Human Machine Interface (HMI) Market To Reach US$ 7.10 Bn by 2022

Human Machine Interface (HMI) Market To Reach US$ 7.10 Bn by 2022

According to a new market report published by Credence Research Inc “Human Machine Interface (HMI) Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 - 2022,” the human machine interface market is predicted to reach US$ 7.10 Bn by 2022, with the Rising industrial automation across the world.

High market competition forcing industrial manufacturers to invest in advanced solutions which improves productivity and reduces operating costs. This is increasing the demand for advanced human machine interface solutions which offers realistic view of their plants. Improving economic conditions and financial position of manufacturing industries is expected to influence the demand for advanced human machine interface (HMI) solutions across the world. In order to match rising mobility needs in manufacturing industries HMI solution providers are focusing on developing applications which supports remote monitoring and controlling. All the above factors are expected to spur the demand for HMI solutions through the forecast period 2015 – 2022.

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Interface software and solutions accounted for the largest revenue share in 2014 and is expected to remain the largest segment by product type throughout the forecast period. Rising demand for PC based open source human machine interface (HMI) solutions is expected to influence the demand for interface software and solutions across the world. Display and touchscreen technology also expected to see a significant growth through the forecast period with rising demand for mobile devices such as tablets, laptops, smartphones and others.

Automotive industry represents the largest end use segment for human machine interface solutions and accounted for the 15.8% of revenue share in 2014. Automotive manufacturers are investing significant amount in advanced solutions to improve their productivity which represents a positive outlook for human machine interface (HMI) solutions providers. The oil and gas industry represents the fastest growing end-use segment for human machine interface (HMI) solutions. Human machine interface (HMI) solutions improves safety and security at oil and gas plants which is the major influencing the factor for these solutions.

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North America represents the largest regional market in the global human machine interface market. Rising number of industrial automation projects is the primary factor for the dominance of North America in global HMI market. Asia Pacific is expected to be the fastest growing regional market in the global HMI market. Increasing industrialization in India, China, Taiwan, Singapore, Australia and other countries is increasing the adoption of human machine interface (HMI) technologies in the region.

The human machine interface market in North America and Europe are comparatively matured markets and expected to grow at a slower pace compared to Asia Pacific. The global HMI market is expected to see a significant growth through the forecast period with rising awareness about the benefits of advanced HMI solutions such as reduced operating cost, high efficiency and reduced maintenance cost.

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