The human-machine interface (HMI) market is projected to grow at a CAGR of 6.26% during the forecast period to reach US$6.044 billion by 2027, from US$3.952 billion in 2020.
The human-machine interface (HMI) is used to enhance a process by consolidating and digitizing it for the consumer, permitting operators to see critical information in multiple formats such as graphs, chatbots, and digital support. A prominent trend driving the rise of the human-machine interface market is the adoption of automation in various end-user sectors, such as food and beverage, packaging, and so on, to boost operational efficiencies. The rapid adoption of industrial automation in the manufacturing sector, the development of the industrial internet of things (IIoT), increased demand for smart automation solutions, and the burgeoning need for optimization and monitoring in manufacturing facilities are all factors driving market expansion.
The market's robust expansion will be driven by the multiple advantages of HMI technology in industrial applications over the anticipated period.
In an equipped industrial setting, the HMI technology allows for visual presentation of data, production monitoring, analyzing machine inputs and outputs, and administration from a remote location, among other features. Furthermore, HMI visual displays allow for the projection of real-time graphic data via sophisticated software, which allows for further analysis and decision-making. The system uses HMI screens to connect PLCs in real-time, eliminating the need for operators to commute and keep manual records on paper or boards. As a result, a wide range of sectors is using the technology. Manufacturing, energy and electricity, transportation, oil and gas, automotive, healthcare, consumer electronics, and others are among the end-user industries in which the HMI market is classified. Over the forecast period, HTML5 and IIoT (industrial internet of things) will likely boost the market. HTML5 and IIoT will assist end-users by making it easier for them to use new applications and enabling the monitoring of equipment and machinery across industries.
As a result of rising worldwide average disposable income, increased demand for HMI technology will be spurred by soaring growth in the consumer electronics and automotive sectors. As an outcome of innovation and technological improvement, the HMI sector will experience increased market stability with the launch of further user-friendly interface devices. For instance, the first combined human-machine interface (HMI) digital cockpit system using BlackBerry QNX technology was launched in September 2019 by DENSO Corporation and BlackBerry Limited, and it had shipped in the principal vehicles of leading Japanese automaker SUBARU. Similarly, Continental revealed in January 2020 that it had created an effective human-machine interaction (HMI) solution specifically for autonomous vehicles. In addition, Candra, a prominent global human-machine interface (HMI) tool supplier and development partner for automotive and industrial consumers, announced a strategic agreement with Pricol, one of India's largest auto components and precision engineering product manufacturers, in September 2021. Pricol will have access to a global HMI solution for next-generation connected driver information system (DIS) products across all vehicle segments as a result of this key technology agreement.
Security issues and a lack of employees could impede the growth of the HMI market.
Market growth may be hampered by factors such as the increased need to change business processes to accommodate HMIs, as well as large upfront investments. Furthermore, a lack of familiarity with HMIs among management and lower-level personnel, as well as a shortage of trained professionals, may stifle the industry's expansion. A skilled crew is required for the technology to perform properly. The organization's activities are hampered by a lack of skills or the insufficiency of existing staff. Data processing, transfer, and management are all included in the scope of HMI technology. Effective systems must be able to store and analyze a large amount of data, which increases the company's expenditures. While technology allows people to access data from anywhere on the planet, it also enable them to access crucial data. The loss of critical data in a business setting can obstruct operations and incur considerable costs. Viruses and hackers may also target HMI technology, causing the company's operations to be affected. While the developing Internet of Things (IoT) offers exciting growth prospects, it also poses several challenges for the business.
North America is expected to have the largest share of the HMI market during the forecast period, followed by Asia-Pacific.
By geography, the market for human-machine interfaces is segmented into five regions: North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. The North American HMI market is likely to have a significant position throughout the forecast period due to the region's superior infrastructure and increasing adoption of modern technology. Furthermore, the Asia Pacific region is predicted to expand rapidly in the following years. This could be linked to the shifting of manufacturing activities to developing countries in order to take advantage of lower labor costs and more readily available raw materials. China and Japan are recognized as the equipment production centers for human interface machines in this region. Manufacturing is also one of India's most rapidly rising industries.
The HMI market was moderately influenced by the coronavirus outbreak. While increasing investment in the pharmaceutical and healthcare sectors raised HMI demand, a slowdown in economic activity as a result of containment attempts to disrupt the virus's cycle dampened demand for the automotive sector and other industries.
|Market size value in 2020||US$3.952 billion|
|Market size value in 2027||US$6.044 billion|
|Growth Rate||CAGR of 6.26% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Component, Configuration Type, End-User Industry, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Mitsubishi Electric Corporation, Omron Corporation, Rockwell Automation, Schneider Electric, ABB, Siemens, Honeywell International Inc., General Electric, Yokogawa India Ltd., Kontron S&T Group|
|Customization scope||Free report customization with purchase|
Key Market Segments
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for the human-machine interface market?
A1. The global human machine interface market is expected to grow at a CAGR of 6.26% over the forecast period.
Q2. What is the size of the global human-machine interface market?
A2. Human Machine Interface (HMI) Market was valued at US$3.952 billion in 2020.
Q3. Which region holds the largest market share in the human-machine interface market?
A3. North America is expected to have the largest share of the HMI market due to the region's superior infrastructure and increasing adoption of modern technology.
Q4. What will be the human-machine interface market size by 2027?
A4. The human-machine interface market is expected to reach a total market size of US$6.044 billion by 2027.
Q5. What factors are anticipated to drive the human-machine interface market growth?
A5. A prominent trend driving the rise of the human-machine interface market is the adoption of automation in various end-user sectors, such as food and beverage, packaging, and so on, to boost operational efficiencies.
1.1. Market Definition
1.2. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Powers of Buyers
4.3.3. Threat of Substitutes
4.3.4. The threat of New Entrants
4.3.5. Competitive Rivalry in Industry
4.4. Industry Value Chain Analysis
5. HUMAN MACHINE INTERFACE MARKET, BY COMPONENT
6. HUMAN MACHINE INTERFACE MARKET, BY CONFIGURATION TYPE
7. HUMAN MACHINE INTERFACE MARKET, BY END-USER INDUSTRY
7.3. Water and wastewater
7.4. Energy and Power
7.6. Oil and Gas
7.8. Consumer Electronics
8. HUMAN MACHINE INTERFACE MARKET, BY GEOGRAPHY
8.2. North America
8.2.1. United States
8.3. South America
8.4.3. United Kingdom
8.5. Middle East and Africa
8.5.1. Saudi Arabia
8.6. Asia Pacific
8.6.3. South Korea
8.6.6. South Korea
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrative
9.3. Mergers, Acquisition, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. COMPANY PROFILES
10.1. Mitsubishi Electric Corporation
10.2. Omron Corporation
10.3. Rockwell Automation
10.4. Schneider Electric
10.7. Honeywell International Inc.
10.8. General Electric
10.9. Yokogawa Electric
10.10. Kontron S&T Group
Mitsubishi Electric Corporation
Honeywell International Inc.
Kontron S&T Group
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