Rising Number of Societal Challenges Stoke Demand in Cyber Physical System Market

Published On : 13 Feb 2019

Cyber physical system helps in connecting the physical world with the information processing virtual world. This system has the ability in changing the manner of people interacting with engineered systems. Rapid advancements in cyber physical systems result in excellent resilience, capability, security, adaptability, safety, and sociability which further drives innovation in various sectors such as building design and automation, energy, agriculture, healthcare, transportation, and manufacturing.  

Going forward, the global cyber physical system market is anticipated to grow at a solid pace. The global cyber physical system market is projected to register an impressive CAGR of 8.7% from 2018 to 2028. This has been stated in report on the market by Transparency Market Research.

Growing Demand for Improving Health Issues to Fuel Cyber Physical System Market

Growing demand for automation and digitalization is primarily driving the cyber physical system market. Cyber physical system mainly promotes the connection between the physical and cyber. In this system, software and physical components are highly entwined, and each operate on different temporal scales. Furthermore, both the physical and software components in cyber physical systems exhibit distinct and multiple behavioral modalities along with interacting with each other in a multiple ways which often changes with the context. Some of the prominent example of cyber physical system includes medical monitoring, robotics system, process control systems, automatic pilot avionics, and autonomous automobile systems.

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Cyber physical system has the potential to improve and change peoples’ lives aspect. This system addresses critical societal challenges such as supporting the transformation to renewable energy, mobility, climate change, improving public safety, globalization, coping with increasing population, and tackling limited resources for megacities. Such USPs are also expected to boost the global cyber physical system market. Apart from these, many industries are also turning cyber physical system into their various applicable fields.

Increasing Adoption of Smart Technologies to Boost Global Cyber Physical System Market

Nowadays, many developing countries are rapidly adopting smart technologies in order to enable a hassle-free work experience. Cyber physical system helps in communicating easily. Thus, various service providers are collaborating with solution providers to fuel the implementation of cyber physical systems. Increasing need for smart grids and smart factories in the developing countries are also projected to propel the demand in the global cyber physical system market.

Rising Adoption of Advanced Technology in North America to Contribute to Market Demand

With respect to geography, North America is expected to lead the global cyber physical system market as the region has witnessed rapid technological advancement. Increasing need for self-driving cars, rising demand for autonomous medical robots for performing complex surgeries, growing demand for industrial robots for reducing human labor could also be responsible for fueling the global cyber physical system market in this region.

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