Northbrook, IL -- (SBWIRE) -- 06/02/2021 -- 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 virtual sensors market size 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.

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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.

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 sensor 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.

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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).

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