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Future Growth of Intelligent Vending Machine Market Size Global Analysis by Key Players - Azkoyen Vending Systems, Continental Vending, Crane Merchandising Systems, Fuji Electric Co., Ltd., Evoka Group, FAS International, Royal Vendors, Inc., Sanden Holdi

02-25-2019 07:26 PM CET | Business, Economy, Finances, Banking & Insurance

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Future Growth of Intelligent Vending Machine Market Size Global

The latest report on ‘Intelligent Vending Machine market’ compiled by Market Study Report, LLC, provides a concise analysis of the industry size, revenue forecast and regional spectrum of this business. The report further illustrates the major challenges and the latest growth strategies adopted by key players who are a part of the dynamic competitive spectrum of this industry.

Intelligent Vending Machine Market is expected to exceed USD 30 billion by 2024. A rise in the demand for smart dispensing solutions in several industrial segments including public transportation and entertainment is predicted to propel the industrial demand. With growing urbanization, theaters and fun zones are incorporating modern technologies in their facilities to attract customers. The competition in the industry is based on the quality of services being offered to customers that will enhance their satisfaction levels. With the adoption of smart dispensing solutions, these companies are able to cater their products to a wide range of customers, meet consumer requirements, and manage queues. Such factors are encouraging these application segments to transform their traditional techniques to intelligent solutions, thereby accelerating the intelligent vending machine market.

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Key players operating in the intelligent vending machine market include Azkoyen Vending Systems, Continental Vending, Crane Merchandising Systems, Fuji Electric Co., Ltd., Evoka Group, FAS International, Royal Vendors, Inc., Sanden Holdings Corporation, and Seaga Group, among others. These companies are engaged in the manufacture of business-specific solutions that will provide their customers with options to customize the solution based on enterprise requirements. Moreover, technological advancements and innovations in the intelligent vending machine market are expected to be a major factor for the high adoption of these smart solutions.

The global intelligent vending machine market is slated to amass substantial gains over the coming years owing to increased adoption of interactive technologies paired with the rising installation of intelligent vending machines by diverse industries.

Intelligent vending machines have already had a major impact on the food and beverage industry, as several manufacturers have begun deploying automated machines, moreover, some grocers are experimenting with newfangled self-driving grocery pickups to assist their customers. The rising trend of intelligent vending solutions has lately led beverage giant PepsiCo and Roby technologies to launch AI-driven mobile vending machines which deliver snacks at the University of the Pacific. The kind of service and ease that these machines offer has increased their adoption potential across several industries, which exhibits a positive sign for the expansion of the global intelligent vending machine market.

Food dispensing machines are predicted to witness a high demand from several application areas in the intelligent vending machine market. The adoption of these smart solutions in retail & restaurant outlets is growing rapidly. Manufacturers operating are offering different types of dispensing solutions depending upon the food item being served. Several types of food dispensing solutions include snacks, vegetables, ice creams, cakes, fruits, and candy vending machines. The retail industry is installing such technologies based on products that need to be stored in outlets. Snack dispensing solutions are the most widely adopted solutions in the intelligent vending machine market.

The growing adoption of the snack & coffee dispensing solutions at offices is expected to drive the intelligent vending machine market. Corporate offices are installing smart technologies that provide various features such as biometric authentication, mobile connectivity, coupon vending, etc., which help enterprises to ensure the safety of the equipment and enhance ease in vending the products. Several corporate sectors provide coupons such as Sodexo coupons to their employees to compensate for their food expenses. Coupon vending machines are being incorporated in such application areas for reducing the efforts and time spent by the management for distributing such coupons. The installation of such smart dispensing technologies at corporate offices will accelerate the intelligent vending machine market.

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Furthermore, vending machines have grown beyond food and beverage applications covering a vast spectrum of industries. Of late, several business establishments have deployed intelligent vending machines to expand their customer reach. Recently, Greenbox Robotics has introduced three pot cannabis vending machines at the Erba Collective dispensary. These are designed to streamline purchase flow and offer a faster and more private shopping experience through an interactive medium. In a similar event, Diamond CBD partnered with CloudPay Technologies to set-up a vending machine offering CBD products at the Consumer Electronics Show 2019. Besides the cannabis industry, several other industries including pharmaceutical, hardware, and retail have started deploying their own versions, which is projected to boost the global intelligent vending machine market growth.

The Asia Pacific intelligent vending machine market will expand at a rapid pace over the coming years due to growing digitalization and urbanization trends in several economies including India, China, and Japan. Increasing customer crowd in retail, restaurant, and entertainment sectors is encouraging store owners to implement advanced technologies that will help in customer engagement, thereby driving sales and profitability. Moreover, the rising trend of automation in business operations is a major factor propelling the growth of the intelligent vending machine market.

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