The size of the global market for cyber-physical systems is projected to increase from US$ 86,979.6 million in 2022 to US$ 137,566.0 million in 2028. Between 2022 and 2028, the market for cyber-physical systems is projected to expand at a CAGR of 7.9 percent.
Cyber-physical systems are the subject of a recent industry research analysis from Future Market Insights (FMI). The report’s title is “Global Industry Analysis (2013–2017) and Opportunity Assessment of the Cyber-Physical System Market (2018-2028).
” Many medium- and small-scale manufacturers and plant owners are refocusing their attention on the deployment of cyber-physical systems in order to transform their facilities into smart factories as a result of the falling costs of devices like sensors. These kinds of cyber-physical technologies not only assist in reducing human intervention-related errors but also lower a plant’s total operating and production costs.
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It is usually a good idea to spend money on cutting-edge technology as opposed to adopting it slowly. Smart technologies are being adopted by both developed and developing nations to facilitate a seamless working environment.
As a result, there is an increasing global demand for cyber-physical systems, which forces vendors and service providers to work with solution providers and connect different communication platforms in order to accelerate the adoption of such systems. Investment in R&D and collaborations with research organisations for product development are the main strategies being used by a number of providers of cyber-physical systems.
Dell EMC, Hewlett Packard, IBM, VMware, SAP SE, Schneider Electric, and Oracle are a few of the firms active in the worldwide cyber-physical system industry.
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 India, China, 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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Related Link :
https://twikkers.nl/blogs/90519/Low-Code-Development-platforms-market-Research-Report-2023-2033
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