The global cyber-physical systems (CPS) market size is predicted to increase from $76.98 billion in 2021 to $177.57 billion by 2030 at a CAGR of nearly 8.01% during 2022-2030. The report analyses the global cyber-physical systems (CPS) market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the cyber-physical systems (CPS) market.
Cyber-physical systems (CPS) are the integration of cyber systems and physical systems. Moreover, nearly all the products used across the globe and advanced manufacturing tools used to manufacture these products are cyber-physical systems. Industry 4.0 revolution has led to automation and information exchange in manufacturing systems apart from digitization of manufacturing sector. Industry 4.0, also referred to as Industry 4.0 revolution, includes cloud computing, cyber-physical systems, connected things, cognitive computing, and cloud computing.
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This fourth industrial revolution introduced the concept of smart factories. In these smart factories, cyber-physical systems monitor the operations of physical processes, make a virtual copy of these processes, and help the firm make decentralized decisions. These cyber-physical systems communicate & cooperate with one another and with humans in real time through the use of IoT technology.
Moreover, cyber-physical systems are smart network solutions with fitted sensors, embedded processors, and embedded actuators designed for sensing and interacting with the physical world. In addition, these systems aid real-time applications and guarantee improved performance in safety-critical applications. In CPS systems, computing, sensing, control, and networking is integrated into each component of the CPS systems. Some examples of cyber-physical systems are robots, airplanes flying in controlled airspace, and smart buildings.
Cyber-physical systems (CPS) Market Key Insights
● As per the analysis shared by our research analyst, the global cyber-physical systems (CPS) market is estimated to expand annually at a CAGR of around 8.01% over the forecast period (2022-2030)
● In terms of revenue, the global cyber-physical systems (CPS) market was valued at nearly USD 76.98 billion in 2021 and is predicted to hit USD 177.57 billion by 2030
● The global cyber-physical systems (CPS) industry is slated to expand at a remarkable rate owing to the massive penetration of cyber-physical systems in various sectors including energy, healthcare, and network mobility
Which Factors are Impacting Cyber-Physical Systems (CPS) Market Growth?
Cyber-physical systems offer support to firms in process optimization, thereby saving costs and time. Apart from this, cyber-physical systems find applications in myriad sectors including energy, healthcare, and network mobility. For instance, these systems are used in the smart grid for energy sector and telemedicine & remote diagnostics in the healthcare sector. All these aforementioned factors will boost the expansion of the global cyber-physical systems (CPS) industry in the years ahead. In addition to this, cyber-physical systems help in linking the physical world with information technology, thereby improving the work quality and productivity as well as the revenue of the firm. Moreover, they are spatially distributed, multi-scaled, and time-sensitive systems linking the cyber world with the physical one. These features of cyber-physical systems will expand the scope of growth for the global cyber-physical systems (CPS) market.
Furthermore, experts have found that cyber-physical systems enhance the performance of production processes that can be scaled to nano manufacturing. Massive process automation activities witnessed in healthcare, farming, power, and manufacturing sectors have increased penetration of cyber physical systems in these sectors. The slew of applications of cyber-physical systems in various sectors has helped in charting a profitable growth graph for cyber-physical systems market. Apart from this, a constant decline in the costs of key components of cyber-physical systems such as storage units, sensors, actuators, and computing units will define the growth of the global cyber-physical systems industry.
Report Segmentation of Cyber-Physical Systems (CPS) Market are :
By Type:
● Hardware
● Software
By Application:
● Healthcare
● Manufacturing
● Logistics
● Aerospace and Defense
● Automotive
● Energy and Utility
● Consumer Electronics
● Others
Breakthroughs
● In September 2021, IIT (Indian Institute of Technology) Guwahati introduced a center for cyber-physical systems aimed at creating indigenous technologies. Reportedly, the Indian Government is focused on developing nearly five technologies each year. Furthermore, the move will help in creating new job opportunities and boost the growth of the cyber-physical systems (CPS) industry in India.
● In November 2022, Phosphorous, a key player in the extended internet of things (xIoT) industry, joined hands with Redapt, a key provider of information technology services in the U.S. The move is aimed at providing a new generation of xIoT services across the U.S. The initiative will also help firms counter cyber-attack threats and this will expand the demand for secured cyber-physical systems in the U.S.
The following are some of the companies highlighted in this report:
● IBM Corporation
● SAP SE
● Honeywell International Inc
● Oracle Corporation
● Hitachi Vantara Corporation
● Schneider Electric SE
● Microsoft Corporation
● The Hewlett Packard Enterprise Company
● VMware Inc
● Dell EMC
Regional Analysis Preview
The U.S. cyber-physical systems (CPS) market is projected to expand rapidly in the upcoming years with the rise in demand for cyber-physical systems from the U.S. defense and intelligence sector. Apart from this, countries such as the U.S. are investing massively in public-private partnerships across the manufacturing industry. Moreover, the U.S. National Institute of Standards and Technology (NIST) is involved in a spectrum of smart systems manufacturing systems research ventures addressing measurement-science issues and protocols in manufacturing systems.
Germany is predicted to be the largest user of cyber-physical systems in Europe owing to its use of smart transportation services, large consumption of smart & renewable energy, use of smart health solutions, and use of smart technologies for goods production. Apart from this, the smart city concept is gaining traction in Germany which has increased the popularity of cyber-physical systems in the country, thereby increasing the growth prospects of the cyber-physical systems industry in Germany as well as across Europe.
In terms of component, the cyber-physical system hardware segment is projected to lead the global cyber-physical systems (CPS) market over the forecast period. The growth of the segment during the forecast timeline is attributed to the reduction in costs of network systems and IoT sensors. Additionally, large-scale penetration of key components of a cyber-physical system (CPS) such as monitoring devices computing units, memory units, sensors, actuators, and storage equipment in myriad sectors owing to its reduced cabling costs and natural support for mobility will boost the segmental growth.
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Stakeholders and industry participants will gain the following benefits:
• The report looks at the industry’s drivers, limitations, and possibilities.
• Market performance from a neutral standpoint
• Trends and advancements in the industry recently
• Key players’ strategy and the competitive landscape
• Potential and niche categories, as well as regions with promising growth prospects, are covered.
• In terms of revenue, historical, current, and forecast market sizes
• An in-depth examination of the market for Cyber-Physical Systems (CPS)
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