Virtual Sensor Market is projected to grow at a significant CAGR of 29.1% during the forecast period, till 2029.
The factors driving growth of the Virtual Sensor Market includes increasing deployment of virtual sensor solution across end-use industries such as manufacturing, automotive and transportation, rising demand for virtualization architecture in wireless sensor networks and improvements in the living standards. Moreover, increasing use of virtual sensors for real-time monitoring, security, and surveillance in the military sector, growing adoption of advanced technologies such as Artificial Intelligence (AI) and Internet of Things (IoT) and rise in the launch of innovative products, are some of the additional factors supplementing the market growth. In addition, the increasing investments by major companies on research and development, strategic acquisitions and collaborations between key industry players and growing disposable incomes, are further contributing towards the market growth.
However, growth of the Virtual Sensor Market is hindered attributed to growing concerns related to security.
The prominent players operating in the market are Elliptic Labs, Aspen Technology, EXPUTEC, General Electric, Cisco, Honeywell International Inc., Tactile Mobility, IntelliDynamics, Siemens and Schneider Electric, among others.
Based on Component, the Services segment is predicted to dominate the market during the forecast period
Virtual sensors solutions provide accurate information to organizations with limited sensing position and helps in measuring difficult parameters by leveraging big data and machine learning algorithms, are some of the factors pushing growth of the segment.
Based on Deployment Mode, the On-Premises segment is projected to hold the highest market share over the forecast period
As per the Virtual Sensor Market Trends, on-premises deployment of virtual sensors runs on customer data centers and allows companies to control and manage and control every aspect of virtual sensors, are propelling growth of the segment.
Based on Region, the Asia-Pacific region is anticipated to capture the largest market share during the forecast period
Government policies promoting the manufacturing of consumer electronic goods, growing demand for virtual sensor solutions across India, China and Indonesia, rapid industrialization, increasing per capita incomes and high population growth rates, are some of the important factors augmenting the market growth in the Asia-Pacific region.
Market Segmentation
Segmentation by Component
- Solutions
• Services
Segmentation by Deployment Type
- On-Premises
• Cloud
Segmentation by End User
- Oil& Gas
• Healthcare
• Manufacturing
• Automotive and Transportation
• Others
Segmentation by Region
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
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