The global Intelligent Vending Machines Market size is anticipated to reach USD 55.52 billion by 2030, registering a CAGR of 13.3% from 2022 to 2030, according to a new study by Grand View Research, Inc. The surge in the demand for self-service technology across Europe and the North American region driven due to automation technology advancement and the rising adoption of contactless vending machines is expected to drive the industry growth over the forecast period. Intelligent vending machines are integrated with technologies such as LCD/touchscreen, gesture-based interaction, cashless systems, telemetry systems, voice recognition, digital signage, and enterprise resource planning (ERP) systems, among others.
These integrated machines enable self-ordering as a convenient activity as of payment a variety of payment methods such as debit or credit cards, mobile wallets, and QR codes, among others. The integration of intelligent vending machines with coming of the age technologies such as IoT, cloud, smart sensors, voice & face recognition, and central pricing management & real-time sales data analytics enables interaction between the vending machine and the consumer. These advanced features provide intelligence to the intelligent vending machines by analyzing and responding to consumers and offer a superior visual experience with interactive marketing promotions.
The dynamic features of the intelligent vending machine include efficient stock control, predictive maintenance, smart payment options, and multiple payment methods, among others. Post COVID-19 pandemic, the increasing preference of consumers toward cashless payments, is one of the major factors supporting the growth of the intelligent vending machines market. The advancement in mobile payment technologies due to technologies such as Near-field Communication (NFC), has made the payment process a faster, easier, and a contactless process which decreases the cash management costs and reduces the theft & vandalism threats significantly, further promoting the adoption of intelligent vending machines in manufacturing, commercial malls, and commercial offices.
IoT and advanced analytics help in gaining consumer insights on buying preferences, patterns, and average expenditures. Interactive displays help vendors to generate more revenue through the display of marketing advertisements and developing loyalty programs. For instance, in February 2022, U.S.-based Mars Wrigley partnered with Switzerland-based Selecta for the development of intelligent vending machines. With this partnership, both the companies plan to introduce IoT-based intelligent vending machines with 48-inch touch screens, product information, consumer analytics, and smart payment processing feature in the European region.
The COVID-19 pandemic has significantly changed the dynamics of the intelligent vending machines market. A temporary shutdown in offices, commercial malls & retail spaces for controlling the spread of COVID-19 negatively impacted the market in the short term. However, the market witnessed huge growth with the reopening of commercial offices and manufacturing activities.
Related Press Release@ Intelligent Vending Machines Market Report
Intelligent Vending Machines Market Report Highlights
- The Beverages type segment dominated the industry, accounting for more than 30% of the overall volume in the market due to the surging demand for healthy drinks
- Office installed intelligent vending machines are expected to gain momentum as they offer consumers to collect quick snacks or food items without the need of ordering food and wait for them to be delivered
- The Asia Pacific region of the market is projected to emerge as the fastest-growing market due to the increased consumer spending power and opening of commercial spaces in emerging economies, such as India and China
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