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The HMI software market share is expected to increase by USD 1.46 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 12.31%.
This HMI software market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers HMI software market segmentation by type (machine-level and supervisory) and geography (North America, Europe, APAC, South America, and MEA). The HMI software market report also offers information on several market vendors, including ABB Ltd., Eaton Corporation Plc, Elektrobit Automotive GmbH, Inductive Automation LLC, Ing. Punzenberger COPA-DATA GmbH, National Instruments Corp., Rockwell Automation Inc., Schneider Electric SE, Siemens AG, and Spectris Plc among others.
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Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The demand for a combination of on-premise and cloud-based storage HMI is notably driving the HMI software market growth, although factors such as the decline in crude oil prices affect the demand for HMI software and may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the HMI software industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key HMI Software Market Driver
The demand for a combination of on-premise and cloud-based storage HMIs is one of the key factors driving the growth of the global HMI software market. As of now, the major demand is for on-premise storage systems as most of the users are already having the required hardware components to support these systems. However, there is an increasing demand for cloud-based storage systems, as this helps in accessing the data from anywhere in the world. Most of the end-users are preferring a combination of these two types, which allows them to store critical information within systems and store other information on the cloud. Another reason for using a combination of these two storage types is the threat of cyber-attacks and data loss in systems. During the forecast period, more end-users are expected to install a combination of these two storage systems. Such factors will increase the market growth during the forecast period.
Key HMI Software Market Trend
The increased usage of wireless and cloud-based technology will fuel the global HMI software market growth. There has been an increase in the usage of wireless and cloud-based technology in manufacturing plants, which helps in better connectivity as well as improving the efficiency of plants. OEMs around the world have started to manufacture wireless-enabled products that are compatible with HMI systems. These support data transferring and data gathering, which would help end-users in making strategic decisions. Some of the HMI software works on cloud-based technology, which allows users to access data from anywhere. In addition, with the help of this functionality, changes can be made to the process and controls remotely. The ease of access and usability of these technologies are the reasons why users are implementing wireless and cloud-based technologies. Vendors are making changes to their HMI software to support these new technologies.
Key HMI Software Market Challenge
The decline in crude oil prices affects the demand for HMI software is a major challenge for the global HMI software market growth. The major demand for HMI is from the process industry, with the major end-user being the oil and gas sector. There is a global decline in crude oil prices, with most of the companies in this industry reducing oil production, apart from Iran and Saudi Arabia. This is done by these two countries to maintain the volume share in the world market. The major reason for the decline in crude oil prices was the decision taken by developed countries to increase the use of renewable resources and minimize pollution levels. The major demand for oil and gas is only from a few countries in APAC. However, there is a decline in the growth of the oil and gas industry, considering the global scenario. This has affected the demand for HMI software within this industrial sector.
This HMI software market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global HMI software market as a part of the global systems software market within the global IT software market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the HMI software market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the HMI software market encompasses successful business strategies deployed by the key vendors. The HMI software market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The HMI software market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the HMI software market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global IT software market includes the following core components:
The report has further elucidated other innovative approaches being followed by service providers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Market Segmentation by Type
7 Market Segmentation by Deployment
8 Customer landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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