Austin, March 11, 2025 (GLOBE NEWSWIRE) — Virtual Sensors Market Size & Growth Insights:
According to the SNS Insider Report, “The Virtual Sensors Market was valued at USD 1.8 billion in 2023 and is estimated to reach USD 18.0 billion by 2032, growing at a CAGR of 28.79% from 2024 to 2032.”
The virtual sensors market is experiencing exponential growth due to the rapid advancements in AI-driven predictive analytics and IoT integration across industrial sectors, enabling cost-effective and real-time monitoring solutions.
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Leading Market Players with their Product Listed in this Report are:
- Siemens AG – XHQ Operations Intelligence
- General Electric (GE) – Predix Digital Twin
- IBM Corporation – IBM Watson IoT
- Microsoft Corporation – Azure Digital Twins
- SAP SE – SAP Predictive Engineering Insights
- Schneider Electric– EcoStruxure Asset Advisor
- Rockwell Automation – FactoryTalk Analytics
- Emerson Electric Co. – Plantweb Digital Ecosystem
- Honeywell International Inc. – Honeywell Forge
- ABB Ltd. – ABB Ability Digital Powertrain
- PTC Inc. – ThingWorx Industrial IoT Platform
- Bosch Sensortec – BME AI-Studio
- ANSYS, Inc. – ANSYS Twin Builder
- Altair Engineering Inc. – Altair SmartWorks
- Aspen Technology, Inc. – Aspen Mtell.
Virtual Sensors Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 1.8 Billion |
| Market Size by 2032 | USD 18.0 Billion |
| CAGR | CAGR of 28.79% From 2024 to 2032 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Component (Solutions, Services) • By Deployment (Cloud, On-premise) • By End-Use (Oil & Gas, Aerospace & Defense, Automotive & Transportation, Healthcare, Manufacturing & Utilities, Electronics, Others) |
| Key Drivers | • The increasing use of AI-driven virtual sensors in automation, healthcare, and automotive enhances efficiency and reduces hardware costs.
• Virtual sensors play a crucial role in digital twins and smart infrastructure, driving demand across industries like manufacturing and energy. |
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Key Industry Segmentation
By Component: Solutions Segment Dominates, While Services Register Fastest CAGR
In 2023, the solution segment dominated the market and accounted for significant revenue share, as they are a fundamental part of data collection & analyzing data. Virtual sensor solutions give organizations the ability to monitor processes successfully and to improve operational efficiency; processes can be examined in real time, and the appropriate tools can be deployed to combat loss of efficiency.
The services segment is poised to grow at the fastest CAGR during the forecast period, as organizations are realizing the importance of support and maintenance in the proper functioning of their virtual sensors implementations.
By Deployment: On-Premise Leads, While Cloud Registers Fastest CAGR
In 2023, the on-premise segment dominated the market and accounted for 73% of the market owing to benefits including data security and control. Due to security concerns, organizations prefer on-premise solutions as sensitive data is managed in-house, and the risk from a third-party data breach is reduced.
The cloud segment is expected to achieve the fastest compound annual growth rate throughout the forecast period as organizations look for more flexibility and scalability in their operations. Virtual sensors powered by the cloud allow for remote access to data, enabling real-time monitoring and analytics without requiring a massive physical infrastructure.
By End-Use: Manufacturing & Utilities Lead, Aerospace & Defense Grow Fastest
In 2023, the manufacturing & utilities segment dominated the market and accounted for significant revenue share as the virtual sensors are extensively used in manufacturing for process optimization and resource management. These sectors gain from advanced monitoring features such as predictive maintenance and real-time operation monitoring that enhance efficiency and cut down operational costs.
The aerospace & defense segment is estimated to grow at the fastest CAGR during the forecast period due to continuous development in new technologies, which drive the growth of virtual sensors in applications such as predictive maintenance, and safety monitoring. This sector emphasizes efficiency and safety, drives the demand for advanced virtual sensing solutions that ensure the availability of analytical data and real-time insights.
Key Regional Developments: North America Dominates the Market while Asia-Pacific Registers Fastest CAGR
North America dominated the market and accounted for 38% of revenue share, due to the impact of heavy investments in AI, IoT and industrial automation. The concentration of major industry players and the early adoption of digital twin technologies helps to fuel the growth of the digital twins market in the region.
The Asia Pacific is expected to register the fastest CAGR during the forecast period, mainly due to the rapid industrialization, increasing adoption of smart manufacturing technologies, and high government initiatives in support of digital transformation in the region, especially in countries such as China, Japan, and India.
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Recent Developments in 2024
- In January 2024, Siemens AG Announced advancements in AI-driven virtual sensor technology for smart manufacturing.
- In February 2024, General Electric Expanded its Predix Digital Twin platform to enhance real-time industrial monitoring.
- In March 2024, IBM Corporation Launched an upgraded Watson IoT platform with advanced predictive maintenance capabilities.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
5.1 Adoption Rate of Virtual Sensors, by Industry (Automotive, Manufacturing, Healthcare, etc.)
5.2 Accuracy and Performance Improvements in Virtual Sensors vs. Physical Sensors
5.3 Market Share of Key Virtual Sensor Vendors, by Region
5.4 Cost Savings Achieved Through Virtual Sensor Implementation, by Application
6. Competitive Landscape
7. Virtual Sensors Market, by Component
8. Virtual Sensors Market, by Deployment
9. Virtual Sensors Market, by End-Use
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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