Cyber-Physical Systems (CPS) will revolutionize how humans relate with the physical world around us. Many grand challenges await the economically vital domains of transportation, health-care, manufacturing, agriculture, energy, defence, aerospace and buildings. Exploration of these potentialities around space and time would create applications which would affect societal and economic benefit. This paper looks into the concept of emerging Cyber-Physical system, applications and security issues in sustaining development in various economic sectors; outlining a set of strategic Research and Development opportunities that should be accosted, so as to allow upgraded CPS to attain their potential and provide a wide range of societal advantages in the future.