The Global Installed Base of Intelligent Vending Machines is Projected to Reach 3.8 Million Units by 2024
Growing IoT penetration &
Consumer Preference for Cashless Payments Drive the Global Intelligent Vending
Machines Market, According to a New Report by Global Industry Analysts,
Inc.
GIA launches comprehensive analysis of industry segments, trends,
growth drivers, market size, share and demand forecasts on the global Intelligent
Vending Machines market. The global installed base of
Intelligent Vending Machines is projected to reach 3.8 million units by 2024, driven by growing
penetration of Internet of Things (IoT) and connected device technologies,
besides growing preference among consumers for cashless payments.
Vending machine technology has progressed
swiftly in recent years led by advancements in digital technology and the
Internet of Things. Intelligent vending machines or Smart vending machines
offer a more interactive, personal, and fun experience to customers, while
enabling operators and brands to use data analytics and cloud services and
reduce operating costs. Growth in the intelligent vending machines market is
buoyed by the increasing penetration of Internet of Things (IoT) and connected
device technologies, besides growing preference among consumers towards
cashless payments. Rapid urbanization and resulting increase in
traffic at public places is further strengthening the business case for
intelligent vending machines. Growing regulations to display product warnings
and product nutrition information such as nutrition labelling requirements for
select vended foods in the US offer further growth prospects for intelligent
vending machines market. Robust
growth and development of the retail sector in developing markets is also
benefiting the market for intelligent vending machine.
The industry is also witnessing increased adoption
of biometrics including face and voice recognition to identify consumer profile
and recommend products accordingly. The new generation of machines are built to
understand gestures, accept payment via NFC, and dynamically adjust pricing to
changing parameters. Features such as HD video, multimedia displays
and interactive options offer users a more engaging shopping experience with
screen displays with user friendly menu, supporting multiple languages, and
multi-touch capabilities to browse through products and view details. Artificial
Intelligence (AI) in a vending machine is
expected to take retail experience to a new level as companies try to digitally
engage customers and interact with them to understand customer behaviour and
change products/services accordingly. Brands are also making use of smart vending
machines to track inventory levels in real time and tap into customer trends to
identify the level of restocking necessary.
As stated by the new market research report on Intelligent Vending Machines, the U.S.
represents the largest regional market worldwide. Asia-Pacific
is forecast to emerge as the fastest growing market with a projected CAGR of 14.1%
over the analysis period. Key
factors driving growth in the market include growing population, expanding base
of young professionals, increasing awareness of international food and drink
brands, westernization of consumer lifestyles, rising disposable income, rapid
urbanization, increase in the number of dual income nuclear families &
single-person households, and a parallel increase in home meal replacement and
consumption of ready-to-eat products.
Key players in the market include Vending Machine Manufacturers such as
Azkoyen Group, Bianchi Vending Group S.p.A., Crane Co., FAS International
SpA, Fuji
Electric Co. Ltd., Jofemar SA, MEI Inc., N&W Global
Vending SPA, Rheavendors Group, Sanden Corp., SandenVendo America
Inc., Seaga Manufacturing Inc., VE Global Vending Inc., Westomatic Vending Services Ltd., and Vending Solution Providers such as Cantaloupe
Systems Inc., Ingenico S.A., Intel
Corporation, and USA Technologies Inc., among others.
The research report titled “Intelligent Vending Machines:
A Global Strategic Business Report” announced by Global
Industry Analysts Inc., provides a comprehensive review of market trends,
issues, drivers, mergers, acquisitions and other strategic industry activities
of global companies. The report provides market estimates and projections in dollars
for major geographic markets including the US, Canada, Japan, Europe (France, Germany,
Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific, and Rest of World.
Global Industry
Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.
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