p style=”text-align: justify;”>Driven by the increase in demand for self-service technology and the implementation of IoT and Ai services, the Global Smart Vending Machines Market Is Forecasted to reach nearly US$ 15 Bn By 2028 says Ken Research Study.
A smart vending machine (or) intelligent vending machine is an automated machine that provides items such as snacks, beverages, packaged food, cigarettes, and more to consumers with the help of certain apps, any digital payment method, or cloud-connected systems. Smart vending machines can be easily identified from traditional vending machines, as they do not need any kind of human interaction to deliver products to consumers. Smart vending machines are widely used in retail stores, corporate offices, educational institutes, and more due to their contact-less ordering methods, remote monitoring systems, fast & secure transactions as well as Ai systems, which make the overall purchasing process easier and more interactive to the user.
Ken Research shares 3 key insights on this high-opportunity market from its latest research study.
1. The Smart Vending Machines Market Is Witnessing Steady Growth Owing to the increase in demand for self-service technology.
The Smart Vending Machines market is witnessing steady growth owing to the increase in demand for self-service technology as self-service allows customers to produce services without the involvement of service provider employees, which eventually makes transactions more accurate, convenient, and faster.
The Smart vending machine provides an experience to consumers that makes self-service more effective as conventional vending machines focus on a transactional approach but Smart vending machines display nutritional facts, various animations, and more to the consumers
According to Ken Research estimates, the Global Smart Vending Machines Market – valued at around ~US$ 5 billion in 2017 and estimated to reach nearly ~US$ 8 billion by 2022 – it is further expected to reach a market size of ~US$ 15 billion opportunities by 2028.
2. The Rise in the implementation of IoT and AI services Is Driving the Growth of the Global Smart Vending Machines Market.
The rise in the implementation of the Internet of things (IoT) and Artificial intelligence (AI) services such as Cloud-connected smart/vending machines that accept digital payment methods, online ordering through apps, instant refunds, and fast & secure transactions are driving the growth of the global Smart vending machine market.
- The internet of things refers to actual physical things that have sensors, computing power, software, and other technologies and can link to other systems and devices via the internet or other communication networks and exchange data with them.
The below graphs depict the IoT Installation Base Worldwide in Billions.
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3. High Installation Costs of Smart Vending Machines as Compared To Conventional Vending Machines Acts as a Major Challenge for the Market.
The high installation cost of Smart vending machines is much higher than compared to conventional vending machines due to various features offered by the Smart vending machines such as contact-less ordering methods, remote monitoring systems, fast & secure transactions, Ai systems, and more
The Average cost of a Smart vending machine is around US$ 5000 whereas the conventional vending machine costs around US$ 3000, this is many retail stores are still using conventional vending machines over Smart ones.
The below graphs depict the Average Cost of Smart Vending Machines vs Conventional Vending Machines in US$.
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Key Topics Covered in the Report
- Snapshot of Global Smart Vending Machines Market
- Industry Value Chain and Ecosystem Analysis
- Market size and Segmentation of the Global Smart Vending Machines Market
- Historic Growth of the Overall Global Smart Vending Machines Market and Segments
- Competition Scenario of the Market and Key Developments of Competitors
- Porter’s 5 Forces Analysis of the Global Smart Vending Machines Industry
- Overview, Product Offerings, and Strategic Developments of Key Competitors
- COVID-19 Impact on the Overall Global Smart Vending Machines Market
- Future Market Forecast and Growth Rates of the Total Global Smart Vending Machines Market and by Segments
- Market Size of Machine Type/Application Segments with Historical CAGR and Future Forecasts
- Analysis of the Global Smart Vending Machines Market
- Major Production/Supply and Consumption/Demand Hubs within Each Major