Table of Content

1 INTRODUCTION 13
1.1 OBJECTIVES OF THE STUDY 13
1.2 MARKET DEFINITION 13
1.3 MARKET SCOPE 14
1.3.1 MARKET SEGMENTATION 14
1.3.2 REGIONS COVERED 14
1.4 YEARS CONSIDERED FOR THE STUDY 15
1.5 STAKEHOLDERS 15

2 RESEARCH METHODOLOGY 16
2.1 RESEARCH DATA 16
2.1.1.1 Breakup of primary profiles 17
2.1.1.2 Key industry insights 18
2.2 MARKET SIZE ESTIMATION 19
2.3 MARKET FORECAST 19
2.4 ASSUMPTIONS FOR THE STUDY 20

3 EXECUTIVE SUMMARY 22

4 PREMIUM INSIGHTS 26
4.1 ATTRACTIVE OPPORTUNITIES IN THE VIRTUAL SENSORS MARKET 26
4.2 VIRTUAL SENSORS MARKET, BY COMPONENT, 2018–2023 26
4.3 VIRTUAL SENSORS MARKET, BY DEPLOYMENT MODE, 2018 & 2023 27
4.4 VIRTUAL SENSORS MARKET, BY END USER, 2018 27
4.5 MARKET INVESTMENT SCENARIO 28

5 MARKET OVERVIEW AND INDUSTRY TRENDS 29
5.1 INTRODUCTION 29
5.2 MARKET DYNAMICS 29
5.2.1 DRIVERS 30
5.2.1.1 Predictive maintenance and potential reduction in the time and cost compared to physical sensors is driving the virtual sensors market 30
5.2.1.2 Rising adoption of IoT and cloud platforms 30
5.2.1.3 Predominant use of IIoT for design and manufacturing 31
5.2.2 RESTRAINTS 31
5.2.2.1 Risks associated with data security due to the use of IoT and cloud platforms 31
5.2.3 OPPORTUNITIES 31
5.2.3.1 Promising prospects for the virtual sensor technology in the automobile and aerospace industries 31
5.2.4 CHALLENGES 32
5.2.4.1 Lack of awareness of the benefits of adopting virtual sensors 32
5.2.4.2 Lack of skilled workforce and technical knowledge 32
5.3 INDUSTRY TRENDS 32
5.3.1 USE CASE 1: SMARTUQLLC: VIRTUAL SENSOR FOR THE FORTUNE 500 HEAVY-DUTY ENGINE 32
5.3.2 USE CASE 2: ALGORITHMICA TECHNOLOGIES: VIRTUAL SENSOR FOR SMART CONDITION MONITORING 33
5.3.3 USE CASE 3: HONEYWELL: VIRTUAL SENSOR TO SOLVE POWERTRAIN CHALLENGES 33
5.3.4 USE CASE 4: OSISOFT: SMART SENSORS FOR PROCESS MONITORING AND FAULT DETECTION 33
5.3.5 USE CASE 5: MODELWAY: FAULT-TOLERANT CONTROL OF UNMANNED AERIAL VEHICLES (UAV) 34

6 VIRTUAL SENSORS MARKET, BY COMPONENT 35
6.1 INTRODUCTION 36
6.2 SOLUTIONS 37
6.2.1 ABILITY TO REDUCE OPERATIONAL EXPENSES AND TIME IS DRIVING THE VIRTUAL SENSOR SOLUTIONS MARKET 37
6.3 SERVICES 38
6.3.1 IMPLEMENTATION, TRAINING AND CONSULTING SERVICES ARE PLAYING A VITAL ROLE IN EFFECTIVE FUNCTIONING OF VIRTUAL SENSORS 38

7 VIRTUAL SENSORS MARKET, BY DEPLOYMENT MODE 39
7.1 INTRODUCTION 40
7.2 CLOUD 41
7.2.1 ABILITY TO SCALE UP THE DATA STORAGE AND AGILITY IS DRIVING THE CLOUD DEPLOYMENT MODE IN VIRTUAL SENSORS MARKET 41
7.3 ON-PREMISES 42
7.3.1 ABILITY TO HAVE TOTAL CONTROL OVER SENSITIVE DATA IS DRIVING THE ON-PREMISES DEPLOYMENT MODE IN VIRTUAL SENSORS MARKET 42

