Global Intelligent Vending Machine Market 2018-2022
About Intelligent Vending Machine
Vending machines are used in the automatic retailing industry to dispense products such as beverages, snacks, cigarettes, lottery tickets, and other consumer goods after feeding a desirable amount into the machine. At present modernized and optimized vending machines with several technologies such as interactive displays, cashless payments, and telemetry systems are available. They are mostly installed in hospitals, public buildings, airports, and gas stations.
Technavio’s analysts forecast the global intelligent vending machine market to grow at a CAGR of 34.41% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global intelligent vending machine market for 2018-2022. To calculate the market size, the report considers the revenue generated from the sales of intelligent vending machines.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Intelligent Vending Machine Market 2018-2022
Technavio recognizes the following companies as the key players in the global intelligent vending machine market: Crane, Coin Acceptors, Fuji Electric, and Royal Vendors.
Other Prominent Vendors in the market are: American Vending Machines, BIANCHI INDUSTRY SPA, Bulk Vending Systems, Compass Group (Canteen), Continental Vending, and Fresh Healthy Vending International.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is ability of real-time data collection through intelligent vending machines. Most vending machines focus on providing dispensing products. The functionality of the machine is decided by the hardware, software, and the microprocessors and controllers used in designing the machine. Intelligent vending machines are being equipped to handle in-data collection, data transfer, and data analysis. These advanced features enable the retailers to focus on their core competencies of timely distribution and product quality. Vending machines use customized software analytics and cloud-based services to manage large real-time customer data.”
According to the report, one of the major drivers for this market is growing demand for cashless vending machines. Companies are installing vending machines that accept payments through credit cards, debit cards, and mobile payments. This helps them to gain the attention of customers, consequently propelling the sales. The vending machines are becoming popular in offices, commercial complexes, institutes, hospitals, and other public places. Retailers preference is shifting towards cashless transaction facilities and machines with cashless features.
Further, the report states that one of the major factors hindering the growth of this market is high initial investment and maintenance cost. End-users require huge capital investments for procuring the software and hardware for intelligent vending machines. Although they can customize the hardware and software according to their needs, these customizations can also be outsourced to third-party suppliers, which involves considerable costs. To withstand the competition in the market vendors, need to launch innovative products that require heavy investments in R&D. However, the cost of producing of vending machines is very high while the cost of renting them is also increasing by the year.
Crane, Coin Acceptors, Fuji Electric, Royal Vendors, American Vending Machines, BIANCHI INDUSTRY SPA, Bulk Vending Systems, Compass Group (Canteen), Continental Vending, and Fresh Healthy Vending International.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook