According to a new research report by the market research and strategy consulting firm, Global Market Insights, Inc, the Intelligent Vending Machine Market to hit US$30 Billion by 2024.
The intelligent vending machines market is experiencing high growth due to a rise in the development of the energy-efficient solutions by manufacturers that will help companies to reduce their carbon footprint. Players operating in intelligent vending machines market are developing eco-friendly and recycling vending machines to provide sustainable technologies for reducing the environmental impacts. Some of the major players, including Coca-Cola, are developing smart vending machines that are integrated with these recycling technologies. Moreover, countries including India, China, the UK, and the U.S. have adopted initiatives and policies for reducing the plastic usage. Such regulations are encouraging the development of sustainable vending machines.
Beverage dispensing machines are witnessing a high demand in the intelligent vending machines market and are anticipated to grow at a CAGR of around 16% over the forecast timespan due to the increasing consumption of several types of beverages including cold drinks, alcohol, juices, and energy drinks. Some of the major countries that have a high consumption rate of the soft drinks include the U.S., Argentina, Chile, Mexico, and Uruguay. However, the U.S. is among the top countries considering alcohol consumption rates. Retail outlets in these countries are involved in automating their outlets by incorporating vending solutions. They are utilizing these automated technologies to serve different types of beverages to their customers, thereby enhancing the shopping experience. Such factors are expected to drive the intelligent vending machine market growth.
In the intelligent vending machines market, the retail sector accounted for over 15% of the industry in 2017 and is experiencing high adoption due to the increasing transformation of these outlets to the mechanized stores. Retail store owners are incorporating such advanced technologies to provide sophisticated solutions to their customers, which will save the time that they spend in queues. Intelligent vending machiness help customers in gaining information about the features, pricing, and offers & discounts associated with these products. This helps in accelerating the shopping process with a detailed product overview and various payment options. The incorporation of such smart solutions in stores is driving the sales and profitability of the retail businesses, thereby accelerating the market demand.
Increasing applications of smart dispensing solutions at public transport hubs such as airports, railways stations, and bus stands are predicted to accelerate the intelligent vending machines market. The adoption of food & beverage-dispensing equipment in these places is growing rapidly. These transportation hubs are engaged in transforming their manual operational techniques to automated technologies. For instance, the Indian Railways is investing heavily in automation. In June 2018, it installed automatic food vending machines in the Coimbatore-Bengaluru UDAY Express. These machines are operated using a tablet. Moreover, they are planning to install such systems in several other trains in the future, accelerating intelligent vending machines market.
The Europe intelligent vending machines market is rapidly growing owing to the rising adoption of smart technologies for serving customers in several application areas. These machines are allowing customers to change their mode of payment to cashless transactions. Countries including Sweden, Germany, France, the UK, and Italy are developing various initiatives and programs to digitize the payment process. Sweden is a leading country to adopt stringent guidelines for transforming itself into a cashless economy. For instance, in 2013, some of the major banks including Nordea Bank, SEB, and Swedbank refused to hand over physical currency to its customers in over 75% of their branches in the country. Such digital currency initiatives are encouraging the market players to develop advanced solutions that will support cashless payments.
Major companies participating in the intelligent vending machines market include American Vending Machines, Automated Merchandising Systems, Azkoyen Vending Systems, Bianchi Industry SpA, Bulk Vending Systems, Continental Vending, Evoka Group, Crane Merchandising Systems, Inc, Fuji Electric Co., Ltd., and Sanden Holdings Corporation, among others. These players are competing in the intelligent vending machines market by integrating advanced technologies in their product offerings, which include mobile & internet connectivity, NFC-based payments, and others. Royal Vendors, Inc., a designer & manufacturer of beverage vending machines is offering remanufacturing services to its clients to allow the efficient use of technologies, improve the operating period, and reduce electronic wastes. The growing adoption of these sustainable technologies in several industrial segments will propel the market.