June 23, 2020
As per the report titled ‘Human Machine Interface Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Offering; Configuration; End-user Industry, available with Market Study Report LLC, global human machine interface market is expected to reach USD 8.77 billion at the end of forecast period, with a CAGR of 9.9% through 2027.
Increasing population and rising demand for human machine interface products across a plethora of industries, especially, from developing economies like Asia and Africa are driving the growth of global human machine interface market.
Many manufacturers have adopted the use of advanced technologies, majorly Internet of Things (IoT) and machine learning technologies, to enhance the performance of industrial operations. This has resulted in integration and adoption of technology-driven solution in industries to control, optimize, monitor, and manage different industrial machineries.
Widespread adoption of automation and machine learning tools in industries are slated to add significant momentum to the market growth. Furthermore, several sectors aiming to improve their manufacturing efficiencies by monitoring and enhancing control of machineries is anticipated to add significant traction to the market growth. However, high installation cost in tandem with lack of awareness may hamper the market growth to some extent, claim market analysts.
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Based on offering, global human machine interface market is classified based on hardware, services, and software. The hardware segment is further classified into PC-based, panel-based, and others; while, the software segment is classified into on-premises and cloud.
Based on configuration, the global human machine interface market is bifurcated into embedded and stand-alone.
Human machine interface can be utilized across many industries, but the report primarily focuses on healthcare and pharmaceuticals, energy & power, general manufacturing, and automotive industry among other end-user industries.
From a geographical point of view, the market is divided into Europe (UK, Germany, France, Italy, Russia, and Rest of Europe), North America (US, Canada, and Mexico), Asia Pacific (China, Japan, India, Australia, South Korea, and Rest of Asia Pacific), and South America (Brazil, Argentina, and Rest of South America).
Major companies operating in global human machine interface market are ABB Ltd., Honeywell International Inc., Schneider Electric SE, Yokogawa Electric Corporation, Mitsubishi Electric Corporation, General Electric Company, Rockwell Automation, Inc., Siemens AG, Kontron S&T AG, and Advantech Co. Ltd. among others.