Cyber-Physical System Market – Latest Research, Industry Analysis, Driver, Trends, Business Overview, Key Value, Demand And Forecast 2022 to 2028

Future Market Insights (FMI) has published a new market research report on cyber-physical systems. The report has been titled “Cyber-Physical System Market: ] The global cyber-physical system market size is expected to grow from US$ 86,979.6 Million in 2022 to US$ 137,566.0 Million by 2028. The cyber-physical system market is anticipated to grow at a CAGR of 7.9% during 2022-28.

” With the lowering prices of devices such as sensors, several medium and small scale manufacturers and plant owners are shifting their focus towards the deployment of cyber-physical systems in order to convert them into smart factories. These type of cyber-physical systems not only help in eliminating errors that occur due to human intervention but also decrease the overall operational and production costs of a plant.

It is always wise to invest in the latest technology instead of being a laggard in terms of technology adoption. Both developed and developing countries are adopting smart technologies to enable a seamless work experience. With this, the demand for cyber-physical systems is also gaining traction across the globe, thereby compelling service providers and vendors to collaborate with solution providers and integrate various communication platforms in order to push the implementation of cyber-physical systems.

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The core strategies that several cyber-physical system providers are implementing are investment in research and development and partnerships with research organizations for product development. Some of the companies operating in the global cyber-physical system market are Dell EMC, Hewlett Packard Enterprises, IBM Corporation, VMware Inc., SAP SE, Schneider Electric, and Oracle.

According to the report, the global cyber-physical system market is expected to witness a CAGR of 8.7% during the period 2018 – 2028. The market was worth US$ 55,075.3 Mn in 2017 and is likely to reach a valuation of US$ 137,566.0 Mn by the end of 2028.

Decreasing Prices of Networking and Sensors to Boost Adoption

The principal components of a cyber-physical system are storage units, sensors, computing unit, software, and actuators. The declining prices of sensors reduce the overall cost associated with the system, which makes it achievable for small- and medium-sized enterprises. This in turn drives the adoption and application of cyber-physical systems across various industries.

Furthermore, the growing economy of several developing economies is benefiting the adoption of cyber-physical systems across the globe. The average household income of developing countries such as IndiaChina, and Brazil among others is anticipated to increase significantly in the coming years. This will shoot up the demand and adoption of new technologically advanced systems such as IoT and CPS, as these nations have witnessed a transition in their spending behavior, and have shown positive adaptability towards such systems for an enhanced end user experience. The swelling economic growth of several developing countries is expected to drive the global cyber-physical system market.

Data Breaches and Security Threats to Obstruct Market Growth

The core factor limiting the growth and adoption of cyber-physical systems is the dearth of security associated with these systems. As any type of system is linked with the cloud, it becomes susceptible to cyber-attacks and data breaches.

Moreover, the change from a closed system to an open system has further made way for this risk. As the application of cyber-physical systems is in industries such as manufacturing, healthcare, and automotive, among others, it comprises valuable data and information that could lead to a catastrophe under a data attack. Consequently, with the threat of compromising critical data, many industries are hesitant in adopting cyber-physical systems. This can restrain market growth to a certain extent.

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Cyber-Physical System Market Survey by Category

By Component:

  • Cyber-Physical System Hardware
  • Cyber-Physical System Software
  • Cyber-Physical System Services

By Vertical:

  • Aerospace and Defense
  • Automotive
  • Energy and Utility
  • Healthcare
  • Manufacturing
  • Consumer Electronics
  • Others

Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • China
  • Japan
  • Asia Pacific
  • Middle East & Africa

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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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