Intelligent Vending Machine Market Size Worth USD 8.2 billion, Registering at a CAGR of 6.1% – Exclusive Report by Transparency Market Research
Growth in automation, UI-based transactions, cashless payments, digitization, and internet penetration fuel the demand for intelligent vending machines.
Wilmington, Delaware, United States, Oct. 23, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global intelligent vending machine market is projected to flourish at a CAGR of 6.1% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 8.2 billion is anticipated for the market in 2031. As of 2023, the market for intelligent vending machines is expected to close at US$ 5.2 billion.
Intelligent vending machines offer 24/7 access to a wide range of products, providing convenience to consumers. Thus, the demand for intelligent vending machines is high at locations such as airports, train stations, office buildings, and universities. Automated vending machines are well equipped with advanced technologies that enable contactless ordering, digital payments, and convenience of time, making them highly appealing to users.
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Vending machines in this region offer a wide variety of products, including hot and cold beverages, ready-to-eat meals, electronics, and even beauty products. The market is driven by a combination of factors, including the need for convenience, the popularity of self-service technology, and the demand for healthier snack and beverage options in vending machines.
Automated vending machines have an extremely user-friendly interface. The intuitive UI interface which allows fast transactions, digital payments, contactless orders, and combo products, is augmenting the intelligent vending machine market dynamics.
Intelligent vending machines can offer customized and personalized product recommendations based on user data and preferences. This personalization enhances the user experience and drives sales. The integration of advanced technologies such as IoT (Internet of Things), artificial intelligence (AI), and machine learning has improved inventory management, product restocking, and machine maintenance. These technologies enhance the overall efficiency of vending operations.
Key Takeaways from the Market Study
- As of 2022, the intelligent vending machine market was valued at US$ 4.9 billion.
- Based on the Dispersion of Product, multiple product vending machine segments drive the market demand.
- By product assortment, health product segment to generate high revenue during the forecast period.
Intelligent Vending Machine Market: Key Trends and Opportunistic Frontiers
- Retailers and businesses are increasingly adopting vending machines as a cost-effective and efficient way to reach customers. These machines require less space and staff compared to traditional stores.
- Some vending machines are integrated with online shopping platforms, enabling consumers to make purchases through the machine and have products delivered to their homes.
- The increasing urban population and the growth of office complexes and public spaces in urban areas have created a favorable environment for the expansion of intelligent vending machines.
Intelligent Vending Machine Market – Regional Analysis
- North America is expected to account for a considerable share of the global landscape, ascribed to the adoption of new technologies in the region.
- The United States is a key market in North America due to its highly developed retail industry and progressive government policies. The region has seen a growing adoption of vending machines with advanced features, such as touchscreen interfaces, cashless payments, and telemetry systems.
- Asia Pacific is expected to witness significant growth in the intelligent vending machine market due to increased digital and UI-based transactions and the population’s digital literacy.
- The market in Asia-Pacific is characterized by technological innovation, such as vending machines equipped with facial recognition for age verification and personalized recommendations.
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The global intelligent vending machine market is fragmented with the presence of many players. Key companies are focusing on offering consumers new and innovative features and designs that are more user-friendly and easy to access. Transparency Market Research has profiled the following players in its global intelligent vending machine market report:
- Advantech Co. Ltd.
- Azkoyen Group
- Bianchi Industry
- Crane Payment Innovations (CPI)
- FAS International S.P.A.
- Fuji Electric Co. Ltd.
- Rhea Vendors Group S.P.A.
- Royal Vendors, Inc.
- Seaga Manufacturing Inc.
- Westomatic Vending Services Ltd.
Key Developments in the Intelligent Vending Machine Market
- In August 2023 – seaga released its latest multi beverage vending machine; the Prosper. The Prosper can easily integrate with the latest technology in payment and telemetry operations like NFC that allows for Google Pay, Apple Pay along with other digital payment options giving the consumer more ways to purchase the products they enjoy.
- Fuji Electric Co., Ltd. has been focusing on the development of vending machines equipped with advanced payment technologies, including mobile payment options and biometric authentication.
- Crane Payment Innovations has been involved in the enhancement of payment solutions for vending machines, including cashless and contactless payment options, to provide a seamless and secure transaction experience.
Intelligent Vending Machine Market – Key Segments
By Product Assortment
- Packaged Food
- Grocery Items
- Health Products
- Others (Frozen products, Apparel, Tickets, etc.)
By Dispersion of Product
- Single Product Vending Machine
- Multiple Product Vending Machine
- Corporate Office
- Others (schools, gym, hotels, etc.)
By Distribution Channel
- Direct Sales
- Indirect Sales
- North America
- Asia Pacific
- Middle East & Africa
- South America
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About Transparency Market Research
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