8 VIRTUAL SENSORS MARKET, BY END USER 43
8.1 INTRODUCTION 44
8.2 OIL AND GAS 45
8.2.1 OIL AND GAS COMPANIES USE VIRTUAL SENSORS TO ENHANCE PROCESS EFFICIENCIES AND WORKFLOWS AT A LOWER COST 45
8.3 AUTOMOTIVE AND TRANSPORTATION 46
8.3.1 ENHANCING SAFETY OF THE PASSENGERS AND REDUCING THE COST OF SENSORS TO DRIVE THE ADOPTION OF VIRTUAL SENSORS 46
8.4 PROCESS INDUSTRY - MANUFACTURING AND UTILITIES 47
8.4.1 INDUSTRY 4.0 TO DRIVE VIRTUAL SENSORS IN THE PROCESS INDUSTRY - MANUFACTURING AND UTILITIES SEGMENT 47
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8.5 ELECTRICAL, ELECTRONICS, AND CONSUMER TECHNOLOGY 48
8.5.1 ADOPTION OF VIRTUAL SENSORS TO SUPPORT PROCESS AUTOMATION AND IMPROVE PRODUCTION EFFICIENCY 48
8.6 HEALTHCARE 49
8.6.1 VIRTUAL SENSORS HELP HEALTHCARE PROVIDERS IN PROVIDING ENHANCED MEDICAL SERVICES TO IN-HOSPITAL AND REMOTELY LOCATED PATIENTS 49
8.7 CHEMICAL 50
8.7.1 VIRTUAL SENSOR SOLUTIONS TO HELP ENHANCE PROCESS EFFICIENCY AND PRODUCT DEVELOPMENT PROCESS IN CHEMICAL COMPANIES 50
8.8 AERONAUTICS AND DEFENSE 51
8.8.1 VIRTUAL SENSORS TO HELP MINIMIZE COST OF PRODUCTION, OPTIMIZE PROCESSING, AND REDUCE PRODUCTION TIME 51
8.9 OTHERS 52

9 VIRTUAL SENSORS MARKET, BY REGION 53
9.1 INTRODUCTION 54
9.2 NORTH AMERICA 55
9.2.1 UNITED STATES 58
9.2.1.1 Increasing demand for home automation to drive the virtual sensors market in the US 58
9.2.2 CANADA 58
9.2.2.1 Digital technologies to drive the virtual sensors market in Canada 58
9.3 EUROPE 59
9.3.1 UNITED KINGDOM 61
9.3.1.1 Growing need to estimate flow volume, pressure, composition and fluid properties in oil and gas industry to drive the UK virtual sensors market 61
9.3.2 GERMANY 61
9.3.2.1 Increasing use of virtual sensors in industrial robots to propel the growth of the virtual sensors market 61
9.3.3 FRANCE 61
9.3.3.1 Virtual sensors in active safety applications in automotive to fuel the growth of the virtual sensors market 61
9.3.4 REST OF EUROPE 61
9.4 ASIA PACIFIC 62
9.4.1 CHINA 64
9.4.1.1 Increasing demand for the virtual sensing technology in consumer electronics to drive the virtual sensors market 64
9.4.2 JAPAN 64
9.4.2.1 Need to reduce investments in physical sensors across industries to drive the virtual sensors market in Japan 64
9.4.3 INDIA 65
9.4.3.1 Increasing use of virtual sensors in health monitoring devices to propel the adoption of virtual sensor solutions 65
9.4.4 REST OF ASIA PACIFIC 65
9.5 REST OF THE WORLD 65

10 COMPETITIVE LANDSCAPE 68
10.1 COMPETITIVE LEADERSHIP MAPPING 68
10.1.1 VISIONARY LEADERS 68
10.1.2 INNOVATORS 68
10.1.3 DYNAMIC DIFFERENTIATORS 68
10.1.4 EMERGING COMPANIES 68

11 COMPANY PROFILES 70
(Business Overview, Solutions Offered, Recent Developments, SWOT Analysis, and MNM View)*
11.1 GENERAL ELECTRIC 70
11.2 CISCO 73
11.3 HONEYWELL 76
11.4 SIEMENS 79
11.5 SCHNEIDER ELECTRIC 82
11.6 ELLIPTIC LABS 84
11.7 ALGORITHMICA TECHNOLOGIES 86
11.8 EXPUTEC 87
11.9 TACTILE MOBILITY 87
11.10 INTELLIDYNAMICS 88
11.11 ANDATA 88
11.12 ASPEN TECHNOLOGY 89
11.13 OSISOFT 89
11.14 MODELWAY 90
11.15 LMI TECHNOLOGIES 90
*Details on Business Overview, Solutions Offered, Recent Developments, SWOT Analysis, and MNM View might not be captured in case of unlisted companies.

