Intelligent Vending Machines Market Size Worth $11.84 Billion By 2025
The global intelligent vending machines market size is expected to reach USD 11.84 billion by 2025, according to a new study by Grand View Research, Inc. The surge in the penetration of self-services technology across North America and Europe is anticipated to drive the industry growth over the next nine years. Intelligent vending machines incorporate energy efficient electronic equipment including efficient lighting components, such as LEDs, compressors, and sensors, that help in conserving energy.
Industry players are progressively participating and promoting initiatives, such as Refrigerants and Naturally!, that help in eliminating and minimizing the release of hydrofluorocarbons (HFC) from vending machines. This is subsequently impelling the demand for HFC-free products such as intelligent vending systems.
The incorporation of ground-breaking features, such as voice and face recognition that enables interaction between the machine and the consumer, is energizing the industry growth prospects. These features add intelligence to the systems by detecting and responding to consumers and offer a dynamic visual experience with interactive promotions.
The increasing consumer preference toward cashless payments is a favorable trend observed in the market. The acceptance of payments through technologies, such as Near-field Communication (NFC), is instrumental in driving public interest owing to the easier, faster, and contactless modes of payment. These modes help in decreasing the cash management costs and subsequently decrease threats such as theft and vandalism.
Intelligent dispensing systems help in gaining insights regarding consumer behavior, preferences, and buying patterns. Interactive displays help vendors to generate more revenue through the display of advertisements and loyalty programs.
Click the link below:
Further key findings from the study suggest:
- The hot drinks type segment dominated the industry, accounting for more than 62% of the overall volume due to the surging demand for refreshment drinks
- Office vending systems are expected to gain momentum as they facilitate employees to grab a quick snack in between breaks without the need of placing an order and waiting for it to be processed
- The Asia Pacific region is predicted to emerge as the fastest growing market due to the increased demand in public transport applications in emerging countries, such as India and China
- Prominent vendors operating in the intelligent vending machines market include Crane Co., Advantech Co. Ltd., Bianchi Vending Group S.p.A, Azkoyen Group, and Rhea Vendors Group
- Increased focus on research and development activities and adoption of inorganic growth strategies are being observed in the industry