June 21, 2022 01:40 ET | Source: Market Research Future Market Research Future
New York, New York, UNITED STATES
New York, US, June 21, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “HMI Market Analysis by Components, Configuration Type (Standalone, Embedded), End User (Automotive, Semiconductor, Pharmaceutical, Oil & Gas, Food & Beverages, Aerospace & Defense) - Forecast till 2027” valuation is poised to reach USD 7.24 Billion by 2026, registering an 4.80% CAGR throughout the forecast period (2021–2026).
The human machine interface market is poised for notable revenue growth, with the improving HMI frameworks conveying higher customary accommodation.
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The emergence of driverless cars & automated driving influences HMI market growth. The human machine interface industry is expected to undergo a momentous shift through the rapid technological revolution. New product development and exceptionally unique and versatile technological advances improving dashboard format adaptabilities are the latest trends in the human machine interface market.
The market is expected to witness an exploding demand soon, helping it grow significantly. Additionally, the rising preference for connected cars & high-end vehicles and increasing vehicle sales bolster the market demand. The recent entry of advanced technology firms such as Google has further boosted the market growth prospects. Moreover, the attractive advantages of HMI in various industries foster the the human machine interface market size.
Why HMI Becoming More Important?
The human machine interface (HMI), also widely referred to as the man-machine interface or the computer-human interface allows communication between humans and machines, sensing mechanism of external conditions. The rising use of the Internet of Things (IoT) creates a vast need for an advanced HMI to interact with and control various connected devices.
Today, we live in a world of interconnectivity, and IoT is crucial to connect industrial and consumer products via the internet and HMIs are needed to operate these devices. Over recent years, with the latest technology upgrades, HMIs are becoming more sophisticated. Adding an HMI to a workplace or the most demanding industrial applications benefits a facility by improving productivity, operation, and safety.
HMIs are everywhere, from state-of-the-art machinery and in-vehicle (automotive) systems to vending machines. Multiple industries, such as pharmaceuticals, manufacturing plants, food & beverage, and utilities, use HMIs. In many industries, an HMI is a backbone of the production line, where it significantly improves operations by enabling data acquisition, supervisory control, enhanced stock control, and checking every aspect of manufacturing lines.
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Human Machine Interface Market Segments
The HMI market report is segmented into components, technology, interface, configuration, end-user, and regions. Of these, the component segment comprises hardware and software. Next, the technology segment comprises optical, acoustic, bionic, material, and movement. The interface segment comprises equipment and programming.
The configuration segment comprises standalone, embedded, and others. The end-user segment comprises automotive, semiconductor, pharmaceutical, oil & gas, food & beverages, aerospace & defense, and others. Further, the region segment is sub-segmented into the Asia Pacific, Americas, Europe, and rest-of-the-world.
North America dominates the global human machine interface market. Factors pushing the market growth include high per-capita income, a large number of car users, and rapid advances and adoption of futuristic technology. Besides, the presence of technologically advanced firms further drives the HMI market share.
The European human machine interface market is likely to grow rapidly due to the large presence of well-established automobile industries in France, Sweden, and Germany. Especially the Italian luxury car industry provides an additional impetus to the the human machine interface market.
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The Asia Pacific human machine interface market size is expected to expand exponentially in future years. Rapidly growing manufacturing sectors and the growing integrations of futuristic HMIs in vehicles boost the region's market shares. Moreover, huge financial improvement in the region impacts the market growth positively, expanding discretionary cash flow in end-use industries. APAC countries, such as Japan, South Korea, China, and India, account for sizable shares in the regional market, with large technological advances and leadership in data and electronics.
The HMI market in the Middle East benefits from the wealthy Gulf countries, such as Saudi Arabia, Qatar, and Kuwait. On the other hand, the African market is likely to laggard behind due to poor infrastructure and low income.
Human Machine Interface Market Competitive Analysis
Dominant Key Players on Human Machine Interface Market Covered are:
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Highly competitive, the HMI market appears to be fragmented due to the presence of several well-established industry players. These players initiate strategic approaches such as mergers & acquisitions, collaboration, expansion, and technology launches to gain a larger competitive advantage. Another strategy that HMI providers adopt is working closely with end-users to provide customized solutions and gain a steady flow of demand, which benefits both partners.
For instance, recently, on June 8, 2022, Volvo Cars and Epic Games announced their collaboration to develop a real-time, 3D automotive HMI. Volvo reveals its vision for photorealistic, real-time 3D content that will revolutionize the role of the in-car Human Machine Interface (HMI), bringing new customer value and the outside world safely into the vehicle.
The underlying technology comprises an unreal engine, and the visualization tool developed by Epic Games is used to power one of the largest games, Fortnite. The said Unreal Engine would run on the HMI, providing state-of-the-art graphics and a host of other functionality that is new to automotive but thoroughly proven in the games industry.
In another instance, on June 22, 2022, Cincoze, a rugged embedded computer brand, debuted its comprehensive edge computing solutions with a display for intelligent manufacturing at Embedded World 2022, Germany. The official debut of many new products demonstrated Cincoze's finesse in embedded computing systems.
Its rugged embedded fanless computers display edge computing solutions for harsh environments. Embedded GPU Computers demonstrate GPUs for machine vision & AI deep learning, real-time large-image processing, and a modular panel PC & industrial monitors for HMI display computing solutions.
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