According to Stratistics MRC, the Virtual Sensors market is accounted for $176.53 million in 2017 and is expected to reach $1,758.51 million by 2026 growing at a CAGR of 29.1%. The rising factors are offering agility, easy to deploy, predictive maintenance, the potential reduction in the time, growing implementation of the IoT cloud platforms. However, concerns regarding data security owing to the use of cloud, lack of awareness are the factors that may hamper the growth of the global virtual sensors market.
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A virtual sensor is a software sensor as opposed to a physical or hardware sensor. Virtual sensors provide indirect measurements of abstract conditions (that, by themselves, are not physically measurable) by combining sensed data from a group of heterogeneous physical sensors.
Based on Component, the Solutions segment is a global Virtual sensor help organizations to projected product properties or process conditions based on mathematical models. The mathematical models estimate the desired values based on the inputs from the multiple physical sensors.
By Geography, North America is expected to have the largest market size and dominate the global virtual sensors market from 2018 to 2023. This region majorly has a high consolidation of large multinational companies, which largely subsidize to the growth of the market.
Some of the key players involved in Virtual Sensors market are General Electric, Cisco, Honeywell, Siemens, Schneider Electric, Elliptic Labs, Algorithmica Technologies, Exputec, Tactile Mobility, Intellidynamics, Andata, Aspen Technology, Osisoft, Modelway, LMI Technologies.
• Aeronautics and Defense
• Automotive and Transportation
• Electrical, Electronics, and Consumer Technology
• Oil and Gas
• Process Industry – Manufacturing and Utilities
• Other End Users
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• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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