New York, NY, Aug. 19, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Virtual Sensors Market By Deployment (On-Premises and Cloud-Based), By Component (Services and Solutions), and By End-User (Oil & Gas, Electrical, Electronics, & Consumer Goods, Healthcare, Chemical, Manufacturing & Utilities, Automotive & Transportation, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global virtual sensors market was around USD 177 million in 2018 and is expected to reach approximately USD 1,108 million by 2025, at a CAGR of slightly above 30.6% between 2019 and 2025.
A virtual sensor is used for the estimation of process conditions or product properties with the help of mathematical models. These models help companies in estimating the desired values by using information gathered from different physical sensors. A virtual sensor network is formed by a group of sensors, where the nodes are given certain high-speed tasks that play a crucial role in the virtual sensors market. The rising demand for virtualization architecture in wireless sensor networks (WSN) is anticipated to create lucrative market opportunities over the forecast timeframe.
Browse through 54 Tables & 27 Figures spread over 202 Pages and in-depth TOC on “Global Virtual Sensors Market: By Product, Trends, Industry Size, Share, Growth, Segments, Analysis and Forecast, 2018–2025”.
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The growing adoption of Industry 4.0 is fueling the virtual sensors market. These sensors are used in Industry 4.0 to automate various manufacturing processes. These sensors help manufacturers in robot manual guidance and collision detection. Industry 4.0 helps organizations to reduce costs and increase their revenue simultaneously. It is estimated that companies across the world will be investing over USD 900 billion per year until 2020 in Industry 4.0. Thus, the virtual sensors market is expected to grow significantly over the forecast time period. Cyberattacks have been growing annually, which have resulted in huge losses for numerous organizations. This is hindering the overall virtual sensors market to some extent. The increasing adoption of virtual sensors worldwide is still in the initial state. Thus, the lack of awareness about the associated benefits of virtual sensors and a shortage of skilled workforce with expertise and technical knowledge may hinder the virtual sensors market growth in the years ahead.
The global virtual sensors market is fragmented based on deployment, component, and end-user. On the basis of deployment, the market is majorly classified into on-premises and cloud-based. By component, the market includes services and solutions. Virtual sensor solutions are highly preferred by organizations for estimating different product properties, which is and fuelling the solutions segment growth in the global market. The end-user segment of the global virtual sensors market includes electrical, electronics, and consumer goods, oil and gas, healthcare, manufacturing and utilities, chemical, automotive and transportation, and others. In the oil and gas sector, virtual sensors offer process variable real-time values related to flow volume, pressure, temperature, and fluid properties. Virtual sensors provide more process variables than those obtained from other instruments, thus allowing any process to be monitored in a more detailed way. Various organizations in the oil and gas sector are focusing on using the latest technology to prevent any mishaps. It is estimated that about USD 575 million was invested in IoT by various oil and gas companies.
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The virtual sensors market in North America is driven primarily by the rising investments in healthcare technology. The U.S. is the major revenue contributor in the region. In 2017, the U.S. IT healthcare investments reached USD 7.1 billion as compared to USD 2.8 billion in 2013. Furthermore, healthcare organizations are planning to utilize the latest technologies that help in offering enhanced service to their patients. Virtual sensors are widely used in the healthcare sector, as they monitor the patient’s blood pressure and can be equipped with some computation abilities to analyze the sensed traffic from a set of sensors, offline health assistance, and continuous patient monitoring on move.
The European virtual sensors market is driven by rising artificial intelligence (AI) adoption in the automotive sector. AI is expected to play a vital role in the automotive sector owing to the introduction of autonomous and semi-autonomous vehicles. Automotive manufacturers use AI to design automotive virtual sensors. Major European automotive manufacturers, such as Daimler, BMW, and Volkswagen, are likely to introduce autonomous vehicles in the next few years. Furthermore, several European agencies are focusing on the early AI adoption, which will also fuel the virtual sensors market over the forecast timeframe.
Browse the full “Virtual Sensors Market By Deployment (On-Premises and Cloud-Based), By Component (Services and Solutions), and By End-User (Oil & Gas, Electrical, Electronics, & Consumer Goods, Healthcare, Chemical, Manufacturing & Utilities, Automotive & Transportation, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–202” Report at https://www.zionmarketresearch.com/report/virtual-sensors-market
The Asia Pacific will show notable growth in the virtual sensors market over the upcoming years, owing to the increasing number of consumer electronics devices in developing economies of India and China. Smartphones, tablets, and TVs are expected to make notable contributions to the market growth. In 2019, the Chinese smartphone manufacturer, Xiaomi, announced the launch of MI9 and MI9 SE smartphones, which are embedded with virtual proximity sensor technology. India is likely to register major growth in virtual sensors demand due to the increasing smartphone user base.
Latin America is another major regional market for virtual sensors, due to the region’s flourishing manufacturing sector. The growing adoption of Industry 4.0 is also fueling the region’s virtual sensors market. Virtual sensors are used in Industry 4.0 to automate various manufacturing processes, as these sensors help manufacturers in robot manual guidance and collision detection. Governments of various countries like Brazil and Argentina are focusing on attracting foreign direct investments in the manufacturing sector, by offering numerous tax incentives.
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The Middle East and Africa is expected to grow notably in the virtual sensors market, owing to the increasing investments, growing technological adoption by various regional organizations, and rising product demand by the oil and gas sector. Virtual sensors offer process variable real-time values related to flow volume, pressure, temperature, and fluid properties.
Some renowned players of the virtual sensors market are Cisco, ANDATA, Elliptic Laboratories, Honeywell Process, Algorithmica Technologies, IntelliDynamics, Schneider Electric, LMI Technologies, Modelway, OSIsoft, Aspen Technology, and Siemens.
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This report segments the virtual sensors market into:
Virtual Sensors Market: Deployment Analysis
- On-Premises
- Cloud-Based
Virtual Sensors Market: Component Analysis
- Services
- Solutions
Virtual Sensors Market: End-User Analysis
- Oil and Gas
- Electrical, Electronics and Consumer Goods
- Healthcare
- Chemical
- Manufacturing and Utilities
- Automotive and Transportation
- Others
Virtual Sensors Market: Regional Analysis
- North America
- U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- Middle East and Africa
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