Soft Sensor Market To Reach USD 11.7 Billion By 2032 Report By Datahorizzon Research

(MENAFN- GlobeNewsWire - Nasdaq) The soft sensor market has undergone a remarkable transformation owing to technological advancements, resulting in a significant boost.

Fort Collins, Colorado, Jan. 02, 2024 (GLOBE NEWSWIRE) --
The soft sensor market size was valued at USD 3.4 Billion in 2022 and is anticipated to reach USD 11.7 Billion by 2032 at a CAGR of 13.2% during the forecast period 2023-2032.

Intelligent soft sensors are computer-based systems that use data-driven models and AI to analyze sensor data and provide accurate readings of physical parameters. They can interpret complex physical conditions and are in high demand due to the increasing adoption of digitalization across business sectors.

Soft sensors are crucial for predictive maintenance in manufacturing. They provide insights into equipment conditions and related processes, which can help mitigate production downtime. This presents numerous opportunities for the manufacturing industry.

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Soft sensors collect and analyze data, providing insights into a system's operations. This allows organizations to identify improvement areas and increase operational efficiency. As industries move towards greater connectivity, the demand for soft sensors that can easily integrate into these environments is expected to grow.

Segmentation Overview:

The global soft sensor market has been segmented into type, application, and region. Cloud-based soft sensors enable seamless sharing of data across multiple platforms. They offer high security, rapid deployment and are used for analytics, monitoring, and control. This technology has revolutionized the oil and gas industry, allowing for improved efficiency, better management of operations, and increased profitability through production optimization.

Soft Sensor Market Report Highlights:

• The global soft sensor market growth is anticipated at a CAGR of 13.2% by 2032.

• Soft sensors are AI-powered systems that analyze sensor data and provide accurate readings of physical parameters. They are highly demanded for predictive maintenance in manufacturing and help increase operational efficiency. As industries move towards greater connectivity, the demand for soft sensors is expected to grow.

• The North American Intelligent Soft Sensor Market is rapidly growing due to increased demand for advanced sensing technologies, automation, and AI-based solutions. The automotive, healthcare, and industrial sectors are driving demand for intelligent soft sensors.

• Some prominent players in the soft sensor market report include Cisco, Siemens, General Electric, Schneider Electric, Honeywell, Elliptic Labs, Ekkono Solutions, StretchSkin Technologies, Equinox, Canvass AI, ANDATA, Corelight, Exputec, TACTILE MOBILITY, IntelliDynamics, Aspen Technology, OSIsoft, Modelway, LMI Technologies.

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Industry Trends and Insights:

• Cisco announced new CX services supporting sustainability at its APJC Cisco Live event.

• ITIDA has signed an agreement with Siemens to expand its research.

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Soft Sensor Market Segmentation:

• By Type: On-premise, cloud

• By Application: Oil and gas, utilities, manufacturing, automotive and transportation

• By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.

About DataHorizzon Research:

DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR's comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.

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