Intelligent Vending Machines Industry Overview
The global intelligent vending machines market size is anticipated to reach USD 55.52 billion by 2030, registering a CAGR of 13.3% from 2022 to 2030, according to a new study by Grand View Research, Inc. The surge in the demand for self-service technology across Europe and the North American region driven due to automation technology advancement and the rising adoption of contactless vending machines is expected to drive the industry growth over the forecast period. Intelligent vending machines are integrated with technologies such as LCD/touchscreen, gesture- based interaction, cashless systems, telemetry systems, voice recognition, digital signage, and enterprise resource planning (ERP) systems, among others.
These integrated machines enable self-ordering as a convenient activity as of payment a variety of payment methods such as debit or credit cards, mobile wallets, and QR codes, among others. The integration of intelligent vending machines with coming of the age technologies such as IoT,
cloud, smart sensors, voice & face recognition, and central pricing management & real-time sales data analytics enables interaction between the vending machine and the consumer. These advanced features provide intelligence to the intelligent vending machines by analyzing and responding to consumers and offer a superior visual experience with interactive marketing promotions.
The dynamic features of the intelligent vending machine include efficient stock control, predictive maintenance, smart payment options, and multiple payment methods, among others. Post COVID-19 pandemic, the increasing preference of consumers toward cashless payments, is one of the major factors supporting the growth of the intelligent vending machines market. The advancement in mobile payment technologies due to technologies such as Near-field Communication (NFC), has made the payment process a faster, easier, and a contactless process which decreases the cash management costs and reduces the theft & vandalism threats significantly, further promoting the adoption of intelligent vending machines in manufacturing, commercial malls, and commercial offices.
Intelligent Vending Machines Market Segmentation
Grand View Research has segmented the global intelligent vending machines market on the basis of product, application, and region:
Based on the Product Insights, the market is segmented into Beverages, Snacks, Food, Confections, and Others.
- The snacks category is estimated to emerge as the fastest-growing product sub-segment, registering a CAGR of 14.9% during the forecast period. This is attributed to the increasing focus on healthy products, longer working hours, and innovative new product launches, among others. The food sub-segment is expected to emerge as the largest segment over the forecast period.
- The market demand for food was valued at USD 6.99 billion in 2021 and is predicted to expand at a CAGR of 13.1% during the forecast period. Stringent government regulation to maintain the quality and hygiene of food products is driving the demand from the end-use consumers. A significantly high preference among consumers for instant food items and innovative food products is propelling the demand for the food segment.
Based on the Application Insights, the market is segmented into Manufacturing, Commercial malls & retail stores, Offices, Educational Institutes, and Others.
- The intelligent vending machine market is categorized into manufacturing, offices, commercial malls & retail stores, educational institutes, and others. Offices are the fastest-growing segment of the intelligent vending machine market in 2021 growing at a CAGR of 14.8% during the forecast period. The adoption of intelligent vending machines in avenues such as commercial offices and industrial sectors is gaining traction in recent times due to the growing preference for contactless transactions and ease of use in vending products.
- The adoption of these systems at manufacturing facilities offers several benefits, such as space conservation, cost-effectiveness, and cleanliness. The commercial malls and retail stores are estimated to hold a significant share in the intelligent vending market over the forecast period. The segment occupied 16.5% of the total market share in 2021.
Intelligent Vending Machines Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
Industry players are increasingly focusing on adopting inorganic growth strategies by acquiring relatively smaller industry participants and other ecosystem players. For instance, in 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. Market participants are further emphasizing collaborating with other players to expand and optimize their market share. Some of the key players operating 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
Order a free sample PDF of the Intelligent Vending Machines Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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