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..
Technavio has announced its latest market research report titled Global intelligent vending machine market 2024-2028
Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report
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Intelligent Vending Machine Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018 – 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 29.82% |
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Market growth 2024-2028 |
USD 27386.7 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
23.05 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 38% |
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Key countries |
US, Japan, China, Germany, and UK |
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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.
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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.
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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.
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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
Beverage
Food
Tobacco
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.
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SOURCE Technavio