NEW
YORK, June 17, 2024 /PRNewswire/ -- The
global intelligent vending machine market size is
estimated to grow by USD
27.38 billion from 2024-2028, according to Technavio.
The market is estimated to grow at a CAGR of 29.82% during the
forecast period. Growing demand for cashless vending
machines is driving market growth, with a trend
towards ability of real-time data collection through
intelligent vending machines. However, rise in theft and
vandalism poses a challenge. Key market players include Advantech
Co. Ltd., Automated Merchandising Systems Inc., Azkoyen SA, Bianchi
Industry SpA, Compass Group Plc, Crane Holdings Co., Digital Media
Vending International LLC, Evoca Group, Fas International Srl,
Fastcorp Vending LLC, Furukawa Electric Co. Ltd., Rhea Vendors
Group Spa, Royal Vendors Inc., Seaga Manufacturing Inc., Selecta
Group BV, Shanghai Linhan Information Technology Co. Ltd., Silkron
Technology Sdn Bhd, The Wittern Group Inc., Vendors Exchange
International Inc., and Westomatic Vending Services Ltd..
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segments, customer landscape, and companies- View the
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Intelligent Vending
Machine Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
29.82%
|
Market growth
2024-2028
|
USD 27386.7
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
23.05
|
Regional
analysis
|
North America, Europe,
APAC, South America, and Middle East and Africa
|
Performing market
contribution
|
North America at
38%
|
Key
countries
|
US, Japan, China,
Germany, and UK
|
Key companies
profiled
|
Advantech Co. Ltd.,
Automated Merchandising Systems Inc., Azkoyen SA, Bianchi Industry
SpA, Compass Group Plc, Crane Holdings Co., Digital Media Vending
International LLC, Evoca Group, Fas International Srl, Fastcorp
Vending LLC, Furukawa Electric Co. Ltd., Rhea Vendors Group Spa,
Royal Vendors Inc., Seaga Manufacturing Inc., Selecta Group BV,
Shanghai Linhan Information Technology Co. Ltd., Silkron Technology
Sdn Bhd, The Wittern Group Inc., Vendors Exchange International
Inc., and Westomatic Vending Services Ltd.
|
Market Driver
Intelligent vending machines offer advanced functionalities
beyond product dispensing. These include operations, inventory, and
customer management, as well as digital advertising and content
management. Real-time data collection through internet-enabled
software allows retailers to analyze customer behavior and
preferences, enabling them to focus on distribution and product
quality.
The market for intelligent vending machines is growing due to
the incorporation of real-time data collection technology, which
increases sales value and volume. This trend is driven by the use
of machine learning algorithms, cloud-based servers, and software
analytics to manage large customer data sets.
The Intelligent Vending Machine market is experiencing
significant growth due to advancements in technology. These
machines use advanced features like facial recognition, contactless
payment, and real-time inventory management.
Consumers prefer contactless transactions, making cashless
payment systems essential. Furthermore, the use of artificial
intelligence and machine learning enables personalized offerings
and improves overall efficiency. Additionally, the integration of
cloud technology allows for remote monitoring and management.
Companies are focusing on customizable designs and user-friendly
interfaces to cater to diverse consumer needs. The market is
expected to continue expanding as technology continues to
evolve.
Research report provides comprehensive data on
impact of trend. For more details- Download a Sample
Report
Market Challenges
- Intelligent vending machines, designed for self-operation, face
challenges in the global market due to rising vandalism,
particularly in APAC. The lightweight design makes these machines
an easy target for fraudsters. Vandalism and hacking through
mathematical codes are major concerns.
- Video surveillance has been implemented to prevent thefts, but
the threat of information security with the use of connected
devices is a growing challenge that could hinder market
growth.
- The Intelligent Vending Machine market is experiencing
significant growth due to the integration of advanced technologies
such as artificial intelligence and contactless payment systems.
However, challenges persist in areas like data security, inventory
management, and customer experience.
- Ensuring secure data transmission and protection is crucial to
prevent unauthorized access and maintain consumer trust. Efficient
inventory management is necessary to avoid stockouts and
overstocks, which can negatively impact sales and profitability.
Lastly, providing a seamless and personalized customer experience
is essential to differentiate from competitors and build brand
loyalty. These challenges require continuous innovation and
investment to stay competitive in the Intelligent Vending Machine
market.
For more insights on driver and
challenges - Request a sample report!
Segment Overview
- Product
- 1.1 Beverage
- 1.2 Food
- 1.3 Tobacco
- Installation Sites
- 2.1 Retail sites
- 2.2 Public transport hubs
- 2.3 Offices
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Beverage- The beverage segment dominates the
global intelligent vending machine market, accounting for the
largest share in 2023. Countries like Spain, Germany, and the UK drive significant beverage
sales, particularly in alcoholic beverages such as beer. This trend
has encouraged retailers to incorporate vending machines in their
stores, leading to substantial market growth for beverages during
the forecast period.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2017-2021) - Download a Sample Report
Research Analysis
The Intelligent Vending Machine market is experiencing
significant growth due to the increasing adoption of touch-screen
controls, UI-based transactions, and cashless payments in retail
environments. Shoppers are drawn to the immediate gratification
offered by these advanced machines, which provide video and audio
displays, scent options, and even gesture-based interaction.
Rapid digitization and regulatory encouragement have led to the
widespread implementation of networking technologies and real-time
inventory management systems. Sustainability and environmental
concerns are also driving the market, with eco-friendly features
becoming increasingly important.
Urbanization and changing lifestyle patterns have increased the
demand for convenient access to packaged food, beverages, and
tobacco products. Initial investment expenditures for intelligent
vending machines may be high, but the long-term benefits, including
customer engagement and monitoring sensors, make them a worthwhile
investment. Credit/Debit cards and mobile banking are common
payment methods for these machines, further enhancing their
appeal.
Market Research Overview
The Intelligent Vending Machine Market is experiencing
significant growth due to the integration of advanced technologies
such as artificial intelligence, machine learning, and the Internet
of Things. These technologies enable vending machines to offer
personalized recommendations based on consumer preferences and
behavior. Additionally, contactless payment options and remote
monitoring capabilities are driving the market's expansion.
The market is segmented by product type, application, and
end-user. Intelligent vending machines are used in various sectors,
including healthcare, education, retail, and transportation. The
market is expected to continue growing due to increasing
urbanization, rising consumer expectations, and the need for
convenience. Furthermore, governments and organizations are
investing in smart city initiatives, which will further boost the
market's growth.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Product
-
- Installation Sites
-
- Retail Sites
- Public Transport Hubs
- Offices
- Geography
-
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio