New York, Jan. 18, 2024 (GLOBE NEWSWIRE) -- The market for intelligent vending machines was worth US$ 22,345.1 million in 2022 and is projected to reach US$ 83,110.5 million by the end of 2033. In 2023, the estimated value of the intelligent vending machine market is US$ 24,847.8 million, and it's expected to grow at a rate of 12.8% from 2023 to 2033.
A vending machine is a device that gives out items in exchange for coins or tokens. A smart vending machine is an advanced version that not only dispenses items but also engages customers using touch-screen controls, video, audio, scent, hand motion interaction, and cashless payment. These machines usually offer packaged food, drinks, and tobacco products.
The increasing use of Internet of Things (IoT) and connected device technologies is likely to drive the growth of the smart vending machines market from 2023 to 2033.
Smart vending machines with features like face and voice recognition sensors help users choose products based on their age and purchase history. Additionally, interactive touch screen displays allow vendors to connect with customers through their smartphones, displaying interactive promotions, marketing ads, and other ways to make use of third-party information and boost profits. With advancing communication technology, vending machines can send real-time notifications via cloud technology, reducing operational and maintenance costs. They can provide information such as product availability, optimized routes, and improved logistics efficiency, thanks to IoT technology.
Regarding the market's geographical distribution, North America dominated the global landscape in 2022 with a market share of 26.5% and is expected to maintain its leading position throughout the forecast period. In the Europe region, the demand for smart vending machines is anticipated to constitute about 23.3% of the market in 2022.
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Market Scope:
| Report Coverage | Details | |
| Market Revenue 2023 | US$ 24,847.8 Million | |
| Estimated Revenue 2033 | US$ 83,110.5 Million | |
| Growth Rate – CAGR | 12.8% | |
| Forecast Period | 2023-2033 | |
| No. of Pages | 350 Pages | |
| Market Segmentation | By Product & Services, Technology, End User, Region | |
| Regions Covered | North America, Latin America, Europe, South Asia & Pacific, East Asia, The Middle East & Africa | |
| Key Companies Profiled |
| |
Market Dynamics:
Drivers:
Growing Demand for Convenient Snacks and Cashless Transactions Boosts Market
Smart vending machines, known for their convenience and quick service, have become a popular choice for consumers seeking groceries and beverages. The increased pace of life and changing consumer habits in urban areas has led to a surge in demand for easily accessible food, driving the popularity of smart vending machines. These machines are particularly in demand in offices, commercial spaces, and public areas. Moreover, the preference for digital payments and cashless options has fuelled the demand for vending machines. With the rise of internet-enabled devices, widespread smartphone use, and the use of credit/debit cards, the market for cashless payments is on the rise. Businesses are installing smart vending machines that accept various payment methods, such as credit cards, debit cards, and mobile payments. This not only attracts customers but also boosts sales.
Additionally, government regulations, mobile payment choices, enhanced user interaction, the adoption of computing technology, reduced operating costs, payment flexibility, remote management, software adaptability, and improved energy efficiency contribute to the market's growth.
Restraints:
Security Concerns and High Initial Costs Challenge Market Expansion
The increase in theft and vandalism poses a significant hurdle to the smart vending machine market's growth in the coming years. The rise in vandalism, especially in developing countries, is impacting the global industry. These machines, designed for easy home use, have lightweight structures that are susceptible to destruction by vandals.
Moreover, the growing concern of retail store owners about safeguarding their products from theft and robbery is hindering the market. Security risks, including system failures, hacking, and the compromise of consumer personal information, contribute to these concerns.
Furthermore, the high initial costs, maintenance expenses, and energy consumption of smart vending machines are key factors expected to impede market growth. The manufacturing and deployment of these machines are expensive, affecting dealer interest and limiting their widespread adoption.
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Top Key Trends from the Intelligent Vending Machine Market
The intelligent vending machine market is the transformation beyond mere snacks and beverages. These machines are evolving into mini-retail stores and service hubs, offering fresh food, hot meals, electronics, pharmaceuticals, and even customized merchandise. This expands their reach and caters to diverse needs, from a quick coffee break to a post-workout smoothie bowl.
Another trend is the rise of personalization and convenience. AI-powered recommendations, touchless interfaces, and voice ordering create a seamless and customized experience. Additionally, 24/7 accessibility in convenient locations like offices, airports, and hospitals caters to busy lifestyles and on-the-go consumers.
Furthermore, data-driven insights are playing a crucial role. Real-time inventory tracking and sales analysis optimize stock management, reduce waste, and improve operational efficiency. This translates to a more profitable and sustainable business model for operators.
