According to BlueWeave Consulting, The Global Virtual Sensors Market is expected to grow with a significant rate during the forecast period 2019–2025, due to the growing area of application of virtual sensors in the aviation sector as well as the automotive sector. Predictive maintenance, potential cost and time saving compared to physical sensors, and increasing adoption of the IoT cloud platforms will foster the global Virtual Sensors Market in the forecast period. Moreover, the major factor driving the market is growing use of virtual sensors in the industrial internet of things.
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Additionally, upsurge in applications of virtual sensors for automating business processes to improve their production efficiency and manufacturers of electronic products such as television, calculators, personal computers, and automotive electronics are employing automation to meet the increasing consumer demand in a short span of time will accelerate the growth of the Virtual Sensors market. Furthermore, the growing use of virtual sensors for reducing the cost spend on the physical sensor and providing result faster than physical sensors will contribute to Virtual Sensors market growth during the forecast period. Also increasing the use of virtual sensors technology for security and surveillance in the military as well as commercial sector is anticipated to fuel the Virtual Sensors market growth in the near future.
Solutions Components of Virtual Sensors Market is projected to be the leading segment of the overall market during the forecast period
On the basis of Component, the global Virtual Sensors market has been segmented into Solutions and Services. Solutions segment dominates the global Virtual Sensors Market owing to its applications to estimate product properties or process conditions based on mathematical models and this mathematical model estimate the desired values based on the inputs from the multiple physical sensors. Services segment will influence by its features like increase product quality and production efficiency, and to reduce costs
Cloud Deployment mode of Virtual Sensors Market is anticipated to be the dominating segment of the overall market during the forecast period
On the basis of Deployment Mode, the global Virtual Sensors market has been categorized into Cloud and On-Premises.Cloud segment will lead the market due to its offers user-based pricing models, which enables organizations to pay cloud service vendors only when the services are used, which further reduces upfront capital expenditure related to hardware, software, storage, and technical staff. On-Premise will boom by its features like offers enterprises with total control over their enterprise-sensitive data, such as customer details, product data, enterprise asset details, and supplier data.
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The process industry is projected to lead the industry for utilizing applications of the Virtual Sensors during the forecast period
On the basis of End-User Industry, the global Virtual Sensors market has been segmented into Process Industry — Manufacturing and Utilities, Automotive and Transportation, and Oil and Gas. By End-User Industry, process industry mainly Manufacturing & Utilities will lead the market due to its applications like optimizing the manufacturing processes of robots, industrial machines, and processing set-ups. Automotive and Transportation is driven its application in v2v connections and traffic light management system.
North America accounts for the lion’s share of the global Virtual Sensors market during the anticipated period.
On the basis of region, the Virtual Sensors market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America dominates the global Virtual Sensors market over the forecast period due to the early adoption of virtual sensors application in healthcare wearable devices. The Asia Pacific will grow due to increasing technology adoption in manufacturing and electronics sector.
Global Virtual Sensors Market Competitive Landscape
Companies such as GE, Cisco, Honeywell, IntelliDynamics, Siemens Schneider Electric, Elliptic Labs, Algorithmica technologies, EXPUTEC, TACTILE MOBILITY , Aspen Technology, ANDATA, LMI Technologies, and OSIsoft are the key players in the Global Virtual Sensors market.
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