Global Human Machine Interface (HMI) Solutions Market to Reach $9.3 Billion by 2026

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Apr 18, 2022, 08:10 ET

SAN FRANCISCO , April 18, 2022 /PRNewswire/ -- 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

Global Human Machine Interface (HMI) Solutions Market to Reach $9.3 Billion by 2026

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Edition: 17; Released: February 2022
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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ABSTRACT-

Global Human Machine Interface (HMI) Solutions Market to Reach $9.3 Billion by 2026

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 estimated at US$6.7 Billion in the year 2022, is projected to reach a revised size of US$9.3 Billion by 2026, registering a compounded annual growth rate (CAGR) of 8.7% over the analysis period. The United States represents the largest regional market for Human Machine Interface (HMI) Solutions and is projected to reach US$2.6 Billion by 2026. China is expected to spearhead growth and emerge as one of the fastest growing regional markets with a CAGR of 8% 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.

On cards is the development of new generation HMI input technologies like touchscreens, voice control, gesture control, etc. given their ability to enable a low-distraction user interface. These technologies are forecast to replace mechanical interfaces such as Button, switch, stalk, slider, and controller knobs. Of special significance is the emerging popularity of handwriting recognition UI technology as a low-distraction user interface which allows for non-text-input handwriting symbols. LCD displays are currently the most preferred architecture for low cost high-performance HMIs. The rising need for graphical interactivity in the car is benefiting the use of touch screen displays with "multi-touch" sensing technology. Infotainment systems which include embedded entertainment, communication, navigation and telematics modules require additional non-driving interaction with car, thus influencing demand for HMI solutions. North America represents the largest market worldwide for automotive HMI solutions driven by societal aging and the need for well-designed intuitive HMI for older drivers. Healthy and active lifestyles are resulting in higher numbers of older drivers and HMI systems that reduce cognitive or visual demands will witness strong gains. Ergonomic and functional aspects of in-vehicle interfaces including HMI are being re-conceptualized to suit diminishing cognitive and physiological capabilities of the aging population. More

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