Fortune Business Insights™ provides the above information in its new report, titled “Virtual Sensors Market Size, Share & Industry Analysis, By Component (Solution, Services), By Deployment (Cloud, On-Premises), By End-User (Oil and Gas, Manufacturing and Utilities, Consumer Technology, Automotive, Aerospace and Defence, Healthcare, Chemical, and Others) and Regional Forecast, 2019-2026”. According to the report, the value of the market stood at USD 214.4 million in 2018.
Besides this, the report also shares:
- Comprehensive analysis of the factors driving the market and the factors restraining the growth of the market;
- In-depth evaluation of the different market segments;
- Detailed research into the regional and competitive dynamics of the market; and
- Projection of upcoming trends and future prospects of the market.
To Gain More Insights into the Market with Detailed Table of Content and Figures, Click Here –
The Report Covers the Following, Major Points Precisely:
• Top Players That Are Operating in the Global Market
• Market Segmentation
• Regional Analysis
• Deep Insights into the Market with Detailed Table of Content and Figures
• Global Market Predictions for Five Decades.
KEY QUESTIONS ANSWERED:
- What are the key technological and Virtual Sensors Market trends shaping the market?
- What are the key opportunities in the market?
- What are the key companies operating in the market?
- Which company accounted for the highest market share?
- Why Choose Fortune Business Insights?
- What is the market size and growth rate of the global and regional market by various segments?
- What is the market size and growth rate of the market for selective countries?
- Which region or sub-segment is expected to drive the market in the forecast period?
- What Factors are estimated to drive and restrain the Virtual Sensors Market growth?
The global virtual sensors market size is set to reach USD 1,838.5 million by 2026, exhibiting a CAGR of 31.6% during the forecast period.
IoT can be understood as a concept of interlinking multiple computing devices to the internet and other connected devices. More importantly, IoT can strengthen the existing cloud-computing infrastructure in a company. For example, a combination of IoT and cloud-computing can aid a business to undertake cost-effective asset management measures and improve the enterprise’s life-cycle services. Moreover, IoT and cloud can reduce maintenance costs and enhance data collection and analysis abilities of a firm. As a result, these technologies find a wide range of applications in a variety of industries, from defense to weather forecasting to healthcare, thereby augmenting the soft sensors market potential.
Vigorous R&D Efforts by Companies to Intensify Competition
The inferential sensing market analysis finds that top players in this market are intensely focused on building and elevating their research and development capacities to come up with innovative solutions. A few players are also collaborating with other competitors to widen their offerings.
- September 2019: Honeywell International launched its novel cost-efficient and high-performance HGuide inertial measurement units (IMUs). These solutions are lightweight and can withstand any kind of challenging surroundings and environment. Moreover, these sensors can be utilized in various industries including agriculture, defense, transportation, and robotics.
- May 2019: Siemens teamed up with a company under Alphabet called Chronicle to develop sophisticated solutions to protect the energy industry from increasing cyber threats. The partnership will combine Siemens’ experience in cybersecurity and Chronicle’s Backstory platform to come up with advanced solutions for the energy sector.
Some of the significant players operating in the virtual sensors market are listed below:
- General Electric
- Cisco Systems, Inc.
- Honeywell International Inc.
- Schneider Electric
- Elliptic Laboratories A/S
- Aspen Technology, Inc.
- LMI TECHNOLOGIES INC.
- OSIsoft, LLC
- Modelway S.r.l.
- TACTILE MOBILITY
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Presence of Key Market Players to Tighten Competition in North America
With a market size of USD 77.0 million in 2018, North America is projected to dominate the virtual sensors market share. This will be owing to the presence of major players, growing preference of vendors for Software as a Solution (SaaS), and ready adoption of advanced technologies by leading companies.
Asia-Pacific is anticipated to showcase a remarkable CAGR during the forecast period as manufacturers in the region, especially in China, Japan, and South Korea, are heavily investing in developing Virtual Reality (VR) technologies. Additionally, players in India and China are readily adopting predictive maintenance solutions to streamline their processes and cut down costs.
Implementation of virtual sensors in different industry verticals along with technological advancements will drive the market in Europe
Market Segmentation –
1. By Component
2. By Deployment
3. By End-User
- Oil and Gas
- Manufacturing and Utilities
- Consumer Technology
- Aerospace and Defence
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, and Rest of Europe)
- Asia Pacific (China, Japan, India, Southeast Asia, and Rest of Asia Pacific)
- Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
- Latin America (Brazil, Mexico, Argentina and Rest of Latin America)
Heightened Security Concerns to Hinder Growth
“Awareness about the risks involved with cloud computing may cast a shadow on the virtual sensors market growth”, says a lead analyst at Fortune Business Insights™. Cloud platforms offer huge amounts of space to store vast volumes of data. With enormous amounts of data being generated on a daily basis, the lure of cloud computing is hard to resist. However, the downside to this is the high vulnerability quotient attached to such systems. For instance, even a small-time hacker can access data from a remote location. Small companies, who cannot afford investing in building expensive firewalls, are especially susceptible to such attacks. Furthermore, rising threat of terrorism has forced governments in many countries to monitor private data such as emails and private texts of citizens. These risks have, therefore, negatively impacted the adoption of cloud systems, which has hampered the virtual sensing technology market demand.
Reasons to Purchase This Report:
• A detailed study of product launches of every marketing player, their market channels, tactics, and market growth.
• The report helps to understand the key product segments and their future scope up to Five Decades.
• The report allows readers and market players to understand market Size, Share, Trend, and Future Forecast.A
• The Report Provide Deep analysis with region-specific assessments and competition analysis on a global and regional scale.
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Detailed Table of Content –
5.Global Virtual Sensors Market Analysis, Insights and Forecast, 2015-2026
5.1.Key Findings / Summary
5.2.Market Size Estimates and Forecasts
5.2.1.By Component (Value)
5.2.2.By Deployment (Value)
5.2.3.By End-User (Value)
188.8.131.52.Oil and Gas
184.108.40.206.Manufacturing and Utilities
220.127.116.11.Aerospace and Defence
5.2.4.By Region (Value)
18.104.22.168.Middle East and Africa
6.North America Virtual Sensors Market Analysis, Insights and Forecast, 2015-2026
6.1.Key Findings / Summary
6.2.Market Size Estimates and Forecasts
6.2.1.By Component (Value)
6.2.2.By Deployment (Value)
6.2.3.By End-User (Value)
22.214.171.124.Oil and Gas
126.96.36.199.Manufacturing and Utilities
188.8.131.52.Aerospace and Defence
6.2.4.By Country (Value)
7.Europe Virtual Sensors Market Analysis, Insights and Forecast, 2015-2026
7.1.Key Findings / Summary
7.2.Market Size Estimates and Forecasts
7.2.1.By Component (Value)
7.2.2.By Deployment (Value)
7.2.3.By End-User (Value)
184.108.40.206.Oil and Gas
220.127.116.11.Manufacturing and Utilities
18.104.22.168.Aerospace and Defence
7.2.4.By Country (Value)
22.214.171.124.Rest of Europe
8.Asia Pacific Virtual Sensors Market Analysis, Insights and Forecast, 2015-2026
8.1.Key Findings / Summary
8.2.Market Size Estimates and Forecasts
8.2.1.By Component (Value)
8.2.2.By Deployment (Value)
8.2.3.By End-User (Value)
126.96.36.199.Oil and Gas
188.8.131.52.Manufacturing and Utilities
184.108.40.206.Aerospace and Defence
8.2.4.By Country (Value)
220.127.116.11.South East Asia
18.104.22.168.Rest of APAC
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