Industry Background:
Virtual sensors is a software module that estimates product properties or process conditions using mathematical models. These mathematical models use other physical sensor readings to calculate the estimated property or condition. Virtual sensors work in hard environmental condition and can measure extremely hard calculation which is even impossible for a conventional physical sensor. A Virtual Sensor can provide information between readings taken at different time steps, tracking virtual sensors can optionally self-calibrate against such instruments, leading to high on-going perpetual accuracy. Increasing use of technology for security and surveillance in the military as well as the commercial sector is driving the growth of virtual sensors market.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | General Electric (United States), Cisco (United States), Honeywell (United States), Siemens (Germany), Schneider Electric (France), Elliptic Labs (Norway), Algorithmica technologies (Germany), EXPUTEC (Austria), TACTILE MOBILITY (Israel) and IntelliDynamics (United States) |
This growth is primarily driven by Major Use of IIoT for Design and Manufacturing of virtual sensors, Increasing the Use of Technology for Security and Surveillance in the Military as well as the Commercial Sector and Potential Reduction in the Time and Cost Compared to Physical Sensors.
Globally, a noticeable market trend is evident Rising Adoption of IoT and Cloud Platforms Major Players, such as General Electric (United States), Cisco (United States), Honeywell (United States), Siemens (Germany), Schneider Electric (France), Elliptic Labs (Norway), Algorithmica technologies (Germany), EXPUTEC (Austria), TACTILE MOBILITY (Israel) and IntelliDynamics (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
In March 2019, Honeywell launched Honeywell Marketplace to help organizations find and purchase innovative software solutions, technologies, and services and, enable them to improve productivity and increase efficiency
Influencing Trend:
Rising Adoption of IoT and Cloud Platforms
Market Growth Drivers:
Major Use of IIoT for Design and Manufacturing of virtual sensors, Increasing the Use of Technology for Security and Surveillance in the Military as well as the Commercial Sector and Potential Reduction in the Time and Cost Compared to Physical Sensors
Challenges:
Lack of Awareness of the Benefits of Adopting Virtual Sensors and Lack of Skilled Workforce and Technical Knowledge
Restraints:
Risks Associated With Data Security Due to the Use of IoT and Cloud Platforms
Opportunities:
Growth of Virtual Sensor Technology in the Automobile and Aerospace Industries
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Virtual Sensors Market
- Analysis about New Entrants in Virtual Sensors Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Virtual Sensors Study Sheds Light on
The Virtual Sensors Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Virtual Sensors industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Virtual Sensors industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.