Intelligent Vending Machine Market By Type (beverages, snacks, and commodity), By Application (quick service restaurants, business center, and others), By Technology (cashless systems, telemetry systems, and Others), and Region - Global Forecast to 2028
- find_in_page Our Research Methodology is based on the following main points:
- Data Collections and Interpretation
- Data Validation
- Final Projections and Conclusion
The global intelligent vending machines market is estimated to value at nearly US$ 6.5 Bn in 2019, and is expected to register a CAGR of 11.2%. The global intelligent vending machines market report has been segmented on the basis of type, application, technology, and region.
Global Intelligent Vending Machines Market: Overview
Intelligent vending machines is an advanced system developed to collect, transfer, and analyze data, and dispense accurate products. These machines are developed for ease and smart user experience with touchpad technologies
Global Intelligent Vending Machines Market: Dynamics
The advent of 5G technology is one of the major factor driving growth of the global intelligent vending machines market. In addition, 5G networks have greater capability to support growth in emerging digital applications including smart cities, autonomous vehicles, and the Internet of Things (IoT). 5G networks also play an important role in a wide range of applications used for advanced manufacturing, intelligent retail, and connected healthcare among various other applications. These are some factors expected to support target market growth over the forecast period. Increasing usage of Internet and rising adoption of IoT-based software and hardware components in production units across various sectors including healthcare, retail, oil & gas, automotive, etc., for monitoring and other purposes, is expected to drive growth of the target market.
However, the high cost of intelligent vending machines coupled with high cost regarding maintenance and energy consumption are some of the key factors expected to hamper growth of the global intelligent vending machines market over the forecast period. In addition, vending operators get nominal margins as compared to other channels of distribution.
The growing preference for cashless payment options, along with rising adoption of Near Field Communication (NFC) technology has led to increased adoption of intelligent vending machines, which is a factor expected to drive growth of the global market. In addition, the rising proliferation of electronic gadgets including laptops, smartphones, tablets, etc. among individuals is one of the key factors for influencing adoption of NFC technology that aids to contactless debit and credit card payments and mobile-based payments.
- For instance, Statistics indicate that out of the world’s total population of 7.5 Bn as of June 2017, the number of smartphone users has grown to 5.035 Bn
NFC technology helps to interchange of digital content, easily process transactions, and connecting electronic devices with a touch. Security enabled NFC cards and payment applications uses cryptography for the card verification along with configurable Personal Identification Number (PIN) in order to prevent unauthorized access.
Rising R&D activities regarding integration of cutting edge technologies which includes artificial intelligence, mobile, cloud and automation is a factor expected to create demand for vending machine in various emerging countries over the forecast period.
Increasing adoption of fiber optic cable connections for longer distances and uninterrupted communications and connections and various benefits offered by these frames including tool-less installation, uninterrupted communications, and ultra-high density connectivity in a highly modular and lightweight frame are some of the key factors expected to support growth of the global market.
In addition, increasing industrial development along with necessity to accomplish faster and efficient processing of data – especially in the IT industry, are among some of the key factors expected to drive growth of the global intelligent vending machine market.
Rising government initiatives in order to support adoption of digitization, including increasing investment activities for the development of Internet of Things(IoT) infrastructure, and various technical advancements in order to make devices user friendly and accuracy of various connected devices are some additional factors projected to propel the target market growth during the forecast period.
Presently, large format retailers are adopting Artificial Intelligence (AI) in order to evaluate buying behavior of consumers, make real-time decisions, and offer consumers with a wide variety of options and information including product recommendation, customer services assistance etc. This helps retailers to enhance customer experience and increase sales.
Various companies are focusing on creating a strong position in emerging economies through mergers, acquisitions, agreements, etc.
- In September 2017, Fuji Electric Co., Ltd. acquired P.T. METEC SEMARANG, which is a Indonesia-based vending machine manufacturer, and the move was in order to enhance presence in Southeast Asia
Global Intelligent Vending Machines Market: Segment Analysis
Analysis by Type:
Among type, the beverages segment is expected to account for majority revenue share and is expected to continue its dominance over the forecast period. Increasing consumption of alcoholic and non-alcoholic beverages globally is one of the major factor expected to propel growth of the global intelligent vending machines market over the forecast period.
Analysis by Application:
Among all the application segments, the others segment in the target market has been estimated to account for majority revenue share, and is expected to register CAGR of 10.2% over the forecast period.
Analysis by Technology:
Among all the technology segments, the cashless systems segment in the target market has been estimated to account for significant revenue share, and is expected to register CAGR of 10.6% over the forecast period.
Analysis by Region:
North America market accounted for largest revenue share in the global intelligent vending machines market in 2018. The market in Asia Pacific region, is expected to register a CAGR of 12.1% over the forecast period.
The market in North America accounts for largest revenue share and is expected to maintain its dominance over the forecast period, owing to rising adoption of intelligent vending machines among coupled with rising demand for LCD screens displaying food and beverage ingredients and other details, and the nutritional labeling on food items as per US regulation.
The market in Europe is expected to account for second-highest share in the market in terms of revenue over the forecast period, owing to increasing preference for smart payment options including credit cards, debit cards, mobile wallet apps, online transactions etc. among consumers.
The market in Asia Pacific region is expected to register significant growth in terms of revenue, owing to increasing digitalization in the region. In addition, shifting focus of tech-savvy population towards hassle-free shopping, coupled with increasing disposable income are some key factors expected to fuel demand for intelligent vending machines in India, especially for installation in metro cities. In addition, manufacturers are focusing on adoption of high-end technologies and launching innovative vending machines in order to facilitate consumers to buy products more conveniently.
- For instance, KWIK24 has become India’s first app-operated and check-out free store (IoT powered vending machine) through which users can buy products by using KWIK24 Mobile App, and it also aids users to check what is available in smart store, interact, and pick up the products
Global Intelligent Vending Machines Market Segmentation:
Segmentation by Type:
Segmentation by Application:
- Quick Service Restaurants
- Business Center & manufacturing facilities
- Public Transport
- School/ Institutions
Segmentation by Technology:
- Cashless Systems
- Telemetry Systems
- Voice Recognition
Segmentation by region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Crane Co.
- Canteen Vending Services, Inc. (Compass Group USA, Inc.)
- Fuji Electric Co., Ltd.
- Royal Vendors, Inc.
- Bianchi Vending Group S.p.A.
- Intel Corporation
- Azkoyen, S.A.
- Westomatic Vending Services Ltd.
- Jofemar SA
- 1.0 Chapter 1
- 1.1 Preface
- 1.2 Assumptions
- 1.3 Abbreviations
- 2.0 Chapter 2
- 2.1 Report Description
- 2.1.1 Market Definition and Scope
- 2.2 Executive Summary
- 2.2.1 Market Snapshot, By Type
- 2.2.2 Market Snapshot, By Application
- 2.2.3 Market Snapshot, By Technology
- 2.2.4 Market Snapshot, By Region
- 2.2.5 Prudour Opportunity Map Analysis
- 2.1 Report Description
- 3.0 Chapter 3
- 1.0 Chapter 1
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