Cyber Physical System Market Size, Share, Report, Price, Trends, Key Players and Forecast Period 2023-2028
The ‘Global Cyber Physical System Market Size, Share, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global cyber physical system market, assessing the market on the basis of its segments like components, deployment types, end uses, and major regions.
Cyber Physical System Market Size, Share, Price Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 7.8%
Cyber physical systems are extensively used across various end use industries including healthcare, manufacturing, agriculture, and transportation, among others, as these systems are more efficient than traditional physical systems. The rapid expansion of the automotive industry is propelling the demand for cyber physical systems to manufacture sensors, actuators, and electronic control units, among others.
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The escalating demand for cyber physical systems from the manufacturing sector is another crucial driving factor for the cyber physical system market. It is a part of various measurement equipment in the manufacturing sector such as RFID devices, and sensors. In addition, the increasing emphasis on automation in this industry is further providing impetus to the market.
Over the forecast period, the anticipated increase in digitalisation across the healthcare industry is another major driving factor of the market. The growing demand for medical cyber physical systems, due to the increasing adoption of advanced medical devices across healthcare units, is further adding to the market numbers.
Cyber Physical System Industry Definition and Major Segments
A cyber physical system is an autonomous digital system which is capable of carrying out various operations performed by humans. Cyber physical systems bring redundance to manual interference which is catalysing the cyber physical system market. Advanced software and hardware components are incorporated in a cyber physical system which makes it applicable across various end use industries.
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Based on component, the market can be segmented into:
- Hardware
- Software
- Services
On the basis of deployment type, the market has been classified into:
- On Premises
- Cloud
By end use, the market has been segmented into:
- Healthcare
- Energy
- Automation
- Agriculture
- Manufacturing
- Transportation
- Others
On the basis of region, the market can be categorised into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Cyber Physical System Market Trends
The key trends in the global cyber physical system market include technological advancements in the energy sector. The emergence of smart grids, robotics, and control systems, among others, are being witnessed on a large scale in order to bolster productivity. In addition, the increasing global demand for energy is leading to a heightened incorporation of cyber physical systems in the energy sector.
Meanwhile, the increasing upgradations of cloud-based software are major trends in the market which are leading to a higher adoption of cyber physical systems. For instance, cloud-based software aids transport companies by increasing the speed of operations and offering real-time location tracking.
In geographical terms, North America holds a significant share in the cyber physical system market, which is being driven by the robust digitalisation strategies adopted by various end use industries such as healthcare and transportation. Moreover, the favourable policies of governments encouraging automation are further propelling the market growth in the region.
Key Market Players
The major players in the cyber physical system market report are Microsoft Corporation, IBM Corporation, Galois, Inc., National Institute of Standards and Technology (NIST), and Intel Corp, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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