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The global cyber physical system industry is anticipated to grow further in the forecast period owing to the driving factors like the rising demand from end-use industries. Advancements in technology and rapid adoption of the systems have led to this shift. Increased automation in almost every sector is further acting as a catalyst for the market growth. The growing presence of key players like Microsoft (NASDAQ: MSFT) and IBM (NYSE: IBM) globally is also expected to fuel the market growth. The market is expected to be further propelled by the growing development of self-driving cars, along with drones for pathogen surveillance and package deliveries.
In September 2020, IIT Roorkee, India, announced that the institute will soon get a ‘Technology Hub’ under the National Mission of Interdisciplinary Cyber-Physical Systems (NM-ICPS). Named as ‘ihub’, the CPS comprises of the Industry 4.0 and encourages an innovative and entrepreneurial ecosystem. Under the hub, many proposals have been put forward, including the development of an AI-powered intelligent security system and an advanced multistage diagnostic tool to detect antimicrobial resistance, to name a few. Thus, the growing research and development being undertaken by private and institutional players is expected to support the industry growth in the coming years.
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The major players in the global cyber physical system market are Microsoft Corporation, IBM Corporation, Galois, Inc., National Institute of Standards and Technology (NIST), and Intel Corp, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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