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Virtual Sensors Market size is expected to grow $910 million by 2023




May 16, 2019



According to a new market research  report 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 published by MarketsandMarkets™,  the global Virtual Sensors Market size is expected to grow from USD 235 million in 2018 to USD 910 million by 2023, at a CAGR of 31.1% during the forecast period.

Predictive maintenance, potential cost and time saving compared to physical sensors, and increasing adoption of the IoT cloud platforms are major growth factors for the global Virtual Sensors Market.

Browse in-depth TOC on Virtual Sensors Market”
33-Tables
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97-Pages

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On-premises deployment mode to hold a larger market size during the forecast period

The on-premises deployment of virtual sensors offers enterprises with total control over their enterprise-sensitive data, such as customer details, product data, enterprise asset details, and supplier data. The data is secured, as it exists on dedicated servers that are separated both physically and virtually from any other business data of an enterprise. The on-premises deployment of virtual sensors is a traditional deployment mode and is presently the preferred method. It requires IT professionals who can monitor, track, and manage the route optimization process in real time and allows enterprises to install highly customized, secured, and complex virtual sensor solutions, which cater to the specific needs of enterprises.

Electrical, electronics, and consumer technology segment to grow at the highest CAGR during the forecast period

Electrical, electronics, and consumer technology companies manufacture and assemble parts of electronics and electrical equipment for user companies and individuals. By incorporating smart manufacturing techniques in processes, productivity and quality can be improved. A majority of the companies in the segment are automating their processes to improve their production efficiency. Manufacturers of electronic products such as television, calculators, personal computers, and automotive electronics are employing automation to meet the increasing consumer demand in a short span of time. The electrical, electronics, and consumer technology industry is being driven by complex and unique product designs. Intense competition among Original Equipment Manufacturers (OEMs) to provide new designs and advancements in the existing product line. Additionally, smart connected electrical and electronics products that enable the implementation of virtual sensors will help in improving the efficiency of the overall manufacturing process, product designs, and preventative, proactive, and remote maintenance services.

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North America to hold the largest market size during the forecast period

North America is expected to account for the largest market size during the forecast period. The region comprises developed countries (the US and Canada) and is considered the most advanced region in terms of adopting digital technologies. The region is an important hub for consumer electronics products, especially for smartphones wearable devices, in which the sensor technology is used prominently. North America is also an important market for medical devices for health monitoring applications. The region has the highest number of end users for healthcare wearable devices. Technological advancements and willingness to adopt innovative technologies among enterprises are contributing to the growth of the Virtual Sensors Market in the region. The region has a wide presence of key industry players offering virtual sensor solutions, and its financial position enables it to invest majorly in the leading tools and technologies for effective business operations.

Major vendors offering marketing 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).

Browse Adjacent Markets @ Digitalization and Internet of Things (IoT) Market Research Reports & Consulting

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, and strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Contact:

Mr. Shelly Singh

MarketsandMarkets™ INC.

630 Dundee Road

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Northbrook, IL 60062

USA: 1-888-600-6441

Email: sales@marketsandmarkets.com

Research Insight: https://www.marketsandmarkets.com/ResearchInsight/virtual-sensor-market.asp

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Contact Information:
Mr. Shelly Singh MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA : 1-888-600-6441 sales@marketsandmarkets.com

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