Human Machine Interface Market
A human-machine interface (HMI) is a user interface or dashboard that connects a person to a machine, system, or device. HMI is most commonly used in the context of an industrial process, while the term can technically be applied to any screen that allows a user to interact with a device.
The expansion of industrial automation is boosting the growth of the human-machine interface market. Industrial factories and control automation are implemented to reduce human interaction in the development of products and services. This reduces labor and production costs and helps increase production. In addition, increasing demand for manufacturing plant monitoring in various industries such as mining, automotive, oil and gas has greatly increased the demand for human-machine interfaces.
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These factors are major forces for the growth of the human-machine interface market. However, the high installation cost of human-machine interface systems is restricting the growth of the human machine interface market. Conversely, the growing popularity of augmented reality and virtual reality technologies and multi-touch screens are expected to provide lucrative opportunities for the growth of the human machine interface industry.
In addition, the growing trend of protocol conversion for data transfer among all connected devices is expected to fuel the growth of the HMI market. Additionally, advancements in technologies such as Open Platform Architecture (OPA) that simplify the migration process are expected to boost demand. The growth of the market is due to the growing trend of digitization and introduction of HTML5 and Industrial Internet of Things (IIOT). In addition, companies increasingly focus on creating compatible and convenient interfaces to create more profitable market prospects. Additionally, the industry is driven by a growing preference for multi-touch screens and augmented and virtual reality (AR/VR) devices. For instance, according to the World Bank, the number of IoT connected is expected to reach 51.11 billion by 2023.
Furthermore, market players are adopting collaboration strategies for enhancing their services in the market and improving customer satisfaction. For instance, on October 2020, Emerson Electric Co. acquired the Progea Group, an industry-leading provider of HMI, SCADA, and PLC solutions. This acquisition is anticipated to bring new capabilities and resources and create opportunities to deliver end-to-end hardware and software solutions to customers of Emerson.
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In addition, major market players are undertaking various strategies to increase the competition and offer enhanced services to their customers. For instance, In November 2020, Mitsubishi Electric launched two new Graphic Operation Terminals (GOTS), which come as the latest addition to its GOT2000 Series Wide Model lineup, that help meet needs of the customers for a wider screen to show more information about the factory, process, utility, and other automation applications. Which provided a strategic advantage to the company and human machine interface market size.
According to the report, the global human machine interface industry generated $4 billion in 2021, and is estimated to reach $10.8 billion by 2031, witnessing a CAGR of 10.8% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
On the basis of offering, the hardware segment is the highest revenue contributor in 2021. This is attributed to the increase in need of businesses to reduce capital expenditure (CAPEX) and operational expenditure (OPEX). However, the software segment is anticipated to be the highest growing segment during the forecast period due to high rate of adoption of HMI software for automation.
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Based on region, North America attained the highest growth in 2021. This is attributed to the rise in adoption of the latest technologies such as cloud computing, the IoT, and new service models. However, Asia-Pacific is the highest growing region due to rise in digital infrastructure and presence of number of SMEs.
COVID-19 had a positive impact on the human machine interface market. This is caused by owing to the increase in use of smart devices and appliances in factories and industries. Moreover, the COVID-19 pandemic has also spurred cloud adoption across industrial sectors, as customers seek to take advantage of cloud benefits, including scalability and cost savings. Furthermore, it is anticipated that this aspect will present the human machine interface industry with numerous, very lucrative prospects in future.
Key findings of the study
1. By component, the hardware segment led the human-machine interface market analysis in terms of revenue in 2021.
2. By deployment mode, the on-premise segment accounted for the highest human machine interface market share in 2021.
3. By configuration, the standalone HMI segment accounted for the highest human machine interface market share in 2021.
4. By industry vertical, pharmaceuticals segment is anticipated to register highest growth rate in human machine interface market forecast.
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The report analyzes the profiles of key players operating in the human machine interface market such as ABB, Advantech Co., Ltd., Emerson Electric Co., Honeywell International Inc., General Electric, Mitsubishi Electric Corporation, Rockwell Automation, Inc., Schneider Electric, Siemens AG and Yokogawa Electric Corporation. These players have adopted various strategies to increase their market penetration and strengthen their position in the human machine interface market.
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