Human Machine Interface Market 2020 Key Findings, Regional Analysis, Share, Industry Size, Growth, Competitor Strategy Trends, Segmentation and Forecast to 2023

The Global Human Machine Interface market is projected to reach USD 6 Bn and capture a healthy CAGR of 9% over the forecast period of 2017-2023, reveals a study by Market Research Future (MRFR). A Human Machine Interface (HMI) facilitates interaction between a human and a machine and helps in productivity and system efficiency improvement. HMIs are profusely used in industries such as pharmaceutical, aerospace, defense, automotive, etc. HMIs assist pilots in flying aircraft and jets and are being used in the aviation industry.

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HMIs are increasingly used for factory automation, and rapid industrialization across the globe coupled with growing trend of automation in various industry verticals is adding fuel to the growth of the global human machine interface market. Growing manufacturing industry and its demand for smart automation solution is a crucial factor driving the growth of the market. HMIs finds novel application in the healthcare sector; they help in various computations as well as psychological studies that are carried out on the human brain. Growing adoption and acceptance of HMIs and shift in focus of companies towards the use of HMIs further boost the growth of the market. Moreover, increased R&D activities on HMI such as automotive human interface technologies which might offer road safety benefits are also providing ample opportunities for market growth. Rapid technological advancements, growing popularity of cloud-based HMIs, increasing need for an integrated system, and improved economic conditions of manufacturers are other factors which are expected to spur the growth of the market. However, lack of skilled workforce is also a major restraint to the market growth. Even though HMIs are functional, they are too complicated and non-intuitive for technical users to handle it properly. High costs associated with the installation and repair of HMIs are significant restraints to the growth and adoption of HMIs coupled with lack of standardization is anticipated to curb the growth of the market. As industrial and manufacturing processes become more complex, there will be a rise in deployment of HMIs which is likely to present favorable opportunities for the future market growth. Additionally, the collective use of IoT and HMIs in industrial sector can open up an array of new possibilities.

Competitive landscape

The global Human machine interface market is highly competitive with the presence of few established players. ABB Ltd. (Switzerland), Emersion Electric Co. (U.S.), Honeywell International Inc. (U.S.), Mitsubishi Electric Corporation (Japan), Schneider Electric SE (France), Yokogawa Electric Corporation (Japan), Advantech Co., Ltd. (Taiwan), General Electric Co. (U.S.), Kontron AG (Germany), Rockwell Automation, Inc. (U.S.), and Siemens AG (Germany) are among the major players operating in the industry.

Industry Updates

In June 2018, Synaptics, a leader in human machine interface technology announced the opening of a major design center in Bangalore, India. The new design center is equipped with state-of-the-art workstations and will employ a number of engineering resources.

Segmentation

The global Human Machine Interface market is segmented based on components, type, configuration type, and end-users. By components, the market has been segmented into hardware and software. By configuration type, the market has been segmented into standalone and embedded. By end-user, the market has been segmented into Automotive, Semiconductor, Pharmaceutical, Oil & Gas, Food & Beverages, and Aerospace & Defense.

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Regional Analysis

The principal markets of the global human machine interface market include Asia Pacific, North America, Europe, and Rest of the World. North America possesses the largest share of the global market. The North America market is well consolidated due to the concentration of large number of key players, early adoption of HMIs, and increasing demand for HMIs owing to growing high-end manufacturing activities in the region. Asia-Pacific region is projected to exhibit high growth opportunities owing to rapid industrialization in the region owing to shift in manufacturing base by a number of industries to capitalize on lower operating costs and comparatively cheaper labor available in the region.

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This release was published on openPR.