DUBLIN--(BUSINESS WIRE)--The "Human Machine Interface Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Offering; Configuration; End-user Industry" report has been added to ResearchAndMarkets.com's offering.
The global human machine interface market was valued US$ 4.18 Bn in 2019 and is expected to grow at a CAGR of 9.9% from 2020 to 2027 to reach US$ 8.77 Bn by 2027.
The growing population and subsequently rising demand of human machine interface product from several industrial verticals have gained significant traction in the past few years, especially across the developing economies such as Asia and Africa. Subsequently, various prominent manufacturers have embraced swift technological advancements, especially the Internet of Things (IoT) and machine learning-based technologies that assist in improving the performance of substantial industrial assets.
As a result, there has been a surge in the adoption as well as integration of several technology-driven solutions in industrial setups, which monitor, control, optimize, and manage different industrial components, such as machinery, equipment, system, and communication systems. This has generated the demand for a robust, as well as efficient, solution that facilitates the interaction between human and industrial machines; this resulted in the development of the interface between human and machine.
Factors such as the rising adoption of automated industrial solutions and machine learning technologies continue to drive the growth of the embedded human machine interface market. The embedded interface aids in the seamless management of sophisticated industrial machinery. Further, the growing focus of several sectors on improving their manufacturing efficiencies through continuous monitoring and improved control of industrial assets also continues to drive the growth of the human machine interface market across the developing economies. However, the high cost of installation and lack of awareness restrict the market growth across a few African countries.
Globally, the market players operating in the human-machine interface market offer a broad range of products, accessories, and software. As a result, based on the offering, the global human machine interface market has been segmented into hardware, software, and services. Moreover, the market for hardware is further segmented into panel-based, PC-based, and others, whereas the market based on software is sub segmented into on-premises and cloud. By configuration, the global human machine interface market is bifurcated into stand-alone and embedded. The human-machine interface has a profound scope of application across numerous industry verticals; however, for the study scope primarily includes energy & power, general manufacturing, healthcare and pharmaceuticals, and automotive, among other end-user industries.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Human Machine Interface market
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the global human machine interface market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
- Rising adoption of industrial automation solution across different industry vertical
- Growing emphasis towards efficient monitoring and optimizing of industrial machinery
- Installation costs and lack of awareness among developing countries
- Lucrative developing economies
- Operation of real-time data driven human machine interface enabled plants and machinery
- ABB Ltd.
- General Electric Company
- Honeywell International Inc.
- Rockwell Automation, Inc.
- Schneider Electric SE
- Siemens AG
- Yokogawa Electric Corporation
- Kontron S&T AG
- Mitsubishi Electric Corporation
- Advantech Co. Ltd.
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