Cyber-Physical System is projected to rise from US$ 137,566.0 Mn in 2022 to US$ 137,566.0 Mn in 2028, with a CAGR of 7.9%. 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.
| 2022 Market Value | US$ 86,979.6 Mn |
| 2028 Market Value | US$ 137,566.0 Mn |
| CAGR% (2022-2028) | 7.9% |
| Share of Top 5 Market Players | 30% |
Investments 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.
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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.
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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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