Virtual Sensors Market Size, Share, And Growth Report 2032

Virtual Sensors Market: Size

The global Virtual Sensors market size was worth around USD 1.04 billion in 2023 and is predicted to grow to around USD 11.84 billion by 2032 with a compound annual growth rate (CAGR) of roughly 31% between 2024 and 2032.

The study provides historical data from 2018 to 2022 along with a forecast from 2024 to 2032 based on revenue (USD billion). The report covers a forecast and an analysis of the Virtual Sensors market on a global and regional level.

Request Free Sample

Virtual Sensors Market: Overview

A virtual sensor is used for the estimation of process conditions or product properties with the help of mathematical models. These models help companies in estimating the desired values by using information gathered from different physical sensors. A virtual sensor network is formed by a group of sensors, where the nodes are given certain high-speed tasks that play a crucial role in the virtual sensors market. The rising demand for virtualization architecture in wireless sensor networks (WSN) is anticipated to create lucrative market opportunities over the forecast timeframe.

The growing use of virtual IoT sensors is increasing the insights and analytics to solve real-time problems, which is primarily driving the virtual sensors market globally. The rising investments in IoT technology have paved the way for the high adoption of virtual sensors. Virtual IoT sensors are software-based Windows or Linux services that read the information on different physical sensors over a motherboard and post them on a cloud system. The manufacturing sector is anticipated to fuel the IoT network connections growth, which will drive the virtual sensors market over the upcoming years. The increasing adoption of virtual sensors worldwide is still in the initial state. Thus, the lack of awareness about the associated benefits of virtual sensors and a shortage of skilled workforce with expertise and technical knowledge may hinder the virtual sensors market growth in the years ahead.

Request Free Sample

Virtual Sensors Market: Segmentation

The global virtual sensors market is segmented on the basis of deployment, component, end-user, and region. All the segments have been analyzed based on present and future trends and the market is estimated from 2024 to 2032.

On the basis of deployment, the market is majorly classified into on-premises and cloud-based.

By component, the market includes services and solutions. Virtual sensor solutions are highly preferred by organizations for estimating different product properties, which is and fuelling the solutions segment growth in the global market.

The end-user segment of the global virtual sensors market includes electrical, electronics, and consumer goods, oil and gas, healthcare, manufacturing and utilities, chemical, automotive and transportation, and others. The electronics, electrical, and consumer goods industry is likely to hold a major market share in the future, owing to the growing virtual sensors demand due to unique and complex product designs.

Virtual Sensors Market: Report Scope

Virtual Sensors Market: Regional Analysis

The regional segment includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America dominated the virtual sensors market in 2023 and is anticipated to hold the largest market share globally in the upcoming years as well. This can be attributed to the presence of prominent market players in the region.

Virtual Sensors Market: Competitive Players

Some renowned players of the virtual sensors market are:

• Cisco
• ANDATA
• Elliptic Laboratories
• Honeywell Process
• Algorithmica Technologies
• IntelliDynamics
• Schneider Electric
• LMI Technologies
• Modelway
• OSIsoft
• Aspen Technology
• Siemens

The Global Virtual Sensors Market is segmented as follows:

Virtual Sensors Market: Deployment Analysis

• On-Premises
• Cloud-Based

Virtual Sensors Market: Component Analysis

• Services
• Solutions

Virtual Sensors Market: End-User Analysis

• Oil and Gas
• Electrical, Electronics and Consumer Goods
• Healthcare
• Chemical
• Manufacturing and Utilities
• Automotive and Transportation
• Others

Virtual Sensors Market: Regional Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa