PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1565360
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1565360
The global cyber-physical systems market is expected to be valued at USD 124.1 billion in 2024 and is projected to reach USD 255.3 billion by 2029; it is expected to grow at a CAGR of 15.5% from 2024 to 2029. The cyber-physical systems market is predominantly driven by smart infrastructure development that involves innovative technologies to develop an environment that is more intelligent, eco-friendly, and adaptable. This development includes different structures such as smart grids, intelligent transport systems, and smart buildings that all use CPS (Cyber-Physical Systems) technology. Additionally, smart infrastructure incorporates sensors, Internet of Things (IoT) devices, and automation systems into physical facilities for real-time monitoring, predicting potential faults before they occur, and data-driven decision-making to minimize energy consumption costs and improve user experiences.
Scope of the Report | |
---|---|
Years Considered for the Study | 2020-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD Billion) |
Segments | By Type, Vertical and Region |
Regions covered | North America, Europe, APAC, RoW |
"IIoT segment holds for the largest share in the cyber-physical systems market"
The IIoT in cyber-physical systems have the highest share of the overall market due to its capability to bring about core changes to industries in which it works. This is done through an effective and efficient integration of physical machinery, and equipment with advanced digital systems, and emerging technologies. IIoT becomes a powerful enabler for seamless data exchange among various devices and systems allowing for real-time monitoring of operations, predictive maintenance that enables one to foresee possible future issues in good time, and better decision-making brought about by higher levels of agility and responsiveness. Consequently, due to such sophisticated integrations there are huge gains on operational efficiency for industries, large cost reductions and finally, this leads to high levels of productivity favorably impacting the bottom line. As part of mainstream implementations rising need for better automation and smarter manufacturing solutions with higher order that require highest levels of IIoT adoption indeed can be observed in all critical industries: manufacturing, energy production and transportation.
"Digital twin segment to account for the highest growth rate in the cyber-physical systems market."
The potential growth rate of the digital twin segment in cyber-physical systems (CPS) market is due to its ability to change predictive analysis, simulation and real-time monitoring. With this, digital twins emulate physical assets, processes or systems so that businesses can monitor and improve the performance in real time without disturbing the physical system itself. The demand for intelligent production coupled with advancements of new artificial intelligence (AI), Internet of Things (IoT), and data analytical platforms have made digital twins the tools of choice. Because various industries want to boost productivity while reducing downtime and use simulation-based models to create innovation, they have become the most important factors contributing to fast growth in CPS industry.
"Based on vertical, the manufacturing to hold second largest share the cyber-physical systems market"
The manufacturing vertical in CPS market holds the second largest share owing to the adaptation of automation, smart technologies and digital transformation initiatives. For instance, manufacturing relies heavily on CPS technologies such as Industrial Internet of Things (IIoT), Industrial Control Systems (ICS) and digital twins to optimize production processes, increase quality control efforts and minimize operational costs. These technologies realize instant tracking, predicted upkeep, and smooth relationships amidst real and abstract systems, thus enhancing the capacity and competitiveness of the sector internationally. In addition, the implementation of CPS in production is increasingly fastened by the quest for industry 4.0 to create advanced factories that are efficient, adaptable and responsive to market trends. Therefore, manufacturing has become a dominant sector through the generalized usage of CPS technologies.
"North America holds a large share in the cyber-physical systems market."
North America region held largest share of cyber-physical systems market in 2023, due to advanced technological infrastructure and higher adoption of state-of-the-art technologies along with significant investment in R&D. Furthermore, this region is focusing on thorough Industry 4.0, smart infrastructure, and digital transformation, which is complimenting the growth of automation solutions supporting CPS market. The region has presence of significant players such as Honeywell International Inc. (US), Rockwell Automation (US) and General Electric Company (US) among others. Such companies are continuously developing robotics and automation technologies with AI and IoT integration, supporting the growth of the cyber-physical systems market.
The key players operating in the cyber-physical systems market are ABB (Switzerland), Honeywell International Inc. (US), Rockwell Automation (US), Schneider Electric (France), and Siemens (Germany) among others.
The research reports the Cyber-Physical Systems Market, by Type, (Industrial Management [Field Operational Technology, ICS (Industrial Control Systems), IIoT, Digital Twin], Smart Operations [Smart Buildings, Intelligent Transportation Systems (ITS), Smart Grids, and Smart Agriculture], Robotics), By Vertical (Manufacturing, Healthcare, Agriculture, Automotive & Transportation, Aerospace, Energy, and Infrastructure (Smart Cities), Oil & Gas) and Region (North America, Europe, Asia Pacific, and Rest of the world (RoW)). The report's scope covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the cyber-physical systems market. A thorough analysis of the key industry players has been done to provide insights into their business overviews, products, key strategies, Contracts, partnerships, and agreements. New product launches, mergers and acquisitions, and recent developments related to the cyber-physical systems market have been covered thoroughly in the report. This report covers a competitive analysis of upcoming cyber-physical systems market ecosystem startups.
Reasons to buy this report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall authentication and brand protection market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.