PUBLISHER: Grand View Research | PRODUCT CODE: 1375896
PUBLISHER: Grand View Research | PRODUCT CODE: 1375896
The global human machine interface market size is expected to reach USD 11.60 billion by 2030, registering a CAGR of 10.4% from 2023 to 2030, according to a new report by Grand View Research, Inc.. Developments in HMI programming software to integrate multi-vendor environment management ability is expected to fuel market growth over the coming years. In addition, advantages offered such as remote operation along with wide usage of HMIs in oil and gas and water treatment units for operating in harsh climates may also boost product demand significantly. This has also instigated companies to develop devices with better wear and tear properties.
Growing trend of protocol conversion for the exchange of data between all connected devices is anticipated to further catalyze HMI market growth. Moreover, technological advancements such as open platform architecture or OPA resulting in improvement of migration process is also likely to spur the demand in coming years.
Factors such as rising need for change in business process to incorporate HMIs along with high upfront capital may have adverse effects on the market development. Furthermore, awareness regarding HMIs among management and lower level staff along with the lack of experienced professionals may also affect the industry growth.