Virtual Sensors Market to Reach USD 9.03 Billion by 2032, Driven by Advancements in IoT and Automation Technologies

The growing adoption of IoT devices and industrial automation is driving the demand for virtual sensors across various industries.

AUSTIN, TX, UNITED STATES, December 18, 2024 /EINPresswire.com/ --

Virtual Sensors Market¹

The Virtual Sensors Market size was valued at USD 0.78 Billion in 2023 and is expected to grow to USD 9.03 Billion by 2032 and grow at a CAGR of 31.28 % over the forecast period of 2024-2032.

Virtual Sensors Market Growth Driven by IoT, AI, and Automation Advancements

The Virtual Sensors Market is being driven by the growing adoption of IoT devices, industrial automation, and AI integration in critical applications. Virtual sensors, which merge physical sensor data with advanced computational models, offer an effective solution for real-time monitoring, especially in scenarios where traditional sensors are either impractical or expensive to deploy. These sensors are increasingly utilized in industries like predictive maintenance, smart manufacturing and environmental monitoring, helping improve operational efficiency and lower costs. As sectors such as automotive, healthcare, and smart cities embrace digital transformation, the demand for virtual sensors continues to rise. This trend is fueling market growth, as businesses seek to enhance their systems with advanced sensor technologies for better performance and decision-making capabilities.

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Key Players Listed in Virtual Sensors Market Are:

• General Electric
• Cisco Systems Inc.
• Honeywell International Inc.
• Siemens
• Schneider Electric
• Elliptic Laboratories A/S
• Aspen Technology Inc.
• LMI TECHNOLOGIES INC.
• OSIsoft
• LLC
• EXPUTEC
• Modelway S.r.l.
• TACTILE MOBILITY and other players
• Virtual Sensors Market Segment Analysis

By Component

The "Solutions" segment holds the largest share in the Virtual Sensors Market, driven by the increasing demand for integrated systems that combine software and hardware. These solutions enable real-time data processing and monitoring across industries like automotive, healthcare, and manufacturing, with growing adoption of smart systems and predictive analytics boosting demand. Virtual sensor solutions provide greater efficiency and cost savings compared to traditional sensors.

The "Services" segment is the fastest growing, as require support for deploying, maintaining, and optimizing virtual sensor systems from 2024 to 2032. The increasing demand for customized solutions in smart cities, IoT ecosystems, and industrial automation is driving this growth. Services such as consulting, installation, and ongoing support are essential for seamless integration, playing a key role in the significant expansion of the market.

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By Deployment Type

The "Cloud" deployment segment leads the Virtual Sensors Market due to its scalability, flexibility, and cost-efficiency. Cloud-based solutions offer seamless integration, real-time data processing, and remote access, making them ideal for industries such as automotive, healthcare, and smart cities. As cloud infrastructure expands and the use of IoT devices grows, the adoption of cloud-based virtual sensors is rapidly increasing.

The "On-premises" segment is the fastest growing over the 2024-2032 forecast period, driven by industries that prioritize control, security, and data privacy. On-premises deployments enable organizations to store and manage data locally, making them vital for critical applications in sectors like defense, manufacturing, and healthcare, where data security is paramount.

Virtual Sensors Market Key Segmentation:

By Component

• Solutions
• Services

By Deployment Type

• Cloud
• On-premises

By End-User

• Oil and Gas
• Automotive and Transportation
• Process Industry - Manufacturing and Utilities
• Electrical, Electronics and Consumer technology
• Healthcare
• Chemical
• Aeronautics and Defense
• Others (Home Automation, Retail, and Consumer Goods)

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Regional Analysis: North America Leads While Asia-Pacific Sees Rapid Growth in Virtual Sensors Market

North America leads the Virtual Sensors Market, driven by major players, significant R&D investments, and early adoption of IoT and automation technologies. The U.S. is at the forefront in industries like automotive, aerospace, and manufacturing, where virtual sensors are key to innovation and efficiency. Companies like General Electric, Honeywell, and IBM are integrating these sensors to improve products and industrial processes.

The Asia-Pacific region is the fastest-growing market from 2024 to 2032, fueled by industrialization and digital transformation in China, India, and Japan. Strong manufacturing sectors, rising IoT adoption, and investments in smart infrastructure are boosting demand for virtual sensors in automotive, healthcare, and smart manufacturing. Companies like Mitsubishi Electric and Hitachi are leading virtual sensor adoption in the region.

Recent Development

February 26, 2024: GE HealthCare Partners with Biofourmis for Expanded Virtual Care SolutionsGE HealthCare has partnered with Biofourmis to extend remote patient monitoring into patients' homes, leveraging Biofourmis' FDA-cleared, AI-guided algorithms to enhance personalized care. This collaboration aims to scale innovative care-at-home solutions, integrating clinical-grade wearable devices and in-home services.
February 26, 2024: Elliptic Labs Expands Reach with AI Virtual Proximity Sensor in Lava Blaze CurveElliptic Labs has partnered with Lava International to integrate its AI Virtual Proximity Sensor INNER BEAUTY in the Lava Blaze Curve smartphone, featuring the MediaTek Dimensity 7050 chipset. This software-only proximity detection solution enhances user experience by automatically turning off the display during calls, conserving battery and preventing accidental screen touches.

Table of Contents

1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Porter’s 5 forces model
7. PEST Analysis
8. Virtual Sensors Market Segmentation, By Component
9. Virtual Sensors Market Segmentation, By Deployment Type
10. Virtual Sensors Market Segmentation, By End-User
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion

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¹ https://www.snsinsider.com/reports/virtual-sensors-market-3477