Human Machine Interface Market to Exceed US$11 bn by 2024; Growing Employment to Fuel Market Demand Globally - TMR

Human Machine Interface Market to Exceed US$11 bn by 2024; Growing Employment to Fuel Market Demand Globally - TMR

PR Newswire

ALBANY, New York, November 13, 2018

ALBANY, New York, November 13, 2018 /PRNewswire/ --

In 2015, top leading companies hold 45% of share in the global human machine interface market, observes Transparency Market Research. These companies are involved in intense competition to acquire larger portion in the global market. They are also focusing on understanding new and innovative technology in processors and display with the aim to develop better and efficient solutions. Some of the core companies named Rockwell Automation Inc Eaton Corp., Schneider Electric SE, ABB Ltd., and Siemens AG that lead the global human machine interface market.

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According to a recent report published by TMR, the global human machine interface market is anticipated to rise at a steady 12.5% CAGR within the forecast period between 2016 and 2024. Rising at this growth rate, the market is expected to reach a value of US$11 bn by the end of 2024. In 2015, the market earned US$3.9 bn.

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As per the analysis in 2015, the hardware human machine interface led the market and held 57% share in the global market. This was due to high demand for hardware products such as computer, joysticks and others. However, over the forecast period the service offered human machine interface is expected to grow at a steady rate. As there is a need for technical expertise that can understand different types of difficulties faced by end users. On regional front, emerging economies where manufacturing activities are at boom has led the dominance of Asia Pacific.

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Thriving Demand for Automation to Help Market Gain Momentum  

Employment of human machine interface is seen in various industries including food and beverages, manufacturing, automotive, oil and gas, defense and aerospace, health and pharmaceuticals, and many more. Thus, the growing application of human machine interface has led the growth of this market across the globe. Reducing expenses and expanding endeavors by embedding human machine interface have grown the demand in this market at a large scale. Moreover, the ways in which human machine interface has reshaped the control of machines that is now simpler and exorbitant, has also led the growth of this market. Growing acceptance and thriving demand for automation in various businesses fueled the human machine interface market.

Rapid industrialization in emerging economies that has increased the need for automation, information trade, and investigation is further expected to drive the human machine interface market.

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Limited Knowledge about Advantages of HMI to Deter Market Growth  

Few problems are being faced in developing human machine interface that is projected to barriers in the growth of the human machine interface market at the global level.  Lack of knowledge about the various advantages of using human machine interface among the customers is considered one of the critical factor that could restrain the growth of the market. In addition, high cost related to its installation and maintenance is creating an adverse situation for the market to grow effectively over the coming years.    

The information presented in this review is based on a TMR report, titled "Human Machine Interface (HMI) Market (Type - Hardware, Software, and Services; End-use Industry - Healthcare and Pharmaceutical, Automotive, Manufacturing, Oil and Gas, Packaging, Food & Beverage, Defense and Aerospace, Metal and Mining, Retail and Transportation) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024"

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Global Human Machine Interface Market has been segmented as presented below: 

Global Human Machine Interface Market: By Type 

Global Human Machine Interface Market: By End-use Industry 

Global Human Machine Interface Market, By Geography: 

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