12 APPENDIX 91
12.1 DISCUSSION GUIDE 91
12.2 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 94
12.3 AVAILABLE CUSTOMIZATIONS 96
12.4 RELATED REPORTS 96
12.5 AUTHOR DETAILS 97



List of Figures



FIGURE 1 VIRTUAL SENSORS MARKET: RESEARCH DESIGN 16
FIGURE 2 RESEARCH METHODOLOGY 17
FIGURE 3 MARKET BREAKUP AND DATA TRIANGULATION 18
FIGURE 4 LIMITATIONS OF THE STUDY 21
FIGURE 5 VIRTUAL SENSORS MARKET SIZE, 2016–2023 (USD MILLION) 23
FIGURE 6 VIRTUAL SENSORS MARKET ANALYSIS 24
FIGURE 7 FASTEST-GROWING SEGMENTS IN THE VIRTUAL SENSORS MARKET, 2018–2023 24
FIGURE 8 INCREASING USE OF PREDICTIVE MAINTENANCE TECHNIQUES TO DRIVE THE MARKET GROWTH DURING THE FORECAST PERIOD 26
FIGURE 9 SOLUTIONS SEGMENT TO LEAD THE VIRTUAL SENSORS MARKET DURING THE FORECAST PERIOD 26
FIGURE 10 ON-PREMISES SEGMENT TO LEAD THE VIRTUAL SENSORS MARKET DURING THE FORECAST PERIOD 27
FIGURE 11 PROCESS INDUSTRY-MANUFACTURING AND UTILITIES SEGMENT TO BE THE LEADING END USER FOR THE VIRTUAL SENSORS MARKET IN 2018 27
FIGURE 12 VIRTUAL SENSORS MARKET: MARKET INVESTMENT SCENARIO 28
FIGURE 13 VIRTUAL SENSORS: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES 29
FIGURE 14 SERVICES SEGMENT TO GROW AT A HIGHER CAGR DURING THE FORECAST PERIOD 36
FIGURE 15 ON-PREMISES SEGMENT TO LEAD THE VIRTUAL SENSORS MARKET IN 2018 40
FIGURE 16 PROCESS INDUSTRY - MANUFACTURING AND UTILITIES SEGMENT TO DOMINATE THE VIRTUAL SENSORS MARKET IN 2018 44
FIGURE 17 NORTH AMERICA TO HOLD THE HIGHEST MARKET SHARE IN 2018 54
FIGURE 18 ASIA PACIFIC TO GROW AT THE HIGHEST CAGR DURING THE FORECAST PERIOD 54
FIGURE 19 NORTH AMERICA: MARKET SNAPSHOT 56
FIGURE 20 ASIA PACIFIC: MARKET SNAPSHOT 62
FIGURE 21 VIRTUAL SENSORS MARKET, COMPETITIVE LEADERSHIP MAPPING, 2019 69
FIGURE 22 GENERAL ELECTRIC: COMPANY SNAPSHOT 70
FIGURE 23 SWOT ANALYSIS: GENERAL ELECTRIC 72
FIGURE 24 CISCO: COMPANY SNAPSHOT 73
FIGURE 25 SWOT ANALYSIS: CISCO 74
FIGURE 26 HONEYWELL: COMPANY SNAPSHOT 76
FIGURE 27 SWOT ANALYSIS: HONEYWELL 77
FIGURE 28 SIEMENS: COMPANY SNAPSHOT 79
FIGURE 29 SWOT ANALYSIS: SIEMENS 81
FIGURE 30 SCHNEIDER ELECTRIC: COMPANY SNAPSHOT 82
FIGURE 31 SWOT ANALYSIS: SCHNEIDER ELECTRIC 83

 

