(MENAFN- Zion Market Research) 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, 20182025. According to the report, the global virtual sensors marketwas 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.
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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.
North America dominated the virtual sensors market in 2018 and is anticipated to hold the largest market share globally in the upcoming years as well. This can be attributed to the presence of prominent market players in the region.
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.
This report segments the virtual sensors market into:
Virtual Sensors Market: Deployment Analysis
Virtual Sensors Market: Component Analysis
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
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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