NEW YORK, Nov. 5, 2023 /PRNewswire/ — The global vending machine market size is estimated to grow by USD 12.42 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 16.81% during the forecast period. The growth of the market is driven by increasing demand for cashless vending machines. The rising adoption of smartphones and the rapid penetration of the internet has led to the growth of cashless payments worldwide. To attract customers, companies and retailers are adopting vending machines that can accept payments made through credit cards, debit cards, and mobile payments. Some retailers are retrofitting vending machines to allow cashless transactions. With the growing adoption of cashless payments, the demand for cashless vending machines will increase during the forecast period. For more insights on the historic data (2017 to 2021) and forecast market size (2023 to 2027) – Request a sample report
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Global Vending Machine Market – Segmentation Assessment
Segment Overview
Technavio has segmented the market based on product (low-end vending machines and intelligent vending machines), distribution channel (offline and online), and geography (APAC, North America, Europe, Middle East, and Africa, and South America).
- The market will observe significant growth in the low-end vending machines segment during the forecast period. Many small and medium-scale retailers prefer low-end vending machines as they cannot afford to purchase intelligent vending machines. These machines also minimize the recurring costs associated with labor to improve productivity and promote cashless payments. Such benefits are driving the growth of the segment.
Geography Overview
By geography, the global vending machine market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global vending machine market.
- North America will account for 37% of the market growth during the forecast period. The region is witnessing an increased demand for vending machines from retailers and part-time and home-based businesses. Besides, many end-users are exhibiting high demand for interactive kiosks and intelligent vending machines that provide enhanced user experience. In addition, the rising demand for self-help automated and technologically advanced machines in retail outlets is fueling the growth of the vending machines market in North America.
Insights on the market contribution of various segments including country and region wise, historic period (2017 to 2021) and forecast market size (2023 to 2027) – Download a Sample Report
Global Vending Machine Market – Market Dynamics
Leading trends influencing the market
- The real-time data collection capabilities of intelligent vending machines is identified as the key trend in the market.
- Intelligent vending machines are backed with advanced features such as operations management, inventory management, customer analytics, transaction management, software and platform management, and digital advertising and content management system.
- This allows vending machine operators to collect and manage a large volume of customer data.
- Machine learning and real-time data allow retailers to analyze customer profiles based on their behavior and the number of purchases.
- This helps retailers to focus on their core competencies and improve productivity. All these benefits will have a positive impact on the growth of the market during the forecast period.
Major challenges hindering the market growth
- High initial investments and maintenance costs of vending machines are hindering the growth of the market.
- The cost of manufacturing vending machines is high, and the cost of renting is increasing every year.
- End-users require significant investments in purchasing software to manage intelligent vending machines.
- Besides, vendors are compelled to launch innovative products by making heavy investments in R&D.
- Such challenges are reducing the growth potential in the market.
Insights on market drivers, trends, & challenges, historic period (2017 to 2021) and forecast period (2023 to 2027) – Request a sample report!
What are the key data covered in this vending machine market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the vending machine market between 2023 and 2027
- Precise estimation of the size of the vending machine market and its contribution to the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the vending machine market industry across North America, Europe, APAC, South America, and Middle East and Africa
- A thorough analysis of the market’s competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of vending machine market vendors
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Table of contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
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SOURCE Technavio
