Virtual Sensors Market To Hit CAGR Of 27.2% From 2019 To 2025: Grand View Research Inc

Virtual Sensors Market To Hit CAGR Of 27.2% From 2019 To 2025: Grand View Research Inc

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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.

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.

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.

U.S. virtual sensors market size, by component, 2014-2025 (USD Million)

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End-use Insights

Based on end use, the market can be segmented as oil and gas, automotive and transportation, manufacturing and utilities, electronics, healthcare, aerospace and defense, and others. Manufacturing and utilities are anticipated to gain a significant traction owing to a high demand for gaining real-time data and monitoring systems within the operations. Moreover, IoT coupled with industry 4.0 has led to establishment and upgradation to smart factories that are fully automated and featured with wireless connectivity. Therefore, industry 4.0 and IoT is further going to support the growth of manufacturing segment over the forecast period.

The aerospace and defense segment is expected to witness remarkable growth over the coming years. This can be attributed to the benefits such as higher reliability and provision of safe flight operations offered by these sensors. Moreover, virtual simulation training helps in ensuring the aviation safety and identifying other risks related to the life of pilot and aircraft. These factors are expected to accelerate the demand for software-based sensing solutions from the aerospace and defense industry.

Global virtual sensors market share, by end use, 2018 (%)

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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.

Further key findings from the report suggest:

  • 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.

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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

    • China

    • India

    • Japan

  • Latin America

    • Brazil

  • Middle East & Africa

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 126 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 4126 analysts and consultants, the company adds 121200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 600 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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