Intelligent Vending Machines Industry Overview
The global intelligent vending machines market size was valued at USD 19.83 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 13.3% from 2022 to 2030.
In 2020 and until mid-2021, the COVID-19 pandemic negatively impacted the overall market growth due to supply chain disruption and lowered demand from the end-users due to the work-from-home model. Nevertheless, as the severity of the virus subsided, several end-use industries were seen returning to the office and eventually increased the demand for the intelligent vending machine. Traditional vending machines have a dispensing unit and accept payment in only cash and coins.
Gather more insights about the market drivers, restraints, and growth of the Global Intelligent Vending Machines market
Whereas, intelligent vending machines are enhanced traditional vending machines that are integrated with primary functionalities such as LCD/touchscreen, cashless systems, telemetry systems, voice recognition, digital signage, and enterprise resource planning (ERP) systems, among others. The increasing adoption of the Internet of Things (IoT) and connected device technologies is anticipated to support the growth of the intelligent vending machines market during the forecast period. Consumers’ increasing adoption of cashless and contactless payments to make food & beverages purchases is further driving the market growth.
Latest technologies including contactless mobile payments, face & voice recognition, Near-Field Communication (NFC), telemetry, and government mandates to display nutrition information & product warning are factors expected to impact the industry positively over the forecast period. Intelligent vending machines that are embedded with face and voice recognition sensors guide users in product selection by recommending products based on their age and historical buying pattern. Moreover, interactive touch screen display technology helps vendors to generate more profits by interacting with customers’ smartphones showcasing HD displays running interactive promotions, marketing advertisements, and other third-party information which can be monetized.
Furthermore, due to advancements in communication technology, machines can contact vending operators by broadcasting real-time notifications via cloud technology to reduce operational as well as maintenance costs. The IoT technology enables machines to communicate information such as product unavailability, dynamic route optimization, and increasing logistics efficiencies. However, the stringent government regulations related to the sale of junk food in public places such as schools and the restrictions on the sale of potentially hazardous products, such as cigarettes and tobacco, are estimated to impact the market growth negatively.
More, economic slowdown imposed due to the COVID-19 pandemic and high technology costs is some of the factors deterring operators, from upgrading traditional vending machines. The lockdown imposed due to COVID-19 impacted the global intelligent vending machines market significantly. Many organizations changed their operations, from contactless practices to distant working models. These changes in practices created many opportunities as well as restraints for the market growth of intelligent vending machines.
Furthermore, an increasing need to avoid a human interaction-based shopping experience gave a further boost to contactless transactions. However, raw material sourcing and unavailability of vending machine components across the globe was a major concern among the intelligent vending machine vendors, owing to the shutdown in business operations. The majority of component manufacturers are based in China and other APAC countries; the supply of machine components was halted due to irregularities in transportation during the lockdown period.
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Europe Vending Machine Market - The Europe vending machine market size was valued at USD 13.71 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 8.9% from 2021 to 2028. Increasing demand for on-the-go snacks and beverages due to the hectic lifestyles of consumers is boosting the demand for vending machines.
Industrial Vending Machine Market - The global industrial vending machine market size was valued at USD 2.2 billion in 2019 and is expected to register a CAGR of 9.6% from 2020 to 2027. Technological advancements in vending machines have enabled companies to improve the efficiency of inventory management and monitor inventory consumption.
Market Share Insights
January 2021 - France-based Sodexo acquire U.S.-based Accent Food Services, a fast-growing regional convenience services operation. With this acquisition, Sodexo plans to strengthen its takeout, delivery, and convenience store concepts, multi-channel offerings, including click n' collect, self-service pantries, office refreshments, micro-markets, and smart vending machines.
Key Companies profiled:
Some prominent players in the global Intelligent Vending Machines market include
- Crane Co.
- Advantech Co. Ltd.
- Bianchi
- Vending Group S.p.A
- Azkoyen Group
- FAS International S.p.A.
- N&W Global Vending S.p.A.
- Rhea Vendors Group
- Westomatic Vending Services Ltd.
- Sanden Corp.
- Seaga, Jofemar
- Royal Vendors
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