HMI Market to Be Worth $7.7 Billion by 2028
Research firm MarketsandMarkets expects the worldwide human-machine interface market to reach $7.7 billion by 2028, up from a current valuation of $5.2 billion, representing a compound annual growth rate of 8.2 percent.
The report cites growth of industrial automation in various industries as a key contributor to heightened demand for advanced HMI systems. Furthermore, it notes that the widespread adoption of the Internet of Things (IoT) and Industry 4.0 initiatives is necessitating the development of intuitive, interconnected, and data-rich interfaces.
The report found particular interest in new HMI technologies among the automotive, consumer electronics, and industrial automation sectors. Of those, the automobile industry is projected to account for the largest share of the HMI market as more new car models incorporate advanced infotainment, navigation, driver assistance, and connectivity systems. As the demand for smart and autonomous vehicles continues to rise, there is a growing need for cutting-edge HMI solutions like voice recognition, gesture control, and augmented reality that enhance the in-car experience and improve safety," MarketsandMarkets said.
In the consumer electronics market, HMI interfaces are integral to devices like smartphones, tablets, and home appliances, it said further.
>The report profiles Rockwell Automation, Siemens, Schneider Electric, ABB, and Honeywell International as key players in the HMI market.