Human Machine Interface Global Market Opportunities and Strategies to 2032

This report describes and explains the human machine interface market and covers 2017-2022, termed the historic period, and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.

The global human machine interface market reached a value of nearly $4.81 billion in 2022, having grown at a compound annual growth rate (CAGR) of 8.88% since 2017. The market is expected to grow from $4.81 billion in 2022 to $6.82 billion in 2027 at a rate of 7.19%. The market is then expected to grow at a CAGR of 10.69% from 2027 and reach $11.33 billion in 2032.

Growth in the historic period resulted from growth in the industrial sector, rise in the adoption of artificial intelligence, strong economic growth in emerging markets and rise in disposable income. Factors that negatively affected growth in the historic period were decline in world manufacturing production growth and security concerns.

Going forward, rising industrial automation in the manufacturing industry, increasing adoption of IoT and rising demand for connected and autonomous vehicles will drive the growth. Factor that could hinder the growth of the human machine interface market in the future include shortage of skilled professionals.

The human machine interface market is segmented by product into hardware, software and services. The hardware market was the largest segment of the human machine interface market segmented by product, accounting for 55.90% of the total in 2022. Going forward, the software segment is expected to be the fastest growing segment in the human machine interface market segmented by product, at a CAGR of 8.18% during 2022-2027.

The human machine interface market is segmented by configuration into embedded HMI and standalone HMI. The embedded HMI market was the largest segment of the human machine interface market segmented by configuration, accounting for 61.67% of the total in 2022. Going forward, the embedded HMI segment is expected to be the fastest growing segment in the human machine interface market segmented by configuration, at a CAGR of 7.57% during 2022-2027.

The human machine interface market is segmented by end-user into automotive, manufacturing, oil and gas and other end-users. The automotive market was the largest segment of the human machine interface market segmented by end-user, accounting for 41.6% of the total in 2022. Going forward, the automotive segment is expected to be the fastest growing segment in the human machine interface market segmented by end-user, at a CAGR of 8.18% during 2022-2027.

North America was the largest region in the human machine interface market, accounting for 32.2% of the total in 2022. It was followed by Asia-Pacific, and then the other regions. Going forward, the fastest-growing regions in the human machine interface market will be Asia Pacific and South America where growth will be at CAGRs of 10.60% and 7.39% respectively. These will be followed by Eastern Europe and North America where the markets are expected to grow at CAGRs of 6.20% and 5.93% respectively.

The global human machine interface market is fairly concentrated, with a few large players operating in the market. The top ten competitors in the market made up to 30.19% of the total market in 2022. Siemens AG was the largest competitor with 11.26% share of the market, followed by Emerson Electric Co with 4.88%, Mitsubishi Electric Corporation with 3.78%, Yokogawa Electric Corporation with 3.55%, Schneider Electric SE with 2.09%, Rockwell Automation, Inc with 2.04%, General Electric Company with 1.09%, Honeywell International Inc with 1.03%, ABB Ltd with 0.48%, and Advantech Co Ltd with 0.01%.

The top opportunities in the human machine interface market segmented by product will arise in the hardware segment, which will gain $1.04 billion of global annual sales by 2027. The top opportunities in the human machine interface market segmented by configuration will arise in the embedded HMI segment, which will gain $1.30 billion of global annual sales by 2027. The top opportunities in the human machine interface market segmented by end-user will arise in the automotive segment, which will gain $966.02 million of global annual sales by 2027. The human machine interface market size will gain the most in the USA at $505.13 million.

Market-trend-based strategies for the human machine interface market include development of upper trim humanized design for automotive overhead systems, integration of human machine interface with energy management software, focus on the launch of technologically advanced products, innovative product developments to meet consumer demands and strategic partnerships and collaborations to improve their financial strength, strengthen their product portfolio and expand their geographical presence.

Player-adopted strategies in the human machine interface market include focus on expanding manufacturing capabilities through technological updates, new product launches and strategic partnerships.

To take advantage of the opportunities, the analyst recommends the human machine interface companies to focus on launch of technologically advanced products with speech recognition technology, focus on integration of human machine interface with energy management software, expand in emerging markets, continue to focus on developed markets, focus on mergers and acquisitions, provide competitively priced offerings, continue to use B2B promotions, participate in trade shows and events and focus on fast-growing end-users.