11.2.5.2 USA Virtual Sensors Market by Deployment Type
11.2.5.3 USA Virtual Sensors Market by End-User
11.2.6 Canada
11.2.6.1 Canada Virtual Sensors Market by Component
11.2.6.2 Canada Virtual Sensors Market by Deployment Type
11.2.6.3 Canada Virtual Sensors Market by End-User
11.2.7 Mexico
11.2.7.1 Mexico Virtual Sensors Market by Component
11.2.7.2 Mexico Virtual Sensors Market by Deployment Type
11.2.7.3 Mexico Virtual Sensors Market by End-User
11.3 Europe
11.3.1 Eastern Europe
11.3.1.1 Eastern Europe Virtual Sensors Market by Country
11.3.1.2 Eastern Europe Virtual Sensors Market by Component
11.3.1.3 Eastern Europe Virtual Sensors Market by Deployment Type
11.3.1.4 Eastern Europe Virtual Sensors Market by End-User
11.3.1.5 Poland
11.3.1.5.1 Poland Virtual Sensors Market by Component
11.3.1.5.2 Poland Virtual Sensors Market by Deployment Type
11.3.1.5.3 Poland Virtual Sensors Market by End-User
11.3.1.6 Romania
11.3.1.6.1 Romania Virtual Sensors Market by Component
11.3.1.6.2 Romania Virtual Sensors Market by Deployment Type
11.3.1.6.4 Romania Virtual Sensors Market by End-User
11.3.1.7 Turkey
11.3.1.7.1 Turkey Virtual Sensors Market by Component
11.3.1.7.2 Turkey Virtual Sensors Market by Deployment Type
11.3.1.7.3 Turkey Virtual Sensors Market by End-User
11.3.1.8 Rest of Eastern Europe
11.3.1.8.1 Rest of Eastern Europe Virtual Sensors Market by Component
11.3.1.8.2 Rest of Eastern Europe Virtual Sensors Market by Deployment Type
11.3.1.8.3 Rest of Eastern Europe Virtual Sensors Market by End-User
11.3.2 Western Europe
11.3.2.1 Western Europe Virtual Sensors Market by Component
11.3.2.2 Western Europe Virtual Sensors Market by Deployment Type
11.3.2.3 Western Europe Virtual Sensors Market by End-User
11.3.2.4 Germany
11.3.2.4.1 Germany Virtual Sensors Market by Component
11.3.2.4.2 Germany Virtual Sensors Market by Deployment Type
11.3.2.4.3 Germany Virtual Sensors Market by End-User
11.3.2.5 France
11.3.2.5.1 France Virtual Sensors Market by Component
11.3.2.5.2 France Virtual Sensors Market by Deployment Type
11.3.2.5.3 France Virtual Sensors Market by End-User
11.3.2.6 UK
11.3.2.6.1 UK Virtual Sensors Market by Component
11.3.2.6.2 UK Virtual Sensors Market by Deployment Type
11.3.2.6.3 UK Virtual Sensors Market by End-User
11.3.2.7 Italy
11.3.2.7.1 Italy Virtual Sensors Market by Component
11.3.2.7.2 Italy Virtual Sensors Market by Deployment Type
11.3.2.7.3 Italy Virtual Sensors Market by End-User
11.3.2.8 Spain
11.3.2.8.1 Spain Virtual Sensors Market by Component
11.3.2.8.2 Spain Virtual Sensors Market by Deployment Type
11.3.2.8.3 Spain Virtual Sensors Market by End-User
11.3.2.9 Netherlands
11.3.2.9.1 Netherlands Virtual Sensors Market by Component
11.3.2.9.2 Netherlands Virtual Sensors Market by Deployment Type
11.3.2.9.3 Netherlands Virtual Sensors Market by End-User
11.3.2.10 Switzerland
11.3.2.10.1 Switzerland Virtual Sensors Market by Component
11.3.2.10.2 Switzerland Virtual Sensors Market by Deployment Type
11.3.2.10.3 Switzerland Virtual Sensors Market by End-User
11.3.2.11.1 Austria
11.3.2.11.2 Austria Virtual Sensors Market by Component
11.3.2.11.3 Austria Virtual Sensors Market by Deployment Type
11.3.2.11.4 Austria Virtual Sensors Market by End-User
11.3.2.12 Rest of Western Europe
11.3.2.12.1 Rest of Western Europe Virtual Sensors Market by Component
11.3.2.12.2 Rest of Western Europe Virtual Sensors Market by Deployment Type
11.3.2.12.3 Rest of Western Europe Virtual Sensors Market by End-User
