According to Acumen Research & Consulting, the global virtual sensor market size is estimated to grow a CAGR above 30.3% over the forecast timeframe and reach a market value of around USD 3,389 million by 2028.
A virtual sensor is a piece of software or code that interprets multiple outputs and process parameters to process available information from physical sensors. They are capable of predicting outcomes based on a variety of variables such as temperature, humidity, pressure, and speed. Instead of physical sensors, virtual sensors estimate the processes using mathematical models. These mathematical models calculate or estimate the activity's conditions based on other physical sensor readings. The real-time data collected from physical sensors or nodes is linked to software that determines the asset's current and future requirements. Furthermore, virtual sensing techniques, also known as soft sensing, inferential sensing, proxy sensing, or surrogate sensing, are used to provide feasible and cost-effective alternatives to costly physical measurement instruments.
Virtual sensor analytics is a software sensor that is used to replace a physical sensor for variables that are too expensive or impractical to measure. It employs machine learning techniques to discover the relationship between a target attribute and a set of variables. When the target variable is expected to have an underlying pattern and historical measurements are available virtual sensor techniques should be used. These measurements could be taken manually or with the help of a temporary sensor.
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Global Virtual Sensor Market Dynamics
The growing demands for virtual sensors in the manufacturing industry, as well as the increasing popularity of the Internet of Things (IoT), are driving the virtual sensors market growth. Rising virtual sensor deployments in end-user industries including manufacturing, automotive and transportation, electronics, and aerospace & defense will drive virtual sensors market revenue during the forecast period. Furthermore, the increasing use of virtual sensors to reduce the cost of physical sensors is anticipated to drive virtual sensors market growth during the forecast period. Furthermore, increasing the adoption of virtual sensors for real-time monitoring, security, and surveillance purposes in both the military and commercial sectors will drive virtual sensor market demand. On the other hand, data security risks associated with the use of IoT and cloud platforms, as well as a lack of awareness about the virtual sensors, are expected to stymie market growth.
The rapid growth of virtual sensors will be fueled by Industry 4.0.
Industry 4.0, which incorporates various innovations, is a fascinating topic for almost anyone interested in the manufacturing industry. To provide the most value to intelligent processes over the next decade, future industry 4.0 production concepts should leverage emerging sensor technology, cloud computing, big data, artificial intelligence, intelligent robotics, and automated smart control applications. Not unexpectedly, the increased adoption of Industry 4.0 is fueling the market for virtual sensors. These sensors will be used to automate a variety of manufacturing processes, for example, virtual sensors will help manufacturers with robot manual guidance and collision detection.
North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regional classification of the global virtual sensor market. Asia-Pacific is expected to witness the highest growth throughout the forecast period of 2021 to 2028 because of the comprehensive use of these sensors in healthcare applications to detect anxiety disorders, and panic disorders in patients in the region. Furthermore, manufacturers in developing economies such as China, India, Japan, and Malaysia are implementing virtual sensor solutions for predictive maintenance, which will significantly contribute to the market's growth.
The global virtual sensor market has been segmented by Acumen Research and Consulting based on component, deployment type, and end-user. Based on the component, the market is divided into solutions and services. Based on deployment type, the market bifurcated into cloud and on-premises. Based on end-user, the market is classified into manufacturing and utilities, automotive and transportation, oil and gas, electrical, electronics and consumer technology, healthcare, chemical, aeronautics and defense, and others.
Some major players covered in the global virtual sensor market are General Electric, Cisco System, Inc., Siemens, Schneider Electric, Honeywell International Inc., Algorithmica technologies, Elliptic Laboratories, EXPUTEC, TACTILE MOBILITY, IntelliDynamics, Aspen Technology Inc., LMI Technologies, and others.
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Mr. Frank Wilson
Acumen Research and Consulting