Global Human Machine Interface Market Projected to Reach $8.57 Billion by 2031, Driven by Adoption of Industrial IoT, Integration of AI and Edge Computing, & Emphasis on User-friendly Interfaces
Dublin, May 02, 2024 (GLOBE NEWSWIRE) -- The "Human Machine Interface (HMI) Market by Offering (Hardware (Display Units, Others), Software, Services), Configuration (Connected, Web-based), End-use Industry (Oil & Gas, Automotive, F&B, Others), & Geography - Global Forecast to 2031" report has been added to * ResearchAndMarkets.com's* offering.
The human machine interface market is projected to reach $8.57 billion by 2031, at a CAGR of 8.7% from 2024 to 2031
The growth of the human machine interface market is driven by the growing adoption of Industrial IoT (IIoT) and increasing emphasis on user-friendly interfaces. High costs associated with the installation and maintenance of HMIs may restrain market growth.
Asia-Pacific is expected to account for the largest share of the global human machine interface market. The large share of the Asia-Pacific region is attributed to the rapid expansion of automotive, manufacturing, and consumer electronics industries. Increasing urbanization, rising disposable incomes, and technological advancements in HMI panels are driving the demand for intuitive and user-friendly interfaces in various sectors. Furthermore, government initiatives promoting industrial automation and smart infrastructure development contribute to the growth of the HMI market in Asia-Pacific.
Additionally, the integration of AI and edge computing technologies in HMI systems and emerging applications of augmented reality (AR)/virtual reality (VR) across various industries is expected to generate growth opportunities for the players operating in this market. However, the concerns regarding security are major challenges impacting the market's growth. The adoption of mobile-based HMI solutions is a key trend in the human machine interface market.
In 2024, hardware is expected to account for the largest share of the global human machine interface market. The large market share of this segment is driven by increased automation across industries such as manufacturing, automotive, and healthcare. This surge in demand stems from the need for advanced control and monitoring systems to optimize operational efficiency and safety.
Also, the integration of IoT and Industry 4.0 initiatives further fuels segments' expansion, facilitating seamless connectivity and data exchange between machines and operators. Furthermore, the hardware segment is projected to record the highest CAGR during the forecast period. The growth of this segment is driven by the increasing investments in research and development to prioritize efficiency and innovation.
In 2024, the connected HMI segment is expected to account for the larger share of the global human machine interface market. The large market share of this segment is attributed to the increasing demand for robotization, automated manufacturing activities, and connectivity in industries, coupled with advancements in networking technologies.
However, the web-based HMI segment is projected to record the highest CAGR during the forecast period. The rising need for remote monitoring and management, driven by globalization and the need for operational efficiency across geographically dispersed facilities, is creating demand for web-based HMI. Also, enhanced mobile compatibility and further improvements in cybersecurity to ensure data integrity and system reliability in remote access scenarios will potentially provide certain growth opportunities for this segment.
In 2024, the automotive segment is expected to account for the largest share of the global human machine interface market. The large share of the segment is the increasing consumer demand for advanced infotainment, navigation, and driver-assistance systems. Furthermore, advancements in augmented reality displays, voice recognition, and touch-sensitive interfaces are driving the adoption of sophisticated HMIs in vehicles.
Additionally, regulatory requirements for enhanced safety features and the rise of autonomous driving technologies further propel the growth of HMI solutions in the automotive sector. Moreover, the automotive segment is projected to record the highest CAGR during the forecast period.
*Key questions answered in the report:*
· Which are the high-growth market segments based on offering, configuration, and end-use industry?
· What was the historical market for human machine interface?
· What are the market forecasts and estimates for the period 2024-2031?
· What are the major drivers, restraints, and opportunities in the human machine interface market?
· Who are the major players in the human machine interface market?
· How is the competitive landscape in the human machine interface market?
· What are the recent developments in the human machine interface market?
· What are the different strategies adopted by the major players in the human machine interface market?
· What are the key geographic trends, and which are the high-growth countries?
· Who are the local emerging players in the global human machine interface market, and how do they compete with the other players?
*Market Insights*
Factors Affecting Market Growth
· Impact Analysis of Market Dynamics
· Growing Adoption of Industrial IoT (IIoT) Technologies Driving the Demand for HMI Systems
· Increasing Emphasis on User-friendly Interfaces Boosting the Adoption of HMI Systems
· High Installation & Maintenance Costs of HMI Systems Restraining Market Growth
· Integration of Artificial Intelligence (AI) and Edge Computing Technologies into HMI Systems Generating Growth Opportunities for Market Stakeholders
· Emerging Applications of AR & VR Technologies Across Industries Accelerating Market Expansion
· Security Concerns Associated with HMI Systems Expected to Remain a Major Challenge for Market Players
Key Trends
· Adoption of Mobile-based HMI Solutions
Porter's Five Forces Analysis
*Company Profiles*
· Siemens AG (Germany)
· Schneider Electric SE (France)
· Rockwell Automation Inc. (U.S.)
· Mitsubishi Electric Corporation (Japan)
· Honeywell International Inc. (U.S.)
· B&R Industrial Automation GmbH (Austria)
· Emerson Electric Co. (U.S.)
· General Electric Company (GE Group) (U.S.)
· Advantech Co. Ltd. (Taiwan)
· Maple Systems (U.S.)
· Omron Corporation (Japan)
· Eaton Corporation plc (Ireland)
· Exor International S.p.A. (Italy)
· Kinco Electric (Shenzhen) Ltd. (China)
· General Industrial Controls Private Limited (India)
*Competition Analysis*
· Key Growth Strategies
· Competitive Benchmarking
· Competitive Dashboard
· Industry Leaders
· Market Differentiators
· Vanguards
· Emerging Companies
· Market Ranking, by The Key Players
*Scope of the report:*
*Human Machine Interface Market Assessment, by Offering*
· Hardware
· Control Panels
· Display Units
· Touchscreens
· Connectors & Cables
· Other Hardware
· Software
· Services
*Human Machine Interface Market Assessment, by Configuration*
· Connected HMI
· Web-based HMI
*Human Machine Interface Market Assessment, by End-use Industry*
· Automotive
· Oil & Gas
· Food & Beverage
· Energy & Power
· Chemical
· Pharmaceuticals & Life Sciences
· Aerospace & Defense
· Medical Devices
· Other End-use Industries
*Human Machine Interface Market Assessment, by Geography*
· North America
· U.S.
· Canada
· Europe
· Germany
· U.K.
· France
· Italy
· Spain
· Rest of Europe
· Asia-Pacific
· China
· Japan
· India
· South Korea
· Rest of Asia-Pacific
· Latin America
· Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/dnbr6a
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