CHICAGO, Oct. 25, 2023 /PRNewswire/ -- The Human Machine Interface Market is expected to reach USD 7.7 billion by 2028 from USD 5.2 billion in 2023, at a CAGR of 8.2% during the 2023–2028 period according to a new report by MarketsandMarkets™. The significant growth factor associated with the HMI market is the growth of industrial automation in various industries, motivated by a pursuit of greater efficiency and enhanced productivity, is generating a heightened demand for advanced HMI systems.
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Browse in-depth TOC on "Human Machine Interface Market"
160 – Tables
60 – Figures
250 – Pages
Human Machine Interface Market Report Scope:
Report Coverage | Details |
Market Revenue in 2023 | $ 5.2 billion |
Estimated Value by 2028 | $ 7.7 billion |
Growth Rate | Poised to grow at a CAGR of 8.2% |
Market Size Available for | 2019–2028 |
Forecast Period | 2023–2028 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Offering, Software, Screen Size, Configuration and Industry |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Susceptibility of cloud-HMI systems to cyberattacks |
Key Market Opportunities | Surging demand for safety compliance automation systems in manufacturing industries |
Key Market Drivers | Rising adoption of industrial automation in process and discrete industries |
Furthermore, the widespread adoption of the Internet of Things (IoT) and Industry 4.0 initiatives is necessitating the development of intuitive, interconnected, and data-rich interfaces, thereby further boosting the adoption of HMI technology. The shift towards augmented and virtual reality in HMI solutions, alongside a growing emphasis on user experience and interactivity, is also playing a significant role in propelling market growth.
The embedded configuration is expected to account for the largest share of the HMI market during the forecast period.
The embedded configuration has many inherent advantages in terms of efficiency, reliability, and cost-effectiveness. Embedded HMIs are integrated directly into the control systems or devices they serve, eliminating the need for separate hardware and reducing complexity. This integration results in quicker response times and enhanced reliability, making them ideal for critical applications in industries like automotive, aerospace, and healthcare, where real-time control is essential. Additionally, embedded HMI solutions are often more cost-efficient, as they reduce the need for external components and streamline maintenance. In an era where compact and resource-efficient systems are highly valued, the embedded configuration's practicality and performance make it a top choice for various applications, thus leading to the largest share of the HMI market.
The automobile industry is projected to account for the largest share of the HMI market for discrete industries during the forecast period.
Modern vehicles are increasingly incorporating advanced infotainment, navigation, driver assistance, and connectivity systems, all of which rely heavily on intuitive and user-friendly HMIs. As the demand for smart and autonomous vehicles continues to rise, there is a growing need for cutting-edge HMI solutions that enhance the in-car experience and improve safety. Additionally, the automotive sector is investing heavily in research and development, focusing on the integration of emerging technologies like voice recognition, gesture control, and augmented reality into vehicle interfaces. The dynamic and competitive nature of the automotive industry, combined with the consumer demand for innovative and seamless HMI experiences, positions it as a key driver in the HMI market.
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Asia Pacific is expected to register the highest CAGR during the forecast period.
The human machine interface industry is expected to witness the highest growth in the Asia Pacific region. This region is a global hub for manufacturing, with industries such as automotive, electronics, and industrial automation witnessing rapid growth. These sectors are major users of HMI technologies to enhance operational efficiency and maintain product quality. Second, Asia Pacific is home to a vast consumer electronics market, where HMI interfaces are integral to devices like smartphones, tablets, and home appliances. Third, the region is actively investing in smart city and infrastructure projects, necessitating HMI solutions for managing complex systems efficiently. Lastly, Asia Pacific boasts a burgeoning population and a rising middle class with increasing disposable income, driving demand for HMI-equipped products and applications across various industries. These factors collectively position Asia Pacific as a pivotal and dominant player in the global HMI market.
The report profiles key players in human machine interface companies such as Rockwell Automation (US), Siemens (Germany), Schneider Electric (France), ABB (Switzerland), and Honeywell International Inc. (US).
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