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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

  • ID: 4765099
  • Report
  • Region: Global
  • 98 Pages
  • Markets and Markets
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Potential Reduction in the Time and Cost Required for Product Development Through the Implementation of a Virtual Sensor to Drive the Virtual Sensors Market

FEATURED COMPANIES

  • Algorithmica Technologies
  • Aspen Technology
  • Elliptic Labs
  • General Electric
  • Intellidynamics
  • Modelway
  • MORE

Potential reduction in the time and cost required for product development through the implementation of a virtual sensor to drive the virtual sensors market

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 and the 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.

In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the virtual sensors marketplace.

  • By company type: Tier 1: 38%, Tier 2: 42%, and Tier 3: 20%
  • By designation: C-level: 40%, D-level: 35%, and Others: 25%
  • By region: North America: 35%, Europe: 27%, APAC: 23%, MEA: 10%, and Latin America: 5%

Major vendors offering virtual sensor solutions and services across the globe include General Electric (US), Cisco (US), Honeywell (US), Siemens (Germany), Schneider Electric (France), Elliptic Labs (Norway), algorithmica technologies (Germany), EXPUTEC (Austria), TACTILE MOBILITY (Israel), IntelliDynamics (US), ANDATA (Austria), Aspen Technology (US), OSIsoft (US), Modelway (Italy), and LMI Technologies (Canada).
The study includes an in-depth competitive analysis of these key players in the virtual sensors market with their company profiles, recent developments, and key market strategies.

Research Coverage
The market study covers the virtual sensors market size across segments. It aims at estimating the market size and the growth potential of this market across segments, such as components, deployment types, end users, and regions. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key Benefits of Buying the Report
The report would help the market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the overall virtual sensors market and subsegments. This report would help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • Algorithmica Technologies
  • Aspen Technology
  • Elliptic Labs
  • General Electric
  • Intellidynamics
  • Modelway
  • MORE

1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.3.1 Market Segmentation
1.3.2 Regions Covered
1.4 Years Considered for the Study
1.5 Stakeholders

2 Research Methodology
2.1 Research Data
2.1.1.1 Breakup of Primary Profiles
2.1.1.2 Key Industry Insights
2.2 Market Size Estimation
2.3 Market Forecast
2.4 Assumptions for the Study

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
9.1 Introduction
9.2 North America
9.2.1 United States
9.2.1.1 Increasing Demand for Home Automation to Drive the Market in the Us
9.2.2 Canada
9.2.2.1 Digital Technologies to Drive the Market in Canada
9.3 Europe
9.3.1 United Kingdom
9.3.1.1 Growing Need to Estimate Flow Volume, Pressure, Composition and Fluid Properties in Oil and Gas Industry to Drive the UK Market
9.3.2 Germany
9.3.2.1 Increasing Use of Virtual Sensors in Industrial Robots to Propel the Growth of the Market
9.3.3 France
9.3.3.1 Virtual Sensors in Active Safety Applications in Automotive to Fuel the Growth of the Market
9.3.4 Rest of Europe
9.4 Asia Pacific
9.4.1 China
9.4.1.1 Increasing Demand for the Virtual Sensing Technology in Consumer Electronics to Drive the Virtual Sensors Market
9.4.2 Japan
9.4.2.1 Need to Reduce Investments in Physical Sensors Across Industries to Drive the Market in Japan
9.4.3 India
9.4.3.1 Increasing Use of Virtual Sensors in Health Monitoring Devices to Propel the Adoption of Virtual Sensor Solutions
9.4.4 Rest of Asia Pacific
9.5 Rest of the World

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

12 Appendix
12.1 Discussion Guide
12.2 Knowledge Store: Subscription Portal
12.3 Available Customizations
12.4 Related Reports
12.5 Author Details

