Human Machine Interface Market to Surpass US$11bn by 2024, Soaring Demand From Manufacturing Firms to Boost Prospects
The global human machine interface market depicts a competitive landscape with the presence of several well-established players, says Transparency Market Research. Some of the prominent players operating in the market are Eaton, Honeywell, ABB, Siemens, Rockwell Automation, and Omron. These players are focusing on several strategies such as accusations and mergers, collaboration and business expansion in order to concertize their market position.
According to a research report by TMR, the global human machine interface (HMI) market is likely to rise at an impressive CAGR of 12.5% during the forecast period that is from 2016 to 2024. Rising at this CAGR, the opportunity in the overall human interface market is projected to reach at a valuation of US$11 bn by the end of 2024. The analysts noted the valuation of the market in 2015 at US$3.9 bn.
On the basis is region, the global human machine interface market is segmented into NORTH America, Asia Pacific, Europe, the Middle East and Africa. Among all the regions, Asia Pacific is expected to hold maximum shares in the human machine interface market during the forecast period. This is mainly due to the sudden rise in the manufacturing activities of several emerging economies in the region. Countries such as China, Japan, and India are the prine consumers of the human machine interface technology.
Advantages Such as Remote Location Monitoring to Boost Growth
The global human machine interface market is likely to rise at significant pace during the forecast period. This is mainly due to the increasing demand from business leaders to make manufacturing processes automated. This is expected as a prominent factor for the growth of the global human machine interface market. Apart from this, rise in the adoption and application of human machine interface across different industries sector is another strong reason projected to benefit the overall market in the coming few years.
Moreover, several benefits offered by human machine interface technologies to the manufacturers such as accurate customizations and prolong service is increasing the demand for human machine interface market.
Along with this, rising penetration of the HMI programming software in integrate multi-vendor environment management is expected to fuel human machine interface market growth over the coming years. In addition to this, these technology helps in remote operation due to this it is widly used in oil and gas and water treatment units. This is mainly because they keep process running and operating in harsh climates. This is expected to boost the human machine interface market in the coming few years.
There are several factors which are expected to hamper growth in the human machine interface market. Some of them are rising need to incorporate automation in business process may have adverse effects on the data security of the organisation.
Unavailability of Skilled Resource to Impede Growth
Furthermore, lack of experienced professionals to implement these technology is another major factor likely to affect the industry growth. Additionally, factors such as lack of standardization, high cost associated with the installation along with the safety and security issues is anticipated to impede growth in the global human interface market.
Nevertheless, unprecedented rise in the manufacturing industries across the globe is a prominent factor likely to boost prospects in the coming few years.
The information is derived from “Human Machine Interface (HMI) Market (Type - Hardware (Display, Processor/Computer, Indicator, Joystick and Keypad), Software, 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”
The global human machine interface market is classified into:
- Others (Indicator, Joystick and Keypad)
- Healthcare and Pharmaceutical
- Oil & Gas
- Food & Beverage
- Defense & Aerospace
- Metal and Mining
- Others (Retail and Transportation)
- North America
- Asia Pacific
- Middle East & Africa
- South America
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