MAC, (message authentication code), just a personal digest algorithm with a secret key.
HMAC, just a MAC with standard digest algorithm. Hashed twice. The secret key just do XOR operation.
Drawback of MAC:
a), hard to maintain 1 to n connection.
b), secret key exchange.
c), can’t provide strong authentication mechanism. Each side that holds the secret key can use the identity.
Advantage of MAC:
Provide a better way to do hash. Only the one who holds the secret key can digest the plain data.