The size of the worldwide virtual sensors market was USD 384.6 Million in 2020 and is projected to grow at a CAGR of 29.9% to reach USD 3,181.2 Million by 2028. The global virtual sensors market is anticipated to grow as a result of factors such as rising industry adoption of cloud-based platforms and IoT platforms, rising demand for Industrial Internet of Things (IIoT) for manufacturing design, increased production efficiency, predictive maintenance, and reduction in required investments for maintaining and operating an industrial unit.
With the aid of mathematical models that rely on information from readings from other physical sensors, virtual sensors are used to forecast or calculate quantities of interest. Soft sensing, proxy sensing, inferential sensing, and surrogate sensing are other names for virtual sensing. It has shown to be an effective substitute for employing tools that charge reasonably for physically measuring/calculating procedures. These sensors support the predictive maintenance of machine parts and components used in discrete production, as well as process optimization and remote monitoring. Additionally, the emergence of technologies like artificial intelligence, machine learning, and the internet of things has greatly complicated how corporations operate.
Solutions and service segments are included in the virtual sensors market by component. By utilizing big data and machine learning techniques, virtual sensors enable enterprises to measure difficult, expensive, and physically unattainable metrics. Organizations can more efficiently get needed and accurate information with virtual sensor solutions despite their constrained sensing position. The services aid businesses in successfully integrating and putting into use virtual sensor solutions with their current internal infrastructure. Users are assisted in choosing the right virtual sensor solution for their company needs by the advisory services provided by vendors.
Further key findings from the report suggest
Key participants include GE, Cisco, Siemens, Algorithmica technologies, Elliptic Labs, Schneider Electric, TACTILE MOBILITY, OSIsoft, Modelway, EXPUTEC, Aspen Technology, and IntelliDynamics. Honeywell, OSIsoft.
The virtual sensors market is divided into cloud and on-premises segments based on deployment mode. The software is installed on the client’s server in the on-premises deployment mode, but it is hosted on specialized off-site equipment in the cloud deployment option. Customers may control and administer every part of the Virtual sensors through on-premises deployment, which is run on their data centers. The on-premises sector is anticipated to have a larger market share, while cloud-based deployment is anticipated to increase at a faster rate throughout the projected period.
According to estimates, the manufacturing and utility areas of the process industry will dominate the market for virtual sensors. Companies in this industry can speed up the industrial transformation process thanks to virtual sensors that function exactly like their physical counterparts. The businesses in this industry are constantly working to improve product quality, boost production effectiveness, and lower processing and hardware costs. Virtual sensor systems are being adopted by all manufacturing and utility businesses due to their low cost and high efficiency.
The development of a virtual sensor for an asset or process calls for a variety of technologies, skill sets, and trained personnel to operate the newest machinery and software programs. The shift to digital would impact the kind of skills needed for workers at various points throughout the value chain, from development to sales and marketing. The need for new employee skill sets and a high level of qualification would result from the anticipated improvement in working efficiency and data dependence of processes. This could result in a skills gap between newly hired employees and experienced personnel. Additionally, businesses are quick to adopt new technologies even when they are struggling to find workers with the necessary level of expertise.
Component type (Revenue in USD Million; 2018–2028)
- Solutions
- Services
Deployment type (Revenue in USD Million; 2018–2028)
- On-Premises
- Cloud
Application (Revenue in USD Million; 2018–2028)
- Manufacturing and Design
- Automotive and Transportation
- Consumer Technology
- Aeronautics & Defence
- Oil and Gas
- Healthcare
- Others
Regional Outlook (Revenue in USD Million; 2018–2028)
- North America
- Europe
- the Asia Pacific
- Middle East & Africa
- Latin America
