Increasing demand for low-cost CPS and need for developing smart factories from small and medium scale enterprises is expected to significantly fuel the growth of global market for cyber-physical system in the forthcoming years. A recent study by Future Market Insights estimates a robust 8.7% CAGR growth of the global market for cyber-physical system, during the forecast period, 2018-2028. Further, the global market is expected to touch an evaluation of nearly US$ 137,566.0Mn by 2028-end. Developing effective cyber-physical system for the end-users will be a significant trend fuelling growth of the cyber-physical system market. The study further delivers essential landscapes for growth of global market for cyber-physical system in the forthcoming years.
Analysts involved in this report development have delivered valuable insights on how the global market for cyber-physical system will expand through 2028. Also, analysts have responded to the key concerns of industry investors and market observers.
Do you think reducing costs of the key components and networking can help in the growth of global market?
The key components of cyber-physical system include sensors, software and storage units. Reduction in the cost of sensors related to this system can significantly benefit the small and medium scale enterprises. Growing income of developing economies will lead to increase in the adoption of advanced or innovative technologies such as CPS and IoT, which will help in enhancing the end-user experience.
According to you, what are the possible factors obstructing the growth of the global market?
The main factor obstructing the growth of the global market is lack of security of cyber-physical systems. When the system gets linked with cloud, they become vulnerable to data breaches and cyber-attacks. Shift from closed system towards closed system has increased the chances of risk.
What do you think can attract customer attraction towards this product?
The main feature of cyber-physical system to eliminate human-errors and decrease overall production and operational costs of a factory, can attract customer attraction to a larger extent.
What are the vendors doing for expansion of the global market?
Vendors and service providers are increasing collaborations with the solution providers and incorporating several communication platforms for fuelling the implementation of CPS. Apart from this, they are also making heavy investments in R&D and increasing partnerships with the research organizations in order to innovate their product development.
Can you mention some essential insights on the counties in global market for cyber-physical system?
Well, North America is expected to dominate the global market during the forecast period, followed by Western Europe. Cyber-physical systems has helped North America to develop medical and industrial robots and autonomous cars as well. Apart from this, the European Commission has been making heavy investments in R&D of new services and products. APAC and Japan are expected to create lucrative opportunities for the global market in the forthcoming years.
Can you enlist some key players in the global market for cyber-physical system?
Yes. Of course. The key players profiled by our analysts include Oracle, VMware Inc., Dell EMC, Schneider Electric, IBM Corporation, SAP SE and Hewlett Packard Enterprises. By developing effective cyber-physical system, the key players are working on attaining a competitive position in the global market for cyber-physical system.
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