Press release
Human Machine Interface Market to Reach $8.5 Billion by 2028 with 10.2% CAGR, Driven by AI Integration and Smart City Growth
Human Machine Interface Market Report
Human Machine Interface Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $8.5 billion In 2028 At A CAGR Of 10.2%.
The human machine interface market size has grown strongly in recent years. It will grow from $5.28 billion in 2023 to $5.77 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth in the historic period can be attributed to rise of smart manufacturing, focus on workplace safety, energy efficiency initiatives, expansion of automotive industry, demand for enhanced user experience.
The human machine interface market size is expected to see rapid growth in the next few years. It will grow to $8.5 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%. The growth in the forecast period can be attributed to shift towards flexible manufacturing, focus on healthcare automation, growth of smart cities, e-commerce and warehouse automation, focus on user-centric design. Major trends in the forecast period include gesture control, voice recognition, integration with artificial intelligence (ai), remote monitoring and control, multi-modal interfaces, customization and personalization..
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Human Machine Interface Market Major Segments
The human machine interface market covered in this report is segmented -
1) By Product: Hardware, Software, Services
2) By Configuration: Embedded HMI, StAndalone HMI
3) By End-User: Chemicals And Petrochemicals, Food And Beverages, Oil And Gas, Paper, Packaging, Printing
Key Driver - Surging Industrial Automation Boosts Growth Of Human-Machine Interface (HMI) Market
Rising industrial automation in the manufacturing industry is expected to propel the growth of the human-machine interface (HMI) market going forward. Industrial automation refers to the management of various processes and machinery through the use of control systems, computers, robotics, and information technology. HMI is important in an automation system since it enables real-time data collection and sees how the control systems are represented visually, hence rising automation is expected to boost the human-machine interface market. For instance, in 2022, according to a report published by Nividous, a US-based intelligent automation company, robotic process automation is being used by 43% of manufacturers, while another 43% plan to implement RPA projects. Therefore, the rising industrial automation in the manufacturing industry is driving the growth of the human-machine interface market.
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Prominent Trend - Renesas Electronics Corporation Advanced 32-Bit Rx671 Mcus Elevate Human-Machine Interface Market
Product Innovations are a key trend gaining popularity in the human-machine interface market. Major companies operating in the human-machine interface market are developing innovative product solutions to strengthen their position in the market. For instance, in September 2021, Renesas Electronics Corporation, a Japan-based company operating in human-machine interface, launched 32-Bit RX671 MCUs, providing high performance and power efficiency with HMI functions. The product has unique features such as its high-functionality single-chip solution with touch sensing and speech recognition capabilities for the popular RX Family's contactless operation and also has a 120 MHz RXv3 CPU core, integrated flash memory that supports quick read access at a clock speed of 60 MHz, and high real-time performance with a CoreMark score of 707.
Human Machine Interface Market Players
Major companies operating in the human machine interface market report are Rockwell Automation Inc, Siemens AG, Schneider Electric SE, Asea Brown Boveri Ltd., Honeywell International Inc., Advantech Co. Ltd., Emerson Electric Co., General Electric Company, Mitsubishi Electric Corporation, Yokogawa Electric Corporation, Eaton, Robert Bosch GmbH, Kontron AG, Texas Instruments Incorporated, Omron Corporation, IPCS Automation, Livewire, MPTA education, CRTL-Labs, Neuralink, MindX, Beijer Electronics AB, Pro-face America, Phoenix Contact GmbH & Co. KG, Beckhoff Automation GmbH & Co. KG, Weintek Labs Inc., Lanner Electronics Inc., B&R Industrial Automation GmbH, RDS Displays Ltd., Digital Electronics Corporation .
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Largest And Fastest Growing Region In The Market
North America was the largest region in the human machine interface market in 2023. Asia-Pacific is expected to be the fastest-growing region in the human-machine interface market during the forecast period. The regions covered in the human machine interface market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Human Machine Interface Market Report Structure
3. Human Machine Interface Market Trends And Strategies
4. Human Machine Interface Market - Macro Economic Scenario
5. Human Machine Interface Market Size And Growth
…..
27. Human Machine Interface Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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