Global Virtual Sensors Market to Reach US$ 910 Million by 2023: Report

269

The deployment of virtual sensors on-premises provides enterprises with complete control over the sensitive data

The virtual sensors market size globally is likely to reach US$ 910 million by 2023, growing at a compound annual growth rate (CAGR) of 31.1 per cent, according to a latest research by MarketsandMarkets.

In 2018, the virtual sensors market was stood at US$ 235 million, the report mentions.

Citing the factors for such growth, the report states that predictive maintenance, potential time and cost saving over the physical sensors and rising adoption of Internet of Things (IoT) cloud platforms are the key factors leading the growth of global virtual sensors market.

The deployment of virtual sensors on-premises provides enterprises with complete control over the sensitive data like product data, customer details, supplier data and enterprise asset details. The data is fully secured as it is on the dedicated servers which are separated virtually as well as physically from other business data of an enterprise. The virtual sensors’ on-premises deployment is a traditional deployment mode and is currently the preferred method.

Adoption of automation in manufacturing

Electronics, electrical and consumer technology companies can improve their productivity, processes and quality by implementing smart manufacturing techniques. Most of the companies in these segments are automating their processes to enhance the efficiency of production. The manufacturers of electronic products such as television, PCs, calculators and automotive electronics are adopting automation in order to meet the rising consumer demand.

In addition, smart connected electronics and electrical products that facilitate the deployment of virtual sensors will help in enhancing efficiency of the entire manufacturing process, product designs and proactive, preventative and remote maintenance services, the report says.

Region-wise, North America is likely to account for the biggest market size during the forecast period. Consisting of countries such as the US and Canada, the region is considered the highly advanced region with regards to adopting digital technologies.

The major global vendors providing virtual sensor solutions and services include Cisco, General Electric, Honeywell, Siemens, Schneider Electric, Elliptic Labs, Algorithmica Technologies, IntelliDynamics, Aspen Technology, EXPUTEC, TACTILE MOBILITY, ANDATA, OSIsoft, Modelway, and LMI Technologies.

LEAVE A REPLY

Please enter your comment!
Please enter your name here