Intelligent Vending Machines Market will exceed $15Bn by 2027
Published Date: October 4, 2021 Authors: Preeti Wadhwani, Saloni Gankar
Intelligent Vending Machines Market size is anticipated to surpass USD 15 billion by 2027, according to a new research report by Global Market Insights Inc.
The rising customer demand for cashless payments is fueling the implementation of intelligent vending machines globally. Near-field Communication (NFC)-based payment technologies are essential in boosting consumer interest due to the more convenient, quicker, and contactless forms of payment. Intelligent vending machines integrate different payment acceptance methods to ensure customer comfort. The cashless payment market is revolutionizing the industry, with customers inclined toward electronic payment methods including smart cards or digital wallets.
The coronavirus (COVID-19) pandemic impeded the intelligent vending machine market growth in the first half of 2020. The deteriorating market conditions because of strict lockdown measures implemented by government agencies, hampered the demand for vending machines from all the end-use verticals. Product distribution delays were caused by disruptions in supply networks. The industry gained momentum in the second half of 2020 owing to a relaxation of the imposed lockdowns and the resumption of manufacturing activities. In 2021, the market is likely to witness growth on account of improving economic circumstances and the growing optimization of global supply chains.
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Increasing demand for packaged drinks in both developed & developing economies will propel the market demand
The high use of packaged beverages is assisting in the development of the intelligent vending machine market. The growing emphasis on healthy vending is fueling industry growth. Customers are constantly on the lookout for new packaged beverages that are low in calories and meet their active lifestyle and preferences. The proliferation of packaged drinks in tetra packs and multi-layered aseptic containers is increasing beverage uptake and, as a result, aiding in the industry statistics. The overall market is gaining traction led by a strong demand for functional beverages with reduced calorie content including refreshments, energy drinks, and ready-to-drink coffees & teas. The need for intelligent vending machines is being driven by consumers' strong desire for quick replenishment and hydration.
Browse key industry insights spread across 250 pages with 299 market data tables and 30 figures & charts from the report, “Intelligent Vending Machines Market Size By Product (Beverage, Food, Tobacco), By Application (Retail Sites, Public Transport Hubs, Offices/Institutions), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
The increasing use of intelligent vending machines in offices will fuel the intelligent vending machine market revenue
The adoption of intelligent vending machines in avenues such as offices is gaining traction due to the convenient access to fresh food, snacks, and beverages. These machines offer several benefits such as space conservation, cost-effectiveness, and cleanliness. Moreover, intelligent vending machines help in boosting employee productivity by offering on-demand access to a wide selection of food & beverages. They provide quick service in strategic locations, ensuring that employees can grab a meal quickly, particularly on busy schedule and while on the go. Market companies tailor their intelligent vending machine offerings to encourage nutritious eatables and drinks, encouraging employees to make healthy choices in the workplace and in their daily lives, thus augmenting the overall market.
The increasing consumption of tobacco in Europe will spur the market size
Europe has the highest amount of tobacco use in the world. WHO estimates suggest that around 29% of people over the age of 15 use tobacco products, with higher use among males than females. Increased affordability and access to cigarettes and other tobacco products will help the overall industry expansion. Intelligent vending machines are typically installed in locations with a dedicated smoking area for individuals to smoke.
Customers are recognized in a variety of methods, including palm vein recognition and face recognition, by these machines. The system then displays a customized menu based on the individuals' purchase history and prevents them from purchasing prohibited products, supporting the intelligent vending machine market growth.
Companies are focusing on forming strategic partnerships to launch innovative products in the developing markets
Companies are strategically collaborating and introducing innovative machines to sustain the increasing competition. For instance, in March 2021, Evoca Group and Guangzhou Macas Electronic Technology Company Limited announced a joint venture. The joint venture's goal is to position the companies as market leaders for high-quality intelligent coffee vending machines in the rapidly developing markets of China and Asia.
The prominent players operating in the intelligent vending machine market include Azkoyen Vending Systems, American Vending Machines, Bulk Vending Systems, Automated Merchandising Systems, Evoca Group, Bianchi Industry SpA, Crane Merchandising Systems, Continental Vending, Inc., Sanden Holdings Corporation, and Fuji Electric Co., Ltd.