Human Machine Interface Devices Market Report

Human Machine Interface Devices Market Report

Human Machine Interface Devices Market Report
Report code - SR1253 Delivery - 2 Weeks
Human Machine Interface Devices Market Size, Share, Trends, Dynamics, Forecast, Marke See more...

Market Insights

"The global human machine interface devices market size was estimated at USD 5.02 billion in 2022 and is likely to grow at a CAGR of 8.0% during 2023-2028 to reach USD 7.98 billion in 2028."

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A human-machine interface (HMI) is a component in an electronic device that allows the user to communicate and interact with the system or machine effectively. It is also referred to as a computer-human interface, human-computer interface, or man-machine interface. HMI consists of various hardware and software devices which translate user inputs into signals for the machine to generate results.

Human Machine Interface (HMI) Devices Market Report Overview

Market Size in 2028

USD 7.98 Billion

Market Size in 2023

USD 5.43 Billion

Market Growth (2023-2028)

CAGR of 8.0%

Base Year of Study

2022

Trend Period

2017-2021

Forecast Period

2023-2028

Market Dynamics

Market Drivers

The increasing adoption of industrial automation equipment in the manufacturing sector is a key driving factor of the global human machine interface devices market. Integration of analytics software with products is further expected to enhance quality and productivity thereby propelling demand.

Moreover, significant growth in factory automation, technological requirements, and smartphones, computer, and tablet users results in a strong demand for human-machine interfaces, which offers ample opportunities to the industry players. However, the high cost associated with HMI installation is likely to hamper the industry growth.

Trends

The human machine interface devices market is expected to grow due to improved security features, reduced operation costs, and enhanced machine monitoring. Newer HMIs replace traditional buttons, indicator lights, and selectors, reducing the need for additional display panels and cables. The IoT trend is dominating, with industrial and consumer products connected via the internet.

The growing trend of protocol conversion for data transmission among linked devices is also driving HMI market growth. Rapid industrial automation adoption, mechanical development tools, and demand for smart industrial solutions are major trends in the HMI market.

COVID-19 Impact

The COVID-19 outbreak has moderately affected the human-machine interface devices industry. The pandemic has turned the lives of people worldwide, with the number of cases increasing rapidly. The pandemic affected the communication infrastructure and automotive, oil & gas, consumer electronic sectors, thus affecting every stakeholder in the supply chain.

Segment's Analysis

Segmentations

List of Sub-Segments

Dominant and Fastest-Growing Segments

Offering-Type Analysis

Hardware, Software, Services

Software segment is expected to be the fastest growing in the human machine interface market during the forecast period.

End-Use-Type Analysis

Automotive, Healthcare, Food & Beverages, Oil & Gas, Packaging, Aerospace & Defense, Others

Automotive segment is estimated to register a healthy CAGR during the forecast period.

Regional Analysis

North America, Europe, Asia-Pacific, and Rest of the World

Asia Pacific market is expected to grow at a substantial CAGR in the following years.

Offering Trends

"The software segment accounted for the largest market share."

The market is segmented into hardware, software, and services. Software segment is expected to be the fastest-growing in the human machine interface market during the forecast period. The hardware segment will be the highest revenue contributor in 2022 due to businesses' need to reduce capital and operational expenditure. However, the software segment is expected to be the fastest-growing in the human machine interface market forecast due to the high automation adoption of HMI software.

End-Use Trends

"The automotive segment accounted for the largest market share."

The human machine interface devices market is classified into automotive, healthcare, food & beverages, oil & gas, packaging, aerospace & defense, and others. The automotive segment held a significant market share in 2022 and is estimated to register a healthy CAGR during the forecast timeline As the automotive industry witnesses rapid changes in manufacturing technology, the upgrade has become an unavoidable aspect of this sector. The automotive industry is anticipated to contribute significantly to the growth of the HMI market as these solutions are widely deployed in manufacturing units for almost all machines and other supporting functions, thereby bolstering the segment growth.

Regional Insights

"Asia Pacific segment accounted for the largest market share."

The Asia Pacific market accounted for a significant share in 2022 and is expected to grow at a substantial CAGR in the following years. This is mainly attributed to rapid technological advancements in HMI solutions and extensive R&D activities by the regional industry participants are likely to offer opportunities for the HMI market in the region. With various industries shifting their manufacturing bases in the region to capitalize on the easy availability of skilled and relatively cheap labor, APAC has transformed into a major manufacturing hub, which further proliferates the regional market growth.

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Critical Questions Answered in the Report

  • What are the key trends in the global market?
  • How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
  • What is the impact of COVID-19 on the global market?
  • What are the key strategies adopted by the major vendors to lead in the market?
  • What is the market share of the top vendors?

Key Players

The following are the key players in the human machine interface devices market (arranged alphabetically).

Note: The above list does not necessarily include all the top players in the market.

Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com

Report Features

This report provides intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision-making for the existing players as well as those willing to enter the global HMI devices market.

What Deliverables Will You Get in this Report?

Key questions this report answers

Relevant contents in the report

How big is the sales opportunity?

In-depth Analysis of the Human Machine Interface Devices Market

How lucrative is the future?

Market forecast and trend data and emerging trends

Which regions offer the best sales opportunities?

Global, regional, and country-level historical data and forecasts

Which are the most attractive market segments?

Market Segment Analysis and Forecast

Which are the top players and their market positioning?

Competitive landscape analysis, Market share analysis

How complex is the business environment?

Porter’s five forces analysis, PEST analysis, Life cycle analysis

What are the factors affecting the market?

Drivers & challenges

Will I get the information on my specific requirement?

10% free customization

The market is segmented into the following categories.

By Offering Type

  • Hardware
  • Software
  • Services

By Product Type

  • Display Terminals
  • Interface Software
  • Industrial PCs
  • Others

By End-Use Type

  • Automotive
  • Healthcare
  • Food & Beverages
  • Oil & Gas
  • Packaging
  • Aerospace & Defense
  • Others

By Region

  • North America (Country Analysis: the USA, Canada, and Mexico)
  • Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
  • Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
  • Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s  human machine interface devices market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

  • Detailed profiling of additional market players (up to 3 players)
  • SWOT analysis of key players (up to 3 players)

Competitive Benchmarking

  • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.

Frequently Asked Questions (FAQs)

The human machine interface devices market is expected to witness an impressive growth of 8.00% CAGR in the foreseeable future.

ABB Ltd (Switzerland), Honeywell International Inc. (US), Rockwell Automation Inc. (US), Mitsubishi Electric Corporation (Japan), Schneider Electric SE (France), Emerson Electric Co. (US), General Electric Co. (US), Texas Instruments Inc. (US), Yokogawa Electric Corporation (Japan), and Siemens AG (Germany) are among the key players in the market.

The automotive segment is expected to register a healthy CAGR in the market in the coming years.

Asia-pacific is expected to grow at a substantial CAGR in the market during the forecast period.

Human machine interface devices vendors, Human machine interface devices retailers, Automotive companies, Healthcare companies are the target audience in the market.

The human machine interface devices market size is expected to reach USD 7.98 billion in the coming years.