Global human machine interface (HMI) market is envisioned to reach USD 11.88 billion by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
According to the report, the human machine interface market is primarily driven by the rising implementation of industrial automation equipment in the manufacturing sector, growth of industrial IoT, roaring smart automation trend, and the surging need for supervision in manufacturing plants. Moreover, advances in HMI programming software for integrating the potential to manage multi-vendor environment is anticipated to accelerate the market growth during the projected period. The report also endorses that extensive product adoption by water treatment facilities and the oil & gas industry will boost the remuneration potential of the industry. Human machine interface benefits, such as remote operation, have enthused developers to manufacture devices with improved wear and tear property.
In addition to the factors mentioned above the report also claims that the surging trend of protocol conversion for sharing data between connected devices will add impetus to human machine interface market growth. Moreover, technological enhancements, for example, open platform architecture following the advancement of the mitigation process is driving the market growth.
However, factors like business process changes and huge capital investments might impede market growth during the forecast timeframe. Also, lack of qualified professionals and inadequate awareness about HMIs would act as a significant challenge for the market growth, cites the report.
Speaking of the geographical landscape, North America is projected to dominate the HMI market during the forecast period. As per the report, development in discrete industries, massive adoption of next-generation production processes, and growing demand for advanced software have augmented product demand in the region.
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The Asia Pacific region is projected to observe very strong growth, cites the report. Technological developments in a range of industries and burgeoning infrastructure & economic developments in India, Japan, China, and other Southeast Asian nations are the key influencers propelling Asia Pacific human machine interface market.
Distinguished players profiled in the global human machine interface market are Siemens AG, ABB Ltd., Mitsubishi Electric Corporation, Emerson Electric Co., Schneider Electric SE, Yokogawa Electric Corporation, Honeywell International Inc., Rockwell Automation Inc., American Industrial Systems Inc., and Eaton Corporation among others. The report highlights that the primary tactics employed by these business leaders involve new product launch, acquisition, collaboration, geographical expansion, and product development for augmenting global reach and expanding product portfolio.
The human machine interface market report also provides a succinct outline of pivotal strategic parameters such as market drivers, market challenges, opportunities, size & valuation, regional spectrum, competitive landscape, product categorization, and end-user classification.