MarketsandMarkets expects the market size of the global virtual sensors to grow from USD 235 million in 2018 to USD 910 million by 2023, at a Compound Annual Growth Rate (CAGR) of 31.1% during the forecast period. The major factors driving the growth of the virtual sensors market are the use of predictive maintenance, potential reduction in the time and cost of physical sensors, and rising adoption of the IoT cloud platforms.
The major virtual sensor vendors 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). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global virtual sensors market. Partnerships and new product launches have been the most dominating strategies adopted by the major players from 2016 to 2018, which have helped them innovate their offerings and broaden their customer base.
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General Electric has established itself as a strong brand among the leading players in the virtual sensor market by launching innovative solutions required for various industries. The company offers virtual sensors in digital twin that works on the Predix platform to provide asset and system intelligence. Predix is a cloud-based platform, which is used to power industrial apps. This platform also derives outcomes ranging from the reduction of unplanned downtime to improved asset output and operational efficiency. The company keenly focuses on developing cost-effective and easy-to-deploy innovative technology solutions and adopts both organic and inorganic growth strategies. For instance, in January 2019, the company launched Digital Ghost, an active cyber-defense solution for industrial control systems. Digital Ghost helps organizations protect critical infrastructure and systems network by creating an additional layer of security and combines GE’s Digital Twin and edge computing technologies to monitor systems. Furthermore, in November 2018, General Electric launched Predix Edge to help businesses simplify edge-to-cloud computing and enable them to secure the progress of their Industrial Internet of Things (IIoT) initiatives from pilot to production.
Siemens is another leader offering virtual sensor solutions and services. The company is recognized for providing software, hardware, and related services to leading enterprises across the globe. Siemens offers virtual sensors in its Simcenter software, which helps organizations in product performance verifications in engineering practices. The company has a major focus on Research and Development (R&D) activities, which primarily involve the development of innovative and sustainable solutions. For instance, in 2018, the company invested 6.7% of its total revenue in R&D activities. Siemens is actively contributing to digital transformation by consistently enhancing its Digital Enterprise portfolio in the field of cloud data platforms, which overlay the approach for new digital business models. The company has adopted various growth strategies to expand its market reach and enhance its offerings for providing customers with comprehensive solutions. For instance, in March 2016, Siemens launched MindSphere, which is designed as an open OS for the IoT and offers a cost-effective, scalable cloud Platform-as-a-Service (PaaS) for developing apps.
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
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