Virtual Sensors Market – By Component Type (Services and Solutions), By End User (Oil and Gas, Electrical, Electronics and Consumer, Goods, Healthcare, Chemical, Manufacturing and Utilities, Automotive and Transportation, and Others), By Region – Global Opportunity Analysis and Industry Forecast, 2020-2030

Virtual Sensors Market size valued at USD 400.82 million in 2020 and is expected to reach USD 5786.101 million by 2030. The market is expected to grow approximately by CAGR of 30.60% during the forecast period.Virtual sensors, also known as soft sensors are inducted on behalf of physical sensors which works on the basis of software-enabled cloud technology. They don't need any servers to operate and are energy and cost-efficient. Virtual sensors are expected to take over the physical sensor market in future, considering the development of Artificial Intelligence, however, some companies like Rockwell Automation has already introduced AI-based modules for Industry. Another discovery like life-saving early warning prediction for flood based on AI by ClimaCell’s Disaster Prediction Models have changed the market demand. These discoveries will lead to an increase in demand for virtual sensors and will further boost demand in the market. The mobile companies are also introducing smartphone that has virtual proximity sensor, and this technology will help in locating user’s location more precisely on the map.

Market Segmentation:

The global virtual sensors market is segmented by component type into services and solutions. By end-user type the virtual sensors market is categorized into oil and gas, electrical, electronics and consumer, goods, healthcare, chemical, manufacturing and utilities, automotive and transportation, and others. By region, the global virtual sensors market is categorized into North America, Asia- Pacific, Europe, and RoW.

Market Dynamics and Factors:

Modernization of cloud technology has boosted the virtual sensors market growth for virtual sensors. Cloud technology has led to the cost-cutting on the premises use of server. This has also lead to the cutting on manual and maintenance expenditure that has profited the organizations. However, issue related to hacking of users data from cloud, and other security issues have been a major restraint for virtual sensors market. Functional and early prediction benefits will increase the demand for virtual sensors in future.  The use of virtual sensors can be mostly seen in industries like automotive and transportation, manufacturing, electronics, healthcare, aerospace and defense, oil and gas, and others. However, there are constraints like lack of skilled labor and technological advancement in a certain region will be a problem for the companies to expand in a virtual sensors market.

Geographic Scenario

North America is considered to be major revenue contributing region and was valued to be more than USD 70 million during 2018. Due to the prevalence of latest technologies like Internet of Thing (IoT), Virtual reality (VR), and cloud computing has prevailed the market growth in the North America region. Asia Pacific region is also considered as the largest consumer of virtual senor devices in future due to technological advancement and business expansion. The rise of specific sectors like defense and aerospace segment has shown good opportunities for the companies to enter in the Asia Pacific market.  Also, Europe seems to be the 2nd largest consumer of virtual sensors through the healthcare segment. Europe has a high demand for bio-sensing devices which are required for different disorders and phobias, these devices will be helpful in early detection and diagnosis of diseases at the early stage.

Competitive Scenario:

The key players in the global virtual sensor industry are GE, Cisco, Honeywell, Siemens, Schneider Electric, Elliptic Labs, Algorithmica Technologies, Aspen Tech, and Tactile Mobility.

Virtual Sensors Market Report Scope