Globally, the size of Human Machine Interface Market is set to grow at a CAGR of 4.80% from a value of USD 3.71 Billion in 2020 to hit USD 7.24 Billion by 2030 driven by the worldwide market incorporate innovative showcase advancements that are exceptionally unique and versatile and improved dashboard format adaptabilities. HMI has been known to increase communication between humans and machines and providing timely alerts, notifications, and press catches. The COVID-19 outbreak and its effects on the industry have been included in the report.
Segmentation
By technology, the material segment can generate revenues at a CAGR of around 10% during the forecast period. Expansion of materials to be utilized in PCs, consoles, and smart devices can drive the segment growth.
By interface, the equipment segment ruled the market in 2017 and developing at a CAGR of around 9% during the assessment period. The utilization of advanced display panels such as LCD, LED, and touchscreens that offer straightforwardness can drive the segment growth.
By configuration, the embedded arrangement is set to rule the HMI market owing to sufficient memory and handling to cater to present control capacities. A connected embedded arrangement can be part of a wider network and capable of translating information between humans and machines.
By end-user, the assembling segment is poised to generate huge revenues for the human-machine interface market due to collaboration between humans and robots. Integration of AI in HMI can improve its capabilities and lead to additional job creation. On the other hand, the pharmaceutical industry is likely to occupy a large market share owing to its use in monitoring of complex manufacturing processes.
Market Scope
The global human-machine interface market can show a CAGR of 10.3% over the forecast period. This is attributed to efforts by automotive manufacturers to improve the relationship between the car AI and the driver. Innovative advances and improved dashboard facilities coupled with smarter automation can drive the market demand. Huge need for curbing operational expenditure and requirement for interfaces to make informed decisions can spur the market growth.
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Regional Analysis
APAC is set to dominate the global HMI market owing to increased budget of players in China and India coupled with adoption of automated solutions. Rapid advances in processes and shift to the region by various manufacturers owing to lax worker regulations can drive regional market growth. This is evident by presence of discrete manufacturing and processing industries.
Competition Analysis
Siemens AG, Rockwell Automation Inc., Honeywell International Inc., ABB Ltd, and Schneider Electric SE are key players of the human-machine interface market. Automated solutions and services offered by players to end-use industries is the primary strategy to capture market shares.
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Industry news
Germany-based Incari has raised close to USD 15 million in funding to increase the technological prowess of its human-machine interface. The interface is currently in use in the automotive sector and plans to be implemented in other applications such as augmented reality and remote touch.
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