Market Analysis
Market Research Future (MRFR) projects the global virtual sensors market size to grow at a CAGR of 33.5% from 2020–2027 (review period).
Multiple Factors to Augment Market Growth
Virtual sensors are software that estimate product attributes or process conditions based on available data. Other physical sensor readings are used by these mathematical models to calculate the estimated attribute or condition. Sensors learn to analyze the relationships between variables and examine readings from various equipment. Virtual sensors are useful in situations when actual sensors cannot detect qualities or states such as shelf aging time, humidity tests, or tensile strength measurements. They also provide information between readings faster than physical sensors.
Today's data-driven organizations require real-time and reliable data for a variety of decision-making processes. Virtual sensors provide a solution to data-driven enterprises by allowing for the simple deployment and monitoring of assets from which data is required.
The virtual sensor market is predicted to grow at a rapid pace during the forecast period due to many advantages such as reduced cost compared to physical sensors and easy integration with IoT and cloud platforms.
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Key Players
The global virtual sensors industry is characterized by the presence of several regional and local providers. Some of the key players in the market are Aspen Technology, Inc, Algorithmica Technologies GmbH, Elliptic Laboratories, General Electric Company, OsiSoft LLC, Siemens AG, Rockwell Automation, ANDATA, SmartUQ LLC, Tactile Mobility, Schneider Electric, IntelliDynamics, LMI Technologies, Modelway, and Exputec among others.
Market Segmentation
The worldwide virtual sensors market has been segmented on the basis of component, deployment mode, and end-user.
On the basis of components, the global virtual sensors market has been segmented into solutions and services.
On the basis of deployment mode, the global virtual sensors market has been segmented into cloud and on-premise.
On the basis of end users, the global virtual sensors market has been divided into electronics, automotive transportation, manufacturing utilities, healthcare, oil gas, aerospace defense, and others.
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Regional Analysis
North America to Dominate the Worldwide Market
During the projected period, North America is set to have the largest market share in the worldwide virtual sensors market. The region has a high concentration of big multinational corporations, which contribute significantly to the expansion of the virtual sensors market.
APAC to Witness the Fastest Growth Rate in the Worldwide Market
During the projection period, Asia-Pacific is expected to be the fastest-growing regional market. Due to the increasing demand for virtual sensor solutions among organizations in the region, it is likely to generate attractive prospects for virtual sensor solution vendors.
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