Pune, India, April 03, 2023 (GLOBE NEWSWIRE) -- The global intelligent vending machine market size was valued at USD 6.51 billion in 2021 and USD 7.44 billion in 2022. The market is expected to reach USD 22.0 billion by 2029 with a CAGR of 16.7% during the forecast period. Unique user experience created using such machines is expected to propel the market course in a growing direction. Integration of the Internet of Things (IoT) and technological advancements are expected to facilitate market development for intelligent vending machines. Fortune Business Insights™ shares this information in its report titled “Intelligent Vending Machine Market, 2022-2029.”
COVID-19 Impact:
Panic Buying from the Population During Pandemic Pushed Market Growth
With the outbreak of the COVID-19 pandemic, the growth of the overall market has been affected due to work-from-home models. However, the demand for food & beverages observed a huge growth but this has disrupted the supply chain due to panic buying from the population. For instance, Azkoyen installed vending machines in the less-cost high-speed train along with new AVLO trains. These vending machines are going to deliver snacks and drinks to more than 400 passengers with their automation.
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Segments Analysis:
Free-Standing Vending Machines to Dictate Due to Increasing Demand from Food & Beverage Industry
On the basis of machine type, the market is divided into free-standing vending machines and wall-mounted vending machines. Free-standing vending machines segment is anticipated to have the largest part in the segment due to increasing demand from the food & beverage industry. Wall-mounted machines are also set to have major growth in the coming years as they can be an alternative space-saving substitute to huge floor-standing vending machines.
Food and Beverage to Lead the Segment Due to High Preference Among Consumers
Based on product type, the market is categorized into food & beverages, snacks, tobacco, confections, and others. Food & beverages segment is expected to have a major part due to high preference among consumers for instant food items and innovative food products.
Quick Service Restaurants to Lead the Segment Owing to Growing Popularity of Machines
Based on application, the market is divided into quick service restaurant, commercial malls & retail stores, offices, public transport, shopping centers, and others. Quick service restaurants segment is expected to have a major part due to the growing popularity of vending machines in both developed and developing countries.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
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Market Drivers and Restraints:
Various Advantages of the Machines to Propel Market Growth
Owing to their portability and quick delivery, it is becoming a convenient option for consumers. This is anticipated to drive the intelligent vending machine market growth. The demand for such machines is increasing owing to their cashless payment option, which is expected to drive market growth. Organizations have installed intelligent vending machines that can accept credit cards, debit cards, and mobile payments. Rising rules and regulations of the government, adoption of computing technology, remote management, and other factors are expected to set the course.
However, high costs of installation and rise in security and theft are expected to impede the market growth.
Regional Insights
Asia Pacific to Lead Market Share Owing to Advanced Infrastructure
Asia Pacific is expected to lead the intelligent vending machine market share due to the presence of large scale retail stores and advanced infrastructure. Manufacturers in the region are focused on offering a robust infrastructure with technical competencies to use advanced devices in contactless payment solutions. With the adoption of high-end technology, there has been an increase in the market growth. In India, increased number of investments in the public infrastructure is also set to push market growth.
North America is set to have steady growth due to developments in communication technology. In addition, the government regulations of the U.S. and Canada to promote energy conservation are strict. Strong presence of prominent global manufacturers in the region is also set to aid the growth of the market
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Competitive Landscape
Reinvention of Existing Products by Key Players to Progress Market Course
The market has various players such as Beta Automation, Vendstop, Cherise India, JP Vend Tech, Daalchini, Snaxsmart, Silcron, SandenVendo America, VendomaticIndia, and AAEON. The market players are seen to adopt various strategies such as product development, partnerships, acquisitions, agreements, and expansions. In April 2021, Azkoyen announced the Vitro X1 automatic coffee maker with technology called Micro Injected Air (MIA). It is based on the company's popular series vitro. The Vitro X1 MIA uses Azkoyen's own MIA technology. The market players in the company have been adopting new product launches with different technologies.
Key Industry Development
- August 2021- Azkoyen Group partnered with eye-tracking technology developer Irisbond to launch a fully eye-controlled coffee machine. Azkoyen Group is an international Spanish technology company that offers automated goods and services.
List of Key Players Profiled in the Report
- Azkoyen Group (Spain)
- Crane Co. (U.S.)
- FAS INTERNATIONAL S.R.L (Italy)
- Fuji Electric Co., Ltd. (Japan)
- Royal Vendors, Inc. (U.S.)
- Sanden Holdings Corporation (Japan)
- Rhea Vendors Group Spa (Italy)
- Seaga (U.S.)
- Jofemar Corporation (U.S.)
- Sielaff GmbH & Co (Germany)
- BIANCHI INDUSTRY SPA (Italy)
- N&W Global Vending S.p.A. (Italy)
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Major Table of content:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Intelligent Vending Machine Key Players Market Share Insights and Analysis, 2021
- Global Intelligent Vending Machine Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
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- Key Findings
- By Machine Type (USD Bn)
- Free-Standing Vending Machines
- Wall-Mounted Vending Machines
- By Product Type (USD Bn)
- Food & Beverages
- Snacks
- Tobacco
- Confections
- Others
- By Application (USD Bn)
- Quick Service Restaurant
- Commercial malls & retail stores
- Offices
- Public Transport
- Shopping Centers
- Others
- By Region (USD Bn)
- North America
- Europe
- Asia-Pacific
- Middle East & Africa
- Latin America
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- North America Intelligent Vending Machine Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
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- Key Findings
- By Machine Type (USD Bn)
- Free-Standing Vending Machines
- Wall-Mounted Vending Machines
- By Product Type (USD Bn)
- Food & Beverages
- Snacks
- Tobacco
- Confections
- Others
- By Application (USD Bn)
- Quick Service Restaurant
- Commercial malls & retail stores
- Offices
- Public Transport
- Shopping Centers
- Others
- By Country (USD Bn)
- U.S.
- By Application
- Quick Service Restaurant
- Commercial malls & retail stores
- Offices
- Public Transport
- Shopping Centers
- Others
- By Application
- Canada
- By Application
- Quick Service Restaurant
- Commercial malls & retail stores
- Offices
- Public Transport
- Shopping Centers
- Others
- By Application
- U.S.
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