11.4 Asia-Pacific
11.4.1 Asia-Pacific Virtual Sensors Market by Country
11.4.2 Asia-Pacific Virtual Sensors Market by Component
11.4.3 Asia-Pacific Virtual Sensors Market by Deployment Type
11.4.4 Asia-Pacific Virtual Sensors Market by End-User
11.4.5 China
11.4.5.1 China Virtual Sensors Market by Component
11.4.5.2 China Virtual Sensors Market by End-User
11.4.5.3 China Virtual Sensors Market by Deployment Type
11.4.6 India
11.4.6.1 India Virtual Sensors Market by Component
11.4.6.2 India Virtual Sensors Market by Deployment Type
11.4.6.3 India Virtual Sensors Market by End-User
11.4.7 Japan
11.4.7.1 Japan Virtual Sensors Market by Component
11.4.7.2 Japan Virtual Sensors Market by Deployment Type
11.4.7.3 Japan Virtual Sensors Market by End-User
11.4.8 South Korea
11.4.8.1 South Korea Virtual Sensors Market by Component
11.4.8.2 South Korea Virtual Sensors Market by Deployment Type
11.4.8.3 South Korea Virtual Sensors Market by End-User
11.4.9 Vietnam
11.4.9.1 Vietnam Virtual Sensors Market by Component
11.4.9.2 Vietnam Virtual Sensors Market by Deployment Type
11.4.9.3 Vietnam Virtual Sensors Market by End-User
11.4.10 Singapore
11.4.10.1 Singapore Virtual Sensors Market by Component
11.4.10.2 Singapore Virtual Sensors Market by Deployment Type
11.4.10.3 Singapore Virtual Sensors Market by End-User
11.4.11 Australia
11.4.11.1 Australia Virtual Sensors Market by Component
11.4.11.2 Australia Virtual Sensors Market by Deployment Type
11.4.11.3 Australia Virtual Sensors Market by End-User
11.4.12 Rest of Asia-Pacific
11.4.12.1 Rest of Asia-Pacific Virtual Sensors Market by Component
11.4.12.2 Rest of Asia-Pacific Virtual Sensors Market by Deployment Type
11.4.12.3 Rest of Asia-Pacific Virtual Sensors Market by End-User
11.5 Middle East & Africa
11.5.1 Middle East
11.5.1.1 Middle East Virtual Sensors Market by Country
11.5.1.2 Middle East Virtual Sensors Market by Component
11.5.1.3 Middle East Virtual Sensors Market by Deployment Type
11.5.1.4 Middle East Virtual Sensors Market by End-User
11.5.1.5 UAE
11.5.1.5.1 UAE Virtual Sensors Market by Component
11.5.1.5.2 UAE Virtual Sensors Market by Deployment Type
11.5.1.5.3 UAE Virtual Sensors Market by End-User
11.5.1.6 Egypt
11.5.1.6.1 Egypt Virtual Sensors Market by Component
11.5.1.6.2 Egypt Virtual Sensors Market by Deployment Type
11.5.1.6.3 Egypt Virtual Sensors Market by End-User
11.5.1.7 Saudi Arabia
11.5.1.7.1 Saudi Arabia Virtual Sensors Market by Component
11.5.1.7.2 Saudi Arabia Virtual Sensors Market by Deployment Type
11.5.1.7.3 Saudi Arabia Virtual Sensors Market by End-User
11.5.1.8 Qatar
11.5.1.8.1 Qatar Virtual Sensors Market by Component
11.5.1.8.2 Qatar Virtual Sensors Market by Deployment Type
11.5.1.8.3 Qatar Virtual Sensors Market by End-User
11.5.1.9 Rest of Middle East
11.5.1.9.1 Rest of Middle East Virtual Sensors Market by Component
11.5.1.9.2 Rest of Middle East Virtual Sensors Market by Deployment Type
11.5.1.9.3 Rest of Middle East Virtual Sensors Market by End-User
11.5.2 Africa
11.5.2.1 Africa Transfusion Diagnostics Market by Country
11.5.2.2 Africa Virtual Sensors Market by Component
11.5.2.3 Africa Virtual Sensors Market by Deployment Type
11.5.2.4 Africa Virtual Sensors Market by End-User
11.5.2.5 Nigeria
11.5.2.5.1 Nigeria Virtual Sensors Market by Component
11.5.2.5.2 Nigeria Virtual Sensors Market by Deployment Type
11.5.2.5.3 Nigeria Virtual Sensors Market by End-User
11.5.2.6 South Africa
