Global Virtual Sensors Market - Overview
Global Virtual Sensors Market is expected to register a
CAGR of 33.5% during the review period, 2019–2025.
Virtual sensors are being widely utilized today as
they free up space for hardware components in size-specific applications such
as mobile phones and are often inexpensive in terms of deployment for
industrial applications. Major factors driving the growth of the market are the
reduced cost of implementation and deployment as compared to physical sensors
and easier IoT and cloud platform integration. The use of virtual sensors in
mobile devices has helped reduce both device weight and device cost. The growth
of industry 4.0 has also ushered in the implementation of virtual sensors in
industrial scenarios to measure and provide data combined from a number of
physical sensors.
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However, the lack of awareness about virtual sensors
and potential security issues of virtual sensors are expected to hinder the
market growth. Virtual sensors are connected to the cloud, and transmit data
continuously to remotely located servers. A security breach at either end of
the connection could result in data loss and theft of confidential sensor data.
Segmental Analysis
The Global Virtual Sensors Market has been segmented
based on Component, Deployment Mode, End User, and Region.
By component, the market has been segmented into
solutions and services. The solution segment is expected to have a larger
market share, whereas the services segment is expected to have a higher CAGR
during the forecast period.
By deployment mode, the market has been segmented
into cloud and on-premise. The on-premise segment is expected to have a largest
market share, whereas the cloud segment is expected to have a higher CAGR
during the forecast period.
By end user, the market has been divided into
electronics, automotive & transportation, manufacturing & utilities,
healthcare, oil & gas, aerospace & defense, and others. The electronics
segment is expected to have the highest market share, whereas the aerospace
& defense sector is expected to register the highest CAGR during the
forecast period.
Competitive Analysis
The Global Virtual Sensors Market is characterized
by the presence of several regional and local providers. Some of the key
players in the market are General Electric Company, OsiSoft LLC, Siemens AG,
Aspen Technology, Inc, Algorithmica Technologies GmbH, Elliptic Laboratories,
Rockwell Automation, ANDATA, SmartUQ LLC, Tactile Mobility, Schneider Electric,
IntelliDynamics, LMI Technologies, Modelway, and Exputec among others.
Regional Analysis
By region, the global virtual sensors market has
been segmented into North America, Europe, Asia-Pacific, the Middle East and
Africa, and South America.
North America accounted for the largest market share
in the virtual sensors market. The region is dominating the global virtual
sensors market in terms of market share during the forecast period owing to the
high demand for industrial automation in the region. The US holds the majority
of the North American market due to the presence of a large number of local
players providing virtual sensor solutions.
The market in Asia-Pacific is expected to grow at
the highest CAGR during the forecast period. The region is expected to show
rapid growth owing to the increasing demand for the virtual sensor solutions
among the manufacturing hubs in countries such as China and South Korea. The
increasing number of government regulations and compliance in the region is
expected to affect the adoption of virtual sensor solutions.
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