Intelligent Vending Machine Market Present Scenario and Growth Prospects 2017-2024Intelligent Vending Machine Market size is anticipated to witness growth during the forecast period, owing to the increase in penetration of connected device and internet of things (IoT) technology. These technological advancements are facilitating the conversion of conventional vending machines to intelligent systems to provide more interacting and engaging customer experience.
Emergence of mobile commerce and rising consumer focus towards cashless payments are expected to further fuel the intelligent vending machine market growth. Protocols for m-commerce, cashless, and near-field communications (NFC) based transactions will favor industry growth during the forecast timeframe.
Technological advancements are expected to lead adoption of innovative techniques including voice and face recognition in dispensing systems to recommend products to consumers based on their age and gender, thus propelling the intelligent vending machine market size. Equipped with such high-tech features, these systems offer customers a more personal, fun, and interactive experience thus allowing the brands and operators to use cloud and data analytics to reduce operational costs and increase efficiency. Swift urbanization and increasing traffic at public places is projected to further give impetus to intelligent vending machine market growth.
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These devices save substantial amount of user’s time, owing to real-time inventory tracking. Vending machines have advanced to become smarter by using big data analytics to help businesses understand consumer preferences and behavior. The analysis helps businesses design secure, safe, and appropriate product variety. Vendors are emphasizing on installing interactive dispensing systems to generate more profit through advertising and displaying relevant news & information, also contributes to the intelligent vending machine market growth.
Growing popularity of high-priced and non-food products vending is expected to fuel demand for cashless machines in the intelligent vending machine market. These machines help in efficient cash management, reducing vandalism and thefts. Moreover, performs speedy automatic calculations, increasing the efficiency than error-prone manual calculations. Additionally, regulations pertaining to display of clear & accurate product nutrition information including calorie count and product warnings is anticipated to drive the intelligent vending machine market growth. Furthermore, these systems can be managed remotely, eliminating the need for machine manager and reducing operational costs.
Growing stringency of regulations pertaining to junk food sale in schools is expected to restrict intelligent vending machine market growth. Prohibition of harmful confectionary products such as tobacco and cigarettes are anticipated to deter industry growth during the forecast timeframe. High-cost associated with manufacturing and deployment of these machines is expected to negatively impact the demand.
The intelligent vending machine market is segmented on the basis of type and applications. Based on type, the machines are classified as snacks, hot drinks, and packaged drinks vending machines Packaged drinks segment is expected to grow at a significant growth rate during the forecast period, owing to growing customer focus on healthy vending. This segment includes water, juice, milk, energy drinks, and flavored water. Consumers ate consistently looking for low calorie drinks that suit healthy lifestyles. Availability of drinks in innovative multi-layered aseptic cartons and tetra packs is increasing the consumption of packaged drinks. Rising consumer preference for instant hydration and refreshment is expected to escalate intelligent vending machine market growth in hot drinks segment.
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Based on applications, the intelligent vending machine market is segmented as offices, QSR, shopping malls, retail stores, and public transport. The adoption of these systems in office is anticipated to gain traction during the forecast period, due to benefits such as cost effectiveness, space conservation, and cleanliness. The QSR, retail stores, and shopping malls are expected to dominate the application segment over the future. Retail sector is one of the major users of these systems, owing to enhanced interaction of these machines with customers at retail outlets. These machines can collect customer data and enable retailers to customize product and service offerings according to customer needs driving the intelligent vending machine market growth.
North America is expected to dominate the intelligent vending machine market, owing to emergence of new business models and increasing adoption of self-service technology. Favorable regulations related to energy conservation in the U.S. is expected to contribute to the industry growth.
Players in the intelligent vending machine market players include Crane Co., Royal Vendors, Advantech Co. Ltd., Jofemar, Bianchi Vending Group S.p.A, Sanden Corp., Azkoyen Group, Westomatic Vending Services Ltd., FAS International S.p.A., Rhea Vendors Group, Continental Vending, and N&W Global Vending S.p.A
Intelligent vending machine market players focus in adopting strategies for inorganic growth by acquiring relatively smaller players in the market. In October 2015, Bianchi Vending S.p.A. acquired a manufacturer of espresso machines, Brasilia. This acquisition was undertaken to strengthen its restaurant, hotel, and catering business that ensures supply to restaurants, bars, hotels, and catering companies. The beverage manufacturers are increasingly collaborating with intelligent vending machine market players to focus on customer retention and satisfaction. For instance, soft drinks giants, PepsiCo and Coca-Cola use their own exclusive smart vending machines to sell their products.
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