Digitalization of the World Economy: Performance Evaluation of Introducing Cyber-Physical Systems

Abstract:

The modern world is on the verge of a new industrial revolution, which should ensure the transition to a new technological stage. Today's economic development is characterized by the large-scale implementation of information and communication technologies in all areas of development. The introduction of innovative digital technologies has led to the formation of a new direction - the digital economy - within the traditional economy, based on the most modern information technologies, allowing to form new business models of economic development. Fintech, Industry 4.0 are the drivers of the economic growth of the digital economy, the main task of which is not only the digital transformation of production and services, but also their harmonious integration into all spheres of human life at a new qualitative level. Industry 4.0 is based on cyber-physical systems, which are a synthesis of computer systems and the physical processes controlled by them into a single unit. They are able to form an integrated cyber-physical space around an individual, customized to his needs and requirements. Cyber-physical systems are analyzed in the article: the definition of these systems is given, the main directions included in cyber-physical systems are considered, and these systems are classified.  The development of the global cyber-physical systems market is assessed in the study: its financial volumes were determined, growth rates were analyzed, the most promising regions of the world in terms of the investment were identified, in which the development of cyber-physical systems received the highest priority. After the conducted analysis, leaders among the countries of the world were identified and companies that were at the forefront of the global cyber-physical systems market were identified. On the basis of the conducted research, the prospects and development trends of the global market for these systems were identified, the main areas of use of cyber-physical systems were analyzed. One of the main problems in the implementation of innovative projects is to evaluate economic efficiency. Therefore, the study proposed a model for evaluating efficiency based on the total cost of ownership method, which involves estimating the costs of implementing and operating a cyber-physical system compared to the existing control system. This model has been tested in relation to the conditions of the enterprise machine-building complex in the Russian Federation.  

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