The global market for Human Machine Interface (HMI) Solutions is projected to reach US$7.6 billion by 2025, driven by the emerging new digital era where humans and machine will work alongside each other. With growing penetration of artificial intelligence (AI) in every industrial sector, key to successful realization of the promised benefits of the technology lies in humans and machines working together as a cohesive team. For effective human machine collaboration, the importance of Human Machine Interface (HMI) cannot be overstated. A key growth driver in the market is the rapid pace of digital transformation which increasingly puts humans and machines together. Digitalization is defined as the use of digital technologies to transform business models in a manner that enables new value creation opportunities and opens up new revenue avenues for companies. Digitalization is longer an option for businesses but a necessity to compete in a changing world increasingly underscored by tough economic fundamentals. Virtually all businesses have embraced digitization and have begun the journey of digital transformation. Billions of dollars are being injected into the transformation process, opening up attractive opportunities for myriad allied markets that encompass semiconductors, hardware, software, cloud services, and platform providers, among others. Technologies at the forefront of this digital transformation include cloud computing, Internet of Things (IoT), Big Data, Data Analytics, Artificial Intelligence, Mobility/Social Media, Cybersecurity, 3D Printing, and Wearable Technology. Top industries at the forefront of digitalization include health & pharma, automotive, process and discrete manufacturing, oil and gas, telecom and finance.
As budgets allotted for digital transformation become bigger, billions of dollars will need to be justified and their ROI measured. Companies will be under pressure to show benefits accruing from their growing technology budgets. The scenario is poised to benefit a wide range of markets for enabling hardware and software platforms including human machine interface (HMI). Digitalization means increased use of computers and digital machines. Their efficient use plays a major role in influencing ROI on CAPEX investments. In this regard, the importance of human machine interface (HMI) cannot be overstated. HMI is defined as a user interface through which humans can interact with machines. Up until now the Graphical User Interface (GUI) has been the dominant display format for signaling and controlling machines, automation systems, and process control systems. GUI will continue to dominate albeit in the midst of growing competition from improving Natural Language Processing (NLP) and voice based HMI. Beginning from simple punched cards, keypads, monitors, touchpads to the advanced panels of today, HMI has and continues to evolve towards the envisioned path of conversational HMI. The physical form factor of HMI also continues to evolve from machine installed HMI to wearable HMI, setting into motion the rise of HMI 4.0. A well designed HMI is absolutely critical in increasing the odds of making a successful digital transformation journey. Smart HMI systems help in reducing costs and increasing efficiency of automation projects implemented by companies. Smart HMIs will improve the efficiency with which workers interact with machines resulting in higher productivity in the use of the machine, which in turn translates into higher ROI for the company. HMI can make or break the success of all machines and devices ranging from consumer products, medical devices, industrial machines, military devices, cars to planes. The United States, Japan and Europe represent large markets worldwide with a combined share of 65.7% of the market. China ranks as the fastest growing market with a CAGR of 10.2% over the analysis period supported by the Chinese government's ambitious plans to empower the Chinese economy to become internationally competitive via digitalization.
Competitors identified in this market include, among others, ABB Limited, Advantech Co. Ltd., American Industrial Systems Inc., Beijer Electronics Inc., Eaton Corporation Inc., Emerson Electric Co., Honeywell Process Solutions, Kontron S&T AG, Mitsubishi Electric Corporation, Omron Corporation, Rockwell Automation Inc., Schneider Electric SE, Siemens AG, Yokogawa Electric Corp.