11.5.2.6.1 South Africa Virtual Sensors Market by Component
11.5.2.6.2 South Africa Virtual Sensors Market by Deployment Type
11.5.2.6.3 South Africa Virtual Sensors Market by End-User
11.5.2.7 Rest of Africa
11.5.2.7.1 Rest of Africa Virtual Sensors Market by Component
11.5.2.7.2 Rest of Africa Virtual Sensors Market by Deployment Type
11.5.2.7.3 Rest of Africa Virtual Sensors Market by End-User
11.6 Latin America
11.6.1 Latin America Virtual Sensors Market by Country
11.6.2 Latin America Virtual Sensors Market by Component
11.6.3 Latin America Virtual Sensors Market by Deployment Type
11.6.4 Latin America Virtual Sensors Market by End-User
11.6.5 Brazil
11.6.5.1 Brazil America Virtual Sensors Market by Component
11.6.5.2 Brazil America Virtual Sensors Market by Deployment Type
11.6.5.3 Brazil America Virtual Sensors Market by End-User
11.6.6 Argentina
11.6.6.1 Argentina America Virtual Sensors Market by Component
11.6.6.2 Argentina America Virtual Sensors Market by Deployment Type
11.6.6.3 Argentina America Virtual Sensors Market by End-User
11.6.7 Colombia
11.6.7.1 Colombia America Virtual Sensors Market by Component
11.6.7.2 Colombia America Virtual Sensors Market by Deployment Type
11.6.7.3 Colombia America Virtual Sensors Market by End-User
11.6.8 Rest of Latin America
11.6.8.1 Rest of Latin America Virtual Sensors Market by Component
11.6.8.2 Rest of Latin America Virtual Sensors Market by Deployment Type
11.6.8.3 Rest of Latin America Virtual Sensors Market by End-User
12 Company Profile
12.1 General Electric
12.1.1 Company Overview
12.1.2 Financial
12.1.3 Products/ Services Offered
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 Cisco Systems Inc.
12.2.1 Company Overview
12.2.2 Financials
12.2.3 Product/Services Offered
12.2.4 SWOT Analysis
12.2.5 The SNS View
12.3 Honeywell International Inc.
12.3.1 Company Overview
12.3.2 Financials
12.3.3 Product/Services Offered
12.3.4 SWOT Analysis
12.3.5 The SNS View
12.4 Siemens
12.4.1 Company Overview
12.4.2 Financials
12.4.3 Product/Services Offered
12.4.4 SWOT Analysis
12.4.5 The SNS View
12.5 Schneider Electric
12.5.1 Company Overview
12.5.2 Financials
12.5.3 Product/Services Offered
12.5.4 SWOT Analysis
12.5.5 The SNS View
12.6 Elliptic Laboratories A/S
12.6.1 Company Overview
12.6.2 Financials
12.6.3 Product/Services Offered
12.6.4 SWOT Analysis
12.6.5 The SNS View
12.7 Aspen Technology, Inc.
12.7.1 Company Overview
12.7.2 Financials
12.7.3 Product/Services Offered
12.7.4 SWOT Analysis
12.7.5 The SNS View
12.8 LMI TECHNOLOGIES INC.
12.8.1 Company Overview
12.8.2 Financials
12.8.3 Product/Services Offered
12.8.4 SWOT Analysis
12.8.5 The SNS View
12.9 OSIsoft, LLC,
12.9.1 Company Overview
12.9.2 Financials
12.9.3 Product/Services Offered
12.9.4 SWOT Analysis
12.9.5 The SNS View
12.10 EXPUTEC,
12.10.1 Company Overview
12.10.2 Financials
12.10.3 Product/Services Offered
12.10.4 SWOT Analysis
12.10.5 The SNS View
12.11 Modelway S.r.l.
12.11.1 Company Overview
12.11.2 Financials
12.11.3 Product/Services Offered
12.11.4 SWOT Analysis
12.11.5 The SNS View
12.12 TACTILE MOBILITY
12.12.1 Company Overview
12.12.2 Financials
12.12.3 Product/Services Offered
12.12.4 SWOT Analysis
12.12.5 The SNS View
13. Competitive Landscape
13.1 Competitive Bench marking
13.2 Market Share Analysis
13.3 Recent Developments
13.3.1 Industry News
13.3.2 Company News
13.3.3 Mergers & Acquisitions
14. Use Case and Best Practices
15. Conclusion
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