Global cyber-physical systems market projected to grow significantly by 2029

From GlobeNewswire: 2024-11-04 20:30:00

The global cyber-physical systems market is projected to grow from USD 124.1 billion in 2024 to USD 255.3 billion by 2029, with a CAGR of 15.5%. Cyber-physical systems merge physical activities with digital technology, enhancing productivity, security, and sustainability in various sectors like manufacturing and oil & gas.

Digital twin technology is driving transformative change in the cyber-physical systems market, allowing organizations to create virtual replicas of physical assets for real-time simulation and analytics. Smart grid technologies, with real-time monitoring and energy source integration, held the largest market share in 2023, optimizing energy distribution networks.

The manufacturing sector, as the second-largest segment in the cyber-physical systems market, relies on advanced technologies for increased production process value. Asia Pacific is expected to exhibit the highest CAGR in the cyber-physical systems market, driven by rapid industrialization and increased adoption of advanced technologies in key sectors.

AI technology is revolutionizing cyber-physical systems by enhancing data processing capabilities and autonomous decision-making. Government initiatives, sustainability focus, smart city projects, and advanced manufacturing technologies present attractive opportunities for CPS applications, especially in urban infrastructure and industrial automation.



Read more at GlobeNewswire: Exploring the Future of Cyber-Physical Systems: Market