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Global Virtual Sensors Markets, 2019-2023 - Promising Prospects for the Virtual Sensor Technology in the Automobile and Aerospace Industries
[May 01, 2019]

Global Virtual Sensors Markets, 2019-2023 - Promising Prospects for the Virtual Sensor Technology in the Automobile and Aerospace Industries


DUBLIN, May 1, 2019 /PRNewswire/ -- The "Virtual Sensors Market by Component (Solutions and Services), Deployment Mode (Cloud and On-Premises), End User (Process Industry - Manufacturing and Utilities, Automotive and Transportation, and Oil and Gas), and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.

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The global virtual sensors market size is expected to grow from USD 235 million in 2018 to USD 910 million by 2023, at a Compound Annual Growth Rate (CAGR) of 31.1% during the forecast period.

The virtual sensors market's major growth factors are the use of predictive maintenance, the potential reduction in the time and cost compared to physical sensors, and rising adoption of the IoT cloud platforms. However, lack of awareness related to the costs and benefits of the adoption of virtual sensors is hindering the adoption of virtual sensors.

Services segment to grow at the highest CAGR during the forecast period

Services are an integral part of the virtual sensors market. The services associated with virtual sensor solutions play a vital role in the efficient and effective functioning of the virtual sensor solutions. The services include deployment and integration, training and consulting, and support and maintenance. The services provide assistance during the different phases of planning, deploying, and maintaining, the virtual sensor solutions. They are vital for the successful deployment of virtual sensor solutions across industries. With the rise in adoption of virtual sensor solution, the demand for services is also expected to increase.

Process industry - manufacturing and utilities segment to hold the largest market size during the forecast period

In the process industry - manufacturing and utilities industries, industrial digitalization is one of the important criteria for optimizing the manufacturing processes of robots, industrial machines, and processing setups. However, virtual sensors along with AI and IoT have been adopted by process industry-manufacturers /Original Equipment Manufacturers (OEMs) as the use of these technologies collectively enables machinery designing without using design prototypes, process optimization, remote monitoring, and timely data delivery in the manufacturing plants, which is an important factor that drives the virtual sensors market for discrete industries. Virtual sensor solutions are used to implement an enterprise asset management and life cycle service strategy, which has been majorly beneficial for both the OEMs andthe owner-operators.




Asia Pacific to record the highest growth rate during the forecast period

APAC is expected to grow at the highest CAGR during the forecast period, due to the increasing demand for virtual sensor solutions and services. Major APAC economies, such as China, Australia, Japan, and India, provide huge opportunities for vendors of virtual sensor solutions and services in the region. Meanwhile, North America is projected to hold the largest market size during the forecast period.


Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the Virtual Sensors Market
4.2 Market, By Component, 2018-2023
4.3 Market, By Deployment Mode, 2018 & 2023
4.4 Market, By End User, 2018
4.5 Market Investment Scenario

5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Predictive Maintenance and Potential Reduction in the Time and Cost Compared to Physical Sensors is Driving the Virtual Sensors Market
5.2.1.2 Rising Adoption of IoT and Cloud Platforms
5.2.1.3 Predominant Use of IIoT for Design and Manufacturing
5.2.2 Restraints
5.2.2.1 Risks Associated With Data Security Due to the Use of IoT and Cloud Platforms
5.2.3 Opportunities
5.2.3.1 Promising Prospects for the Virtual Sensor Technology in the Automobile and Aerospace Industries
5.2.4 Challenges
5.2.4.1 Lack of Awareness of the Benefits of Adopting Virtual Sensors
5.2.4.2 Lack of Skilled Workforce and Technical Knowledge
5.3 Industry Trends
5.3.1 Use Case 1: SmartuqLLC: Virtual Sensor for the Fortune 500 Heavy-Duty Engine
5.3.2 Use Case 2: Algorithmica Technologies: Virtual Sensor for Smart Condition Monitoring
5.3.3 Use Case 3: Honeywell: Virtual Sensor to Solve Powertrain Challenges
5.3.4 Use Case 4: Osisoft: Smart Sensors for Process Monitoring and Fault Detection
5.3.5 Use Case 5: Modelway: Fault-Tolerant Control of Unmanned Aerial Vehicles (UAV)

6 Virtual Sensors Market, By Component
6.1 Introduction
6.2 Solutions
6.2.1 Ability to Reduce Operational Expenses and Time is Driving the Virtual Sensor Solutions Market
6.3 Services
6.3.1 Implementation, Training and Consulting Services are Playing A Vital Role in Effective Functioning of Virtual Sensors

7 Market, By Deployment Mode
7.1 Introduction
7.2 Cloud
7.2.1 Ability to Scale Up the Data Storage and Agility is Driving the Cloud Deployment Mode in Market
7.3 On-Premises
7.3.1 Ability to Have Total Control Over Sensitive Data is Driving the On-Premises Deployment Mode in Market

8 Market, By End User
8.1 Introduction
8.2 Oil and Gas
8.2.1 Oil and Gas Companies Use Virtual Sensors to Enhance Process Efficiencies and Workflows at A Lower Cost
8.3 Automotive and Transportation
8.3.1 Enhancing Safety of the Passengers and Reducing the Cost of Sensors to Drive the Adoption of Virtual Sensors
8.4 Process Industry - Manufacturing and Utilities
8.4.1 Industry 4.0 to Drive Virtual Sensors in the Process Industry - Manufacturing and Utilities Segment
8.5 Electrical, Electronics, and Consumer Technology
8.5.1 Adoption of Virtual Sensors to Support Process Automation and Improve Production Efficiency
8.6 Healthcare
8.6.1 Virtual Sensors Help Healthcare Providers in Providing Enhanced Medical Services to In-Hospital and Remotely Located Patients
8.7 Chemical
8.7.1 Virtual Sensor Solutions to Help Enhance Process Efficiency and Product Development Process in Chemical Companies
8.8 Aeronautics and Defense
8.8.1 Virtual Sensors to Help Minimize Cost of Production, Optimize Processing, and Reduce Production Time
8.9 Others

9 Virtual Sensors Market, By Region

10 Competitive Landscape
10.1 Competitive Leadership Mapping
10.1.1 Visionary Leaders
10.1.2 Innovators
10.1.3 Dynamic Differentiators
10.1.4 Emerging Companies

11 Company Profiles
11.1 General Electric
11.2 Cisco
11.3 Honeywell
11.4 Siemens
11.5 Schneider Electric
11.6 Elliptic Labs
11.7 Algorithmica Technologies
11.8 Exputec
11.9 Tactile Mobility
11.10 Intellidynamics
11.11 Andata
11.12 Aspen Technology
11.13 Osisoft
11.14 Modelway
11.15 LMI Technologies

For more information about this report visit https://www.researchandmarkets.com/r/qoyfzr

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

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SOURCE Research and Markets


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