List of Tables
Table 1 Factor Analysis
Table 2 Virtual Sensors Market Size, By Component, 2016–2023 (USD Million)
Table 3 Solutions: Market Size, By Region, 2016–2023 (USD Million)
Table 4 Services: Market Size, By Region, 2016–2023 (USD Million)
Table 5 Market Size, By Deployment Mode, 2016–2023 (USD Million)
Table 6 Cloud: Virtual Sensor Market Size, By Region, 2016–2023 (USD Million)
Table 7 On-Premises: Market Size, By Region, 2016–2023 (USD Million)
Table 8 Market Size, By End User, 2016–2023 (USD Million)
Table 9 Oil and Gas: Virtual Sensors Market Size, By Region, 2016–2023 (USD Million)
Table 10 Automotive and Transportation: Market Size, By Region, 2016–2023 (USD Million)
Table 11 Process Industry - Manufacturing and Utilities: Market Size, By Region, 2016–2023 (USD Million)
Table 12 Electrical, Electronics, and Consumer Technology: Market Size, By Region, 2016–2023 (USD Million)
Table 13 Healthcare: Market Size, By Region, 2016–2023 (USD Million)
Table 14 Chemicals: Market Size, By Region, 2016–2023 (USD Million)
Table 15 Aeronautics and Defense: Market Size, By Region, 2016–2023 (USD Million)
Table 16 Others: Market Size, By Region, 2016–2023 (USD Million)
Table 17 Market Size, By Region, 2016–2023 (USD Million)
Table 18 North America: Virtual Sensors Market Size, By Component, 2016–2023 (USD Million)
Table 19 North America: Market Size, By Deployment Type, 2016–2023 (USD Million)
Table 20 North America: Market Size, By End User, 2016–2023 (USD Million)
Table 21 North America: Market Size, By Country, 2016–2023 (USD Million)
Table 22 Europe: Virtual Sensors Market Size, By Component, 2016–2023 (USD Million)
Table 23 Europe: Market Size, By Deployment Type, 2016–2023 (USD Million)
Table 24 Europe: Market Size, By End User, 2016–2023 (USD Million)
Table 25 Europe: Market Size, By Country, 2016–2023 (USD Million)
Table 26 Asia Pacific: Virtual Sensors Market Size, By Component, 2016–2023 (USD Million)
Table 27 Asia Pacific: Market Size, By Deployment Type, 2016–2023 (USD Million)
Table 28 Asia Pacific: Market Size, By Vertical, 2016–2023 (USD Million)
Table 29 Asia Pacific: Market Size, By Country, 2016–2023 (USD Million)
Table 30 RoW: Market Size, By Component, 2016–2023 (USD Million)
Table 31 RoW: Market Size, By Deployment Type, 2016–2023 (USD Million)
Table 32 RoW: Virtual Sensors Market Size, By Vertical, 2016–2023 (USD Million)
Table 33 RoW: Market Size, By Country, 2016–2023 (USD Million)

List of Figures
Figure 1 Virtual Sensors Market: Research Design
Figure 2 Research Methodology
Figure 3 Market Breakup and Data Triangulation
Figure 4 Limitations of the Study
Figure 5 Market Size, 2016–2023 (USD Million)
Figure 6 Market Analysis
Figure 7 Fastest-Growing Segments in the Market, 2018–2023
Figure 8 Increasing Use of Predictive Maintenance Techniques to Drive the Market Growth During the Forecast Period
Figure 9 Solutions Segment to Lead the Virtual Sensors Market During the Forecast Period
Figure 10 On-Premises Segment to Lead the Market During the Forecast Period
Figure 11 Process Industry-Manufacturing and Utilities Segment to Be the Leading End User for the Market in 2018
Figure 12 Market: Market Investment Scenario
Figure 13 Virtual Sensors: Drivers, Restraints, Opportunities, and Challenges
Figure 14 Services Segment to Grow at A Higher CAGR During the Forecast Period
Figure 15 On-Premises Segment to Lead the Market in 2018
Figure 16 Process Industry - Manufacturing and Utilities Segment to Dominate the Virtual Sensors Market in 2018
Figure 17 North America to Hold the Highest Market Share in 2018
Figure 18 Asia Pacific to Grow at the Highest CAGR During the Forecast Period
Figure 19 North America: Market Snapshot
Figure 20 Asia Pacific: Market Snapshot
Figure 21 Virtual Sensors Market, Competitive Leadership Mapping, 2019
Figure 22 General Electric: Company Snapshot
Figure 23 SWOT Analysis: General Electric
Figure 24 Cisco: Company Snapshot
Figure 25 SWOT Analysis: Cisco
Figure 26 Honeywell: Company Snapshot
Figure 27 SWOT Analysis: Honeywell
Figure 28 Siemens: Company Snapshot
Figure 29 SWOT Analysis: Siemens
Figure 30 Schneider Electric: Company Snapshot
Figure 31 SWOT Analysis: Schneider Electric

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  • Algorithmica Technologies
  • Andata
  • Aspen Technology
  • Cisco
  • Elliptic Labs
  • Exputec
  • General Electric
  • Honeywell
  • Intellidynamics
  • LMI Technologies
  • Modelway
  • Osisoft
  • Schneider Electric
  • Siemens
  • Tactile Mobility
Note: Product cover images may vary from those shown
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