Press release
Human Machine Interface Market: Adoption of Automation Revolutionizes Earnings
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According to the research report, the global human machine interface market is projected to be worth US$11 bn by the end of 2024 from US$3.9 bn in 2015. During the forecast period of 2016 to 2024, the global market is projected to progress at a CAGR of 12.5% during the forecast period from 2016 to 2024.
Strengthening Manufacturing Activities Boost Asia Pacific Market
On the basis of type, the global human machine interface market is segmented into hardware, software, and services. Of these, the hardware segment is expected to take the lead in the global market due to increasing adoption of automation in various spheres. By the end of 2024, the hardware segment is estimated to acquire a share of 58.5%. In terms of geography, the market is going to find several growth opportunities in Asia Pacific. Towards the end of the forecast period, the Asia Pacific human machine interface market is likely to acquire a share of 22.0%. This dominance will be due to the accelerated pace of industrialization in recent years. The prolific amount of manufacturing activities in emerging economies of China and India are expected to boost the demand for human machine interface in the coming years.
Demand for Efficiencies Pursues Adoption of Human Machine Interfaces across Industries
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.
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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.
High Investments to Concern End Users all through Forecast Period
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.
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