A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Human Machine Interface (HMI) Solutions – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 16; Released: May 2021
Executive Pool: 43674
Companies: 97 – Players covered include ABB Ltd.; Advantech Co., Ltd.; American Industrial Systems, Inc.; Beijer Electronics, Inc.; Eaton Corporation PLC; Emerson Electric Company; General Electric Company; Honeywell Process Solutions; Omron Corporation; Rockwell Automation, Inc.; Siemens AG; Yokogawa Electric Corporation and Others.
Coverage: All major geographies and key segments
Segments: Product Type (Display Terminals, Interface Software, Industrial PCs, and Other Products); Application (Automotive, Oil & Gas, Food & Beverages, Healthcare, Packaging, Aerospace & Defense, and Other Applications)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.
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Global Human Machine Interface (HMI) Solutions Market to Reach $7.1 Billion by 2024
The role of digitalization in business and consumer sectors is becoming increasingly bigger. Digitalization means increased use of computers and digital machines. Their efficient use plays a major role in influencing ROI on CAPEX investments. In this regard, the importance of human machine interface (HMI) cannot be overstated. HMI is defined as a user interface through which humans can interact with machines. In other words, it represents the system that connects an operator to the controller system of an industrial system or machine. Amid the COVID-19 crisis, the global market for Human Machine Interface (HMI) Solutions is projected to reach US$7.1 Billion by 2024, registering a compounded annual growth rate (CAGR) of 8.3% over the analysis period. United States represents the largest regional market for Human Machine Interface (HMI) Solutions, accounting for an estimated 27.7% share of the global total. The market is projected to reach US$2.1 Billion by the close of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 10.2% over the analysis period.
Beginning from simple punched cards, keypads, monitors, touchpads to the advanced panels of today, HMI has and continues to evolve towards the envisioned path of conversational HMI. Emerging niche technologies with high long-term growth potential include neural, gesture, voice, 3D displays and holograms, flexible displays, conversational UI (i.e. chatbots and smart assistants) and wearable UI (smartwatch, smart glasses, smartphones, and wearable.
The emerging omnipresence of Industry 4.0 and the Internet of Things (IoT) will be the biggest game changers in the HMI market. Steady pace of technology developments will also render HMI systems less expensive in the coming years. Government mandates directing use of technology for ensuring passenger safety is driving automotive manufacturers to adopt HMI systems in automobiles like never before. Rising investments on digital transformation in the oil & gas industry bear strong influence on uptake of various digital technologies including HMI tools. HMI helps operators in monitoring remote oil & gas pipeline as it provides accurate description of the error/problem. As mankind increasingly plugs into the digital world through digital devices, be it a machine, a digital appliance, a smartphone, a vehicle dashboard, or a personal computer, Human Machine Interface (HMI) will be first point of access and interaction between humans and machines. More
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