New York, US, Aug. 04, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Virtual Sensors Market information by End User, by Components, by Application and Region – forecast to 2027” the market size to grow at a compound annual growth rate of 33.5%.
Dominant Key Players on Virtual Sensors Market Covered Are:
Aspen Technology Inc
Algorithmica Technologies GmbH
General Electric Company
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Virtual Sensors Market Drivers
Major Use of IIoT for Design and Manufacturing
Sensors embedded in industrial assets such as jet engines and wind turbines collect real-time operating data and feed it into virtual avatars that analyze the data and estimate outcomes in engineering and manufacturing. Through data acquired by sensors, which is translated into insights, optimized, and presented as business outcomes, IIoT opens new options for creating virtual sensors and real assets. Virtual sensors enable manufacturers to run their factories more efficiently and receive timely insights into the performance of the products they produce. Furthermore, monitoring the field performance of manufactured products via their virtual sensor, in conjunction with IIoT, provides a window with a continuous perspective, comparing actual usage with projected usage of created products as reflected in the physical sensor. This process generates a valuable real-time estimate that may be used to improve the design process.
Data Security Risks Related to the Use of IoT and Cloud Platforms
The growing threat to cloud data is a major impediment to the expansion of the virtual sensors market. The increasing frequency of viruses and cyber-attacks raises numerous security problems. Malicious viruses in computer systems can steal valuable information, inflicting considerable losses to industries. Failure of IoT infrastructure and cloud platform providers to apply appropriate security measures may result in the disruption of an entire information flow. Due to the increasing reliance on web-based data interchange and off-the-shelf IT solutions, enterprises using virtual sensors with such platforms are vulnerable to malware targeting industrial systems.
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Segmentation of Market covered in the research:
The global virtual sensors industry has been segmented based on component, deployment mode, and end-user.
By component, the global virtual sensors market has been segmented into solutions and services.
By deployment mode, the global virtual sensors market has been segmented into cloud and on-premise.
By end-user, the global virtual sensors market has been divided into electronics, automotive & transportation, manufacturing & utilities, healthcare, oil & gas, aerospace & defense, and others.
North America to Dominate the Global Market
During the projected period, North America is expected to have the biggest market share in the worldwide virtual sensors market. The region has a high concentration of large multinational corporations, which contribute significantly to market growth.
APAC to Register Fastest Growth
Asia Pacific is also predicted to grow at the fastest CAGR throughout the forecast period, owing to the region's growing need for virtual sensor solutions. During the projection period, Asia Pacific is expected to be the fastest-growing regional market. Due to the increasing demand for virtual sensor solutions among organizations in the region, it is likely to generate attractive prospects for virtual sensor solution vendors.
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In May 2021, Aspen Technology, Inc., a world leader in asset optimization software, confirmed that Shell Catalysts & Technologies, a leading provider of leading catalysts, technical services, and licensed process technologies to refiners, gas treating facilities, and chemical plants, is implementing Aspen Schedule ExplorerTM software in multiple plants across North America and Europe. The supply chain management solution will increase operations and supply chain personnel's collaboration, communication, and visibility, allowing teams to respond to changing conditions as needed. The extensive deployment followed the successful completion of a pilot program at Shell Catalysts & Technologies' site in Ghent, Belgium.
COVID-19 Impact on the Global Virtual Sensors Market
The COVID-19 outbreak has had a substantial influence on the global virtual sensor market. New projects around the world have halted, resulting in a dramatic drop in demand for virtual sensors. Global manufacturers have struggled to manufacture, integrate, and assemble new technologies as workers have remained at home, and even devices that are currently available in various warehouses cannot be transferred due to present norms and regulations, disrupting global supply chains. Since these technologies are a necessary aspect of automation, the market would be less damaged than other markets for non-essential goods and services. Furthermore, the world would be moving closer toward automation, ensuring that no major pandemic could interrupt manufacturing. This COVID-19 crisis is likely to give possibilities for businesses to invest in, adopt, and research technologies that require less human contact. For example, the combination of AI and automation. The impact of COVID-19 on the size of the virtual sensor market is only temporary because only the production and supply chain is halted. As the situation improves, production, supply chains, and demand for these products will steadily increase as a result of the many growing industries.
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