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.

To connect with us, visit our LinkedIn page.

Global Industry Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.

Comments

Post a Comment

Popular posts from this blog

The Global Market for Surfing is Projected to Reach US$9.5 Billion by 2022

Rise of Surfing as a Lifestyle Sport Among all Age Groups Drives the Global Surfing Market, According to a New Report by Global Industry Analysts, Inc. GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Surfing market. The global market for Surfing is projected to reach US$9.5 billion by 2022 , driven by the growing interest in surfing both as a leisure and sporting activity, increased accessibility to surfing through surf parks and surf pools and technology innovations focused on developing sophisticated surf-wear and surf-gear.                               Surfing is a surface water sport where a participant riding a board (the surfboard) is carried away by a breaking wave. The surfing industry continues to evolve, driven by sustained efforts of s...
Read more

The Global Market for Private Tutoring Services is Forecast to Reach US$227 Billion by 2022

Intense Competition among Students and the Growing Need to Achieve Academic Excellence Drive the Global Private Tutoring Market, According to a New Report by Global Industry Analysts, Inc. GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Private Tutoring market. The global market for Private Tutoring Services is forecast to reach US$227 billion by 2022 , driven by the need to keep pace with classroom teaching, improve overall competency and enhance knowledge and skill level. Education is considered the social ladder to achieve success in personal and professional life. Higher education is associated with increased opportunities in the labor market, high remunerations, and improved social standing. People are therefore investing heavily in children’s education, including private tutoring or private supplementary tutoring which is emerging as a major phenomenon in the global education system...
Read more
Image
The global market for Material Handling Equipment is projected to reach US$190.3 billion by 2025, driven by the strong emphasis shed on production and operational efficiency and worker safety. The concept of “last mile” is widely popularized in supply chain management and transportation planning for its ability to increase customer satisfaction and profitability. Automation, optimization and delivery route planning are therefore vital strategies adopted by companies to improve their last mile performance. Of equal importance are the “first mile” operations involving indoor material handling on the plant floor. Raw material being the primary and most importance element in manufacturing needs to move through multiple stages of production and final packaging in a smooth and seamless manner to prevent logistical bottlenecks in production. Timely handling of materials is important to ensure that right materials in right quantities are delivered to the right locations at the right ti...
Read more