Smart Vending Machines Market Size and Growth rate
According to recent research reports, the global smart vending machine is expected to grow at a massive CAGR of 37.6% reaching to about US $11.15 billion by 2023.
Growth drivers, Restraints and Opportunities of Smart Vending Machines Market
Smart Vending machine is a relatively new technology wherein, a machine dispenses a product. This is in return for money usually. However, with advancing technology, this simple concept has grown. Today, the smart vending machine does not need money or a manual movement to dispense an item. Gesture sensing, voice recognition, sound recognition, touch panels, NFC, cashless payments, etc. are few of the forums this technology has forayed into. Essentially, what was once a manual transaction has become completely virtual and seamless.
These smart vending machines have many takers like the airport, railway stations, business centers, schools and other places. They can also be applicable for a wide variety of products for vending including beverages, food, commodities and others. Further, these machines can be specialized or a general full line machine. Because of the display of products, ability of machine to display product information and therefore the machine interaction is a huge attraction to consumers who have lapped up the technology readily.
Regional Presence - Smart Vending Machines Market
Geographically, the market is spread across North America, Europe, Asia Pacific, South America, Middle East and Africa. Growing trend of software providers in Asia Pacific adopting the vending machine culture is a huge boost to the market in general. Developing regions like India and China have a huge burst of technical solution providers which has boosted the market greatly.
However, North America is still the market leader owing to the higher adaptability of smart technology-based products in these regions. Further, regions like South America and Middle East are also slowly imbibing this culture.
Although very favored across the world, the smart vending machine is expensive. And essentially, most places that can afford it also possess the regular cash for item vending machines and don’t see value enough in the new variants to exchange for this variant. Further, the use of mobile phones, internet etc. has reduced the likelihood of using these machines across places where once they were in full demand.
Many big and small players are attempting to market the product appropriately to increase number of takers. However, with advent of technology, and growing adoption by many tier one organizations to install state of the art products into their campuses, the smart vending machine holds huge potential.
Some of the promising companies leading the Smart Vending Machines Market:
- Royal Vendors
- Fuji Electric
- Crane Merchandising Systems
- N&W Global Vending
- Fuhong Vending
- TCN Vending Machine
- FAS International
- Bianchi Vending
- Automated Merchandising Systems
This research report includes following segmentation for the Smart Vending Machines Market size and forecast 2023
Smart Vending Machines Market - By Type
Smart Vending Machines Market - By Applications
- Railway Station
- Business Center
Smart Vending Machines Market – By Region
- North America
- United Kingdom
- South Korea
- Latin America
- Middle-East & Africa