Future Market Insights (FMI) has published a market research report on cyber-physical systems titled "Cyber-Physical System Market: Global Industry Analysis (2013-2017) and Opportunity Assessment (2018-2028)." According to FMI, the lowering prices of devices such as sensors, several medium and small scale manufacturers and plant owners are focusing on the deployment of cyber-physical systems in order to convert them into smart factories.
According to the report, the global cyber-physical system market is expected to witness a CAGR of 8.7% during the period 2018 – 2028. The market was worth $55,075.3 million in 2017 and is likely to reach a valuation of $137,566.0 million by the end of 2028.
The principal components of a cyber-physical system are storage units, sensors, computing unit, software, and actuators. The declining prices of sensors reduce the overall cost associated with the system, which makes it achievable for small- and medium-sized enterprises. This in turn drives the adoption and application of cyber-physical systems across various industries.