Finally, the market is witnessing a blurring of lines between traditional retail and on-demand services. Intelligent vending machines are becoming integrated with smart city initiatives and the Internet of Things (IoT), offering a glimpse into a future where shopping is as seamless and accessible as grabbing a coffee – a true revolution in the way we consume and interact with the world around us.
These key trends highlight the exciting potential of intelligent vending machines to reshape the retail landscape, offering convenience, personalization, and a wider range of products and services in a data-driven and technologically advanced way.
Competitive Landscape
Major companies in the smart vending machine industry are teaming up to boost advancements in technology for developing and adopting these systems.
In September 2022, Daalchini, a company offering smart vending machines to numerous brands in India, secured $4 million. This funding is part of their initiative to set up automated guided stores and vending machines every 200 meters in habitable areas across India.
In May 2022, SOS joined forces with the Jacksonville Jaguars to introduce a series of smart vending machines at TIAA Bank Field in Jacksonville, Florida. The goal is to offer on-demand personal grooming products from brands like Cora, First Aid Beauty, Hero Cosmetics, Megababe, and others.
The analysts at Persistence Market Research have been tracking recent developments related to key players providing solutions in the intelligent vending machine market. More details will be available in the full report.
Market Segmentation:
Products Overview
Based on the products, the smart vending machine market is divided into beverages, snacks, food, confections, and others. The snacks category is anticipated to be the fastest-growing, driven by factors like longer work hours, a focus on healthy products, and the launch of innovative items. The food sub-segment is expected to be the largest, encompassing items like meals, candies, and ice cream. Convenient packaging and aseptic cartons are boosting the adoption of food products. The market demand for food was valued at USD 7.22 billion in 2022, projected to grow at a CAGR of 13.8% due to government regulations on quality and hygiene and consumer preferences for instant and innovative food.
Applications Overview
In terms of applications, the intelligent vending machine market is categorized into manufacturing, offices, commercial malls and retail stores, educational institutes, and others. The adoption of intelligent vending machines is gaining momentum in industrial sectors and commercial offices, driven by the increasing preference for contactless transactions and user-friendly vending. Offices stand out as the fastest-growing segment, with a growth rate of 14.8% in 2022 during the forecast period. Manufacturing is the largest sub-category, valued at USD 5.88 billion in 2022 and expected to grow at a rate of 14.6%.
Implementing these systems in manufacturing facilities brings benefits like space efficiency, cost-effectiveness, and cleanliness. Commercial malls and retail stores are expected to hold a significant share, constituting 16.3% of the total market share in 2022. The rise in foot traffic and the heightened awareness of contactless ordering and payments due to the COVID-19 pandemic are anticipated to drive demand from this sub-segment over the forecast period.
Regional Overview:
North America took the lead in the market with over 30% revenue share in 2022. The growth is attributed to the widespread use of mobile payments, advancements in communication technologies, and fast internet connectivity. Stringent government regulations in countries like the U.S. and Canada, promoting energy conservation, are accelerating the deployment of these systems in the region. Organizations in North America, with their high spending power, can easily afford the initial investment and ongoing maintenance costs of intelligent vending machines, further boosting demand.
The Asia Pacific is expected to be the fastest-growing region, projected to grow at a rate of 15.6% during the forecast period. The region is rapidly becoming a major commercial hub, poised to surpass major European countries in the next five years. Increased spending on infrastructure, rising economic power, adoption of the latest communication technologies, and post-pandemic operations from offices contribute to the market's growth in the region.
Latest Innovations:
In 2022, Digital Media Vending International unveiled a smart vending machine that uses cloud management, artificial intelligence, and other features to enhance user experience. The machine incorporates product recognition, personalized interactions, augmented reality, and more.
In 2021, Westomatic Vending Services Ltd. introduced a smart Nutritional Drinks Dispenser. This dispenser, designed for gyms, employs new technology, including completely contactless features, to prevent the spread of bacteria and germs.
Key Questions Answered in the Report:
- What factors contribute to the growth trends in the market?
- What is the present market size, and how is it anticipated to change in the forthcoming years?
- What key elements are influencing the market?
- How is the Intelligent Vending Machine market divided, considering types, fuels, applications, or other relevant factors?
- Who are the primary participants in the Intelligent Vending Machine market?
- What strategies are these players employing to establish a competitive edge?
- What factors are driving the expansion of the Intelligent Vending Machine market?
- Which regions are expected to experience notable growth, and what are the reasons behind it?
- What recent technological advancements are impacting the Intelligent Vending Machine industry?
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