Global Cyber Physical System Market to Grow at a CAGR of 7.8% During 2024-2032, Driven by the Increasing Demand from the End-Use Industries

The global cyber physical system industry is anticipated to grow further in the forecast period owing to the driving factors like the rising demand from end-use industries. Advancements in technology and rapid adoption of the systems have led to this shift. Increased automation in almost every sector is further acting as a catalyst for the market growth. The growing presence of key players like Microsoft (NASDAQ: MSFT) and IBM (NYSE: IBM) globally is also expected to fuel the market growth. The market is expected to be further propelled by the growing development of self-driving cars, along with drones for pathogen surveillance and package deliveries.

In September 2020, IIT Roorkee, India, announced that the institute will soon get a ‘Technology Hub’ under the National Mission of Interdisciplinary Cyber-Physical Systems (NM-ICPS). Named as ‘ihub’, the CPS comprises of the Industry 4.0 and encourages an innovative and entrepreneurial ecosystem. Under the hub, many proposals have been put forward, including the development of an AI-powered intelligent security system and an advanced multistage diagnostic tool to detect antimicrobial resistance, to name a few. Thus, the growing research and development being undertaken by private and institutional players is expected to support the industry growth in the coming years.

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Market Analysis by Component, Development Type, End Use and Region:

• The market based on component can be divided into hardware, software, and services.
• The major development types in the market include on premises and cloud.
• The major end use sectors in the industry are healthcare, energy, automation, agriculture, manufacturing, and transportation, among others. 
• The regional markets for cyber physical system include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The market is being driven by the rising development of systems like drones, self-driving vehicles, medical devices, and others that are increasingly integrating cyber physical systems.
• Rapidly changing designs and technological advancements are aiding the market growth. 
• Increased automation of various sectors is propelling the market growth further.
• The market is expected to witness further a further expansion in the coming years due to the increasing adoption of new and better technologies like artificial intelligence.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for cyber physical system for the periods (2018-2023) and (2024-2032).
• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the components, development types, end uses, and major regions of cyber physical system.
• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global cyber physical system market are Microsoft Corporation, IBM Corporation, Galois, Inc., National Institute of Standards and Technology (NIST), and Intel Corp, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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