List of Tables



TABLE 1 FACTOR ANALYSIS 19
TABLE 2 VIRTUAL SENSORS MARKET SIZE, BY COMPONENT, 2016–2023 (USD MILLION) 36
TABLE 3 SOLUTIONS: VIRTUAL SENSORS MARKET SIZE, BY REGION 2016–2023 (USD MILLION) 37
TABLE 4 SERVICES: VIRTUAL SENSORS MARKET SIZE, BY REGION 2016–2023 (USD MILLION) 38
TABLE 5 VIRTUAL SENSORS MARKET SIZE, BY DEPLOYMENT MODE 2016–2023 (USD MILLION) 40
TABLE 6 CLOUD: VIRTUAL SENSORMARKET SIZE, BY REGION, 2016–2023 (USD MILLION) 41
TABLE 7 ON-PREMISES: VIRTUAL SENSORS MARKET SIZE, BY REGION 2016–2023 (USD MILLION) 42
TABLE 8 VIRTUAL SENSORS MARKET SIZE, BY END USER, 2016–2023 (USD MILLION) 45
TABLE 9 OIL AND GAS: VIRTUAL SENSORS MARKET SIZE, BY REGION 2016–2023 (USD MILLION) 45
TABLE 10 AUTOMOTIVE AND TRANSPORTATION: VIRTUAL SENSORS MARKET SIZE BY REGION, 2016–2023 (USD MILLION) 46
TABLE 11 PROCESS INDUSTRY - MANUFACTURING AND UTILITIES: VIRTUAL SENSORS MARKET SIZE, BY REGION, 2016–2023 (USD MILLION) 47
TABLE 12 ELECTRICAL, ELECTRONICS, AND CONSUMER TECHNOLOGY: VIRTUAL SENSORS MARKET SIZE, BY REGION, 2016–2023 (USD MILLION) 48
TABLE 13 HEALTHCARE: VIRTUAL SENSORS MARKET SIZE, BY REGION 2016–2023 (USD MILLION) 49
TABLE 14 CHEMICALS: VIRTUAL SENSORS MARKET SIZE, BY REGION 2016–2023 (USD MILLION) 50
TABLE 15 AERONAUTICS AND DEFENSE: VIRTUAL SENSORS MARKET SIZE, BY REGION, 2016–2023 (USD MILLION) 51
TABLE 16 OTHERS: VIRTUAL SENSORS MARKET SIZE, BY REGION 2016–2023 (USD MILLION) 52
TABLE 17 VIRTUAL SENSORS MARKET SIZE, BY REGION, 2016–2023 (USD MILLION) 55
TABLE 18 NORTH AMERICA: VIRTUAL SENSORS MARKET SIZE, BY COMPONENT 2016–2023 (USD MILLION) 56
TABLE 19 NORTH AMERICA: VIRTUAL SENSORS MARKET SIZE, BY DEPLOYMENT TYPE, 2016–2023 (USD MILLION) 57
TABLE 20 NORTH AMERICA: VIRTUAL SENSORS MARKET SIZE, BY END USER 2016–2023 (USD MILLION) 57
TABLE 21 NORTH AMERICA: VIRTUAL SENSORS MARKET SIZE, BY COUNTRY 2016–2023 (USD MILLION) 58
TABLE 22 EUROPE: VIRTUAL SENSORS MARKET SIZE, BY COMPONENT 2016–2023 (USD MILLION) 59
TABLE 23 EUROPE: VIRTUAL SENSORS MARKET SIZE, BY DEPLOYMENT TYPE 2016–2023 (USD MILLION) 59
TABLE 24 EUROPE: VIRTUAL SENSORS MARKET SIZE, BY END USER 2016–2023 (USD MILLION) 60
TABLE 25 EUROPE: VIRTUAL SENSORS MARKET SIZE, BY COUNTRY 2016–2023 (USD MILLION) 60
TABLE 26 ASIA PACIFIC: VIRTUAL SENSORS MARKET SIZE, BY COMPONENT 2016–2023 (USD MILLION) 63
TABLE 27 ASIA PACIFIC: VIRTUAL SENSORS MARKET SIZE, BY DEPLOYMENT TYPE 2016–2023 (USD MILLION) 63
TABLE 28 ASIA PACIFIC: VIRTUAL SENSORS MARKET SIZE, BY VERTICAL 2016–2023 (USD MILLION) 63
TABLE 29 ASIA PACIFIC: VIRTUAL SENSORS MARKET SIZE, BY COUNTRY 2016–2023 (USD MILLION) 64
TABLE 30 ROW: VIRTUAL SENSORS MARKET SIZE, BY COMPONENT 2016–2023 (USD MILLION) 65
TABLE 31 ROW: VIRTUAL SENSORS MARKET SIZE, BY DEPLOYMENT TYPE 2016–2023 (USD MILLION) 66
TABLE 32 ROW: VIRTUAL SENSORS MARKET SIZE, BY VERTICAL, 2016–2023 (USD MILLION) 66
TABLE 33 ROW: VIRTUAL SENSORS MARKET SIZE, BY COUNTRY, 2016–2023 (USD MILLION) 67