Vancouver, Oct. 12, 2023 (GLOBE NEWSWIRE) -- The global smart product vending machines market size reached USD 11.44 Billion in 2020 and is expected to register a significantly rapid revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Increasing demand for smart solutions in retail industry is one of the major factors expected to drive market revenue growth.
Better inventory options are boosting demand for retail stores in majority of countries. However, customers avoid or return from retail stores due to lack of change. As a result, several retail businesses have installed smart vending machines with Artificial Intelligence (AI), User Interface (UI), QR codes, and Point-of-Sale (POS) capabilities at various locations to enable cashless transactions and purchases. Increasing risk of theft of cash is a major concern, and cashless transactions are an ideal solution. Deployment of AI solutions in smart vending machines to detect customers’ buying patterns, preferences, and transactions details, results in increased productivity, time saving, and product sales. Retail shop operators load product stocks into smart vending machines based on consumer demand or preferences in a specific area. Additionally, smart vending machine owners and deployment service providers are diversifying products being leaded by focusing on the purchasing power of customers in the specific area.
However, lack of skilled professionals to manage and repair smart product vending machines is a major factor expected to hamper market revenue growth to some extent. Voice recognition and products stuck in the delivery dispensing outlet or chute are the most common issues of smart product vending machines. Thus, professional expertise is required in order to resolve such issues. In addition, smart product vending machines are susceptible to cyber-attacks, which in turn is expected to hamper market revenue growth to some extent.
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The global smart product vending machines market is expected to register a revenue CAGR of 19.8% over the forecast period and revenue is projected to increase from USD 11.44 Billion in 2020 to USD 98.66 Billion in 2032. Increasing demand for cashless payments and increasing demand for specific products based on demographics are some major factors propelling revenue growth of the market.
COVID-19 is having a negative impact on various industries and sectors globally. Most retail operations in various countries were earlier forced to shut down, which affected economic and industrial activities and functioning. Due to restricted movements during the lockdowns, supply chains, and exchange and transfer of essential goods and services were affected. This resulted in closure of majority of retail stores, shopping malls, and many others. However, relaxation in lockdowns and restrictions resulted in increased demand for self-service kiosks, and cashless systems as the virus is transmitted through contact.
However, cost factor and lack of space in some cities and locations to start stores across the retail industry are major challenges, and this has been resulting in many retailers becoming increasingly dependent on smart solutions, including smart product vending machines. The convenience of deploying and loading products into the machine, which the system can dispense according to customer requirement is driving this trend.
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Scope of Research
| Report Details | Outcome |
| Market size in 2020 | USD 11.44 Billion |
| CAGR (2023–2032) | 19.8% |
| Revenue forecast to 2032 | USD 98.66 Billion |
| Base year for estimation | 2020 |
| Historical data | 2018–2019 |
| Forecast period | 2023–2032 |
| Quantitative units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Machine type, product, technology, installation sites, and region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA |
| Key companies profiled | Fuji Electric Co., Ltd., Sanden Holdings Corporation, Missfresh Limited, Azkoyen Group, Royal Vendors, Inc., Seaga Manufacturing, Inc., Automated Merchandising Systems, Inc., Rhea Vendors Group S.p.A, N&W Global Vending S.p.A., and Jofemar Corporation |
| Customization scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global smart product vending machines market is fairly fragmented, with a number of large and medium-sized players accounting for majority market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective machines. Some major companies included in the global smart product vending machines market report are:
- Fuji Electric Co., Ltd.
- Sanden Holdings Corporation
- Missfresh Limited
- Azkoyen Group
- Royal Vendors, Inc.
- Seaga Manufacturing, Inc.
- Automated Merchandising Systems, Inc.
- Rhea Vendors Group S.p.A
- N&W Global Vending S.p.A
- Jofemar Corporation
Strategic Development
- In October 2021, Rhea Vendors Group S.p.A signed a partnership agreement with SECO S.p.A, which is one of the leading manufacturers of technological innovation for Internet-of-Things (IoT), and Artificial Intelligence (AI) solutions. The partnership had adopted Clea, which is SECOs integrated software platform with IoT and AI functionalities for Rhea’s vending machines. As a result of the partnership, Rhea will be able to improve the efficiency and effectiveness of its installed base monitoring, lowering the asset management cost.
- In August 2021, Seaga Manufacturing, Inc. launched multi-beverage vending machine, the Prosper. The Prosper is well-known for its ability to increase Return-On-Investment (ROI) and comes with a media player to improve customer experience. The Prosper also features a new vibration-controlled delivery system with a unique dual delivery deck. Furthermore, the Prosper is integrated with the latest telemetry operations such as NFC and others, along with digital payment interfaces such as Google Pay, Apple Pay, and other digital payment options, allowing customers to purchase products more conveniently.
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Some Key Highlights from the Report
- Free-standing segment is expected to register a significantly robust revenue growth rate over the forecast period due to rising demand for products such as electronics, cell phone accessories, and others. Free-standing vending machines can storelarge quantity of products. As a result, the owner company\'s efforts for product restocking are reduced.
- Beverage segment is expected to register a substantially rapid revenue CAGR during the forecast period due to rising need for refreshments at offices, educational and research institutes, and public transport hubs, among others.
- Asia Pacific market is expected to register a considerably large revenue share in the global smart product vending machines market over the forecast period due to robust presence of major market players providing smart product vending machines such as Fuji Electric Co., Ltd., Sanden Holdings Corporation, and Missfresh Limited among others in countries in the region.
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Emergen Research has segmented global smart product vending machines on the basis of machine type, product, technology, installation sites, and region:
- Machine Type Outlook (Revenue, USD Billion; 2019–2032)
-
- Free-Standing
- Wall-Mounted
- Product Outlook (Revenue, USD Billion; 2019–2032)
-
- Beverage
- Food
- Tobacco
- Gold
- Animal Products
- Medicine
- Others
- Technology Outlook (Revenue, USD Billion; 2019–2032)
- Cashless System
- Telemetry System
- Voice Recognition
- Installation Sites Outlook (Revenue, USD Billion; 2019–2032)
- Retail Site
- Public Transport Hub
- Office
- Institution
- Others
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
- North America
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy.
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