Intelligent Vending Machines Market Size By Product (Beverage, Food, Tobacco), By Application (Retail Sites, Public Transport Hubs, Offices/Institutions), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 - 2027
The intelligent vending machine market is projected to expand substantially by 2027 owing to proliferation of self-service technology across key regions. In addition, rising adoption of cashless payment systems is likely to boost market growth over the forecast period.
Intelligent vending machines enable brands to provide customers with their products by displaying a relevant assortment of goods across various public venues. Fast-paced innovations in vending machines have equipped them with various features, including touch-screen controls, cashless payments, high-quality video and audio, and gesture-based interaction. Notably, shifting consumer preferences towards cashless payments and quick and convenient shopping has driven product uptake in recent years.
Moreover, to capitalize on emerging market trends, industry players are implementing lucrative strategies by way of establishing partnerships and joint ventures as well as undertaking mergers & acquisitions, which has positively impacted the business landscape. For instance, in March 2021, Evoca Group, a key vending machine manufacturer, entered into a joint venture with Guangzhou Macas Electronic Technology Company Limited, a leading commercial coffee machines supplier. The joint venture enabled the expansion of both firms across growing markets for coffee machines in Asia and China.
Similarly, in November 2019, Crane Merchandising Systems, a global manufacturer of cashless systems and vending machines solutions, launched the MEDIA2 platform, which has been designed to influence customer behavior through suggestive selling during the vending process. It consists of a 9’’ screen with improved touch sensitivity that allows faster touch responsiveness, delivering enhanced performance.
To cite another instance, in July 2021, Azkoyen Group, a Spain-based technology corporation, inked a partnership agreement with Codisys, a major software firm. With the agreement, both firms intended to combine their expertise to provide automation and technological solutions to the franchise sector for offering remote management and real-time monitoring of store operations, among other benefits.
The intelligent vending machine market has been segregated on the basis of application, product, and region. With respect to product, the market has further been bifurcated into food, tobacco, beverage, and others. The others product segment is expected to gain significant traction over the projected period owing to surging demand for cashless ticket vending systems.
In terms of application, the market has been categorized into public transport hubs, retail sites, offices/institutions, and others. The intelligent vending machine market from the others application segment is slated to expand at a considerable CAGR through the analysis timeline on account of increasing demand for vending machines at entertainment venues.
From the regional point of view, the Latin America intelligent vending machine market is anticipated to witness optimistic growth by 2027 on account of growing penetration of digitalization in the LATAM region.
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