According to a new market research report published by Credence Research “Global Cyber-Physical Systems Market (Component (Hardware, Software, Services); Deployment (On Premise, Cloud); Vertical (Aerospace & Defense, Automotive, Energy & Utility, Healthcare, Manufacturing, Consumer Electronics, Others)) – Growth, Future Prospects and Competitive Analysis,2019 – 2027”, the overall cyber-physical systems market worldwide was valued at US$ 60.50 Bn in 2018 and is set to grow with a CAGR of 9.3% during the forecast period.
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The global cyber-physical systems (CPS) market is highly driven by increasing adoption of internet by users globally. CPS system is used to maintain the connectivity between the network and fast access of internet. The implementation of these systems increases the functionality of the overall systems and also improves the performance, reliability, efficiency, security, usability of existing various industries, businesses infrastructure. Additionally, various companies are adopting CPS systems to improve their process my monitoring their process and find the fault in. Moreover, various industries are using these systems which include healthcare, energy, automation, building design, agriculture, and others.
Based on deployment model, the cyber-physical systems market is segmented into on-premise and cloud based models. On-premise dominates the market with a share of more than 60% in the year 2018 due early adoption of physical components and storage devices. However, the cloud segment is expected to be the fastest growing market during the forecast period as various companies are shifting towards cloud services and cloud storage. Increasing development and adoption of cloud computing and IoT, offers numerous new opportunities for cyber-physical systems to offer their competencies by taking benefit of the cloud based technologies.
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Asia-Pacific is considered to be the fastest growing region due to increasing number of IoT devices adoption and increasing adoption of automation which is driving the market in the region. The increasing penetration of internet users in the market is a major factor for adoption of CPS systems in the region due to its reliability, and usability in various industries business and other operations. Various industries and companies are investing highly in the region due to growing infrastructure and technological advancement taking place in the region. The number of mobile users in the region is increasing rapidly, and growth in the telecom industry is another major factor driving the growth of the market.
Some of the prominent players operating in the cyber-physical systems market include Microsoft Corporation, IBM Corporation, Dell EMC, Hewlett Packard Enterprise, VMware Inc., Schneider Electric SE, Honeywell International Inc., SAP SE, Hitachi Vantara, Intel Corporation, Oracle Corporation, and Siemens AG and others
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