The demand for human machine interfaces is likely to follow an exponential track as the need for operational efficiencies is incessantly increasing. The demand for remote monitoring of machines, real-time control, and flexible data access by global manufacturers is poised to work in favor of the growth of the market. Moreover, the rising trend of automation in various emerging economies such as India, China, and Brazil is providing a significant boost to the market.
Furthermore, the increasing adoption of concepts such as bring your own device (BYOD) is triggering the demand for human machine interface solutions. According to a report by Transparency Market Research (TMR), the global human machine interface market was valued US$3.9 bn in 2015 and is anticipated to rise at a CAGR of 12.5% from 2016 to 2024, reaching US$11 bn by 2024.
Rising Manufacturing Activities in Emerging Economies to Bode Well For Market Growth
The need to reduce the related costs and the spike in the manufacturing activities are playing an instrumental role in the growth of the global human machine interface market. The advent of human machine interfaces has enhanced the experience of machine control to a large extent, thus making the manufacturing process simpler. The rapid pace of industrialization and the increasing implementation of smart technologies with existing setups are also providing a fillip to the market.
Introduction of Advanced Human Machine Interface Technologies to Fuel Growth of Asia Pacific
The regional markets studied in the report are North America, Asia Pacific, Europe, and Rest of the World. Asia Pacific is expected to be the front-runner in the global market throughout the forecast period. The rapid growth of the region can be attributed to the surge in the manufacturing activities in the emerging economies such as India, China, and Japan. Moreover, the advent of advanced human machine interface technologies in the region will aid manufacturers to provide prolong services and accurate customizations. The Europe and North America regions are estimated to experience significant growth over the coming years as several many end users are trying to ensure high operational efficiency in a vast range of work processes.