The increasing pressure to make manufacturing processes automated is the primary reason for the growth of the global human machine interface market. In addition, the application of human machine interface across industries is also projected to benefit the overall market in the coming few years.
According to the research report, the global human machine interface (HMI) market is likely to progress at a CAGR of 12.5% during the forecast period from 2016 to 2024. The opportunity in the overall market is projected to reach US$11 bn by the end of 2024 from US$3.9 bn in 2015.
On the basis of types of human machine interface, the global market is segmented into hardware, software, and services. The hardware segment is further divided into display, processor/computer, and others such as joysticks and keypads. The report states that the hardware segment held a whopping share of 57% in the global market in 2015.
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During the forecast period, the services segment is projected to display a steady growth rate due to a monumental demand for technical expertise to address a wide range of difficulties faced by end users while using human machine interface systems.
The sudden rise in manufacturing activities and the need to cut down the related costs have become integral reasons for the high uptake of human machine interfaces. The introduction of human machine interfaces has simplified machine control to a large extent, thus making the process of manufacturing relatively easy.
Growing adoption of automation technologies in several industries for production processes has key growth driver for the global market. The unstoppable pace of industrialization in developing countries of India, China, and Indonesia characterized by the emergence of factories that are welcoming smart technologies such as automation, data exchange, and analytics is also projected to bode well for the overall market.
The usage of human machine interfaces is on the upswing as the demand for operational efficiencies continues to remain high. The need for flexible data access, remote monitoring of machines, and real-time control by global manufacturers is also projected to have a positive impact on the overall market. Several emerging economies such as Brazil, India, and China are expected to offer lucrative opportunities to the global market in the coming years as using automation in manufacturing becomes the new trends.
As several companies are opting for BYOD (Bring Your Own Device), they are likely to adopt human machine interface solutions thus boosting the overall market during the forecast period.
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The relatively slow pace of adoption of human machine interface and the high cost of investment are the two factors dissuading the global market. Analysts anticipate that the lack of skilled operators is the main reason for the slow adoption of this technology.
Owing to this reason, the several small and medium-sized enterprises are expected to steer clear of using this technology. The lack of awareness about the benefits of using this technology and the delayed adoption are also likely to hamper the growth of the global human machine interface market. Several sectors are still struggling to adopt this technology due to its high cost and other barriers.