The Cyber-Physical Systems Market Is Driven By Increasing Usage Of Internet Services And Advanced Tools
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.
The global market for cyber-physical systems (CPS) is strongly influenced by the growing adoption of the Internet by users worldwide. The CPS framework is used to establish communication between the network and to provide easy access to the Internet. The introduction of these systems enhances the flexibility of the overall systems and also improves the performance, reliability, productivity, safety, usability of existing industries and business infrastructure. In addition, different companies are implementing CPS programs to enhance their operation by tracking their process and finding fault in. In addition, these systems are used by various industries, including health care, power, construction, building design, agriculture and others.
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Some of the leading players in the cyber-physical systems industry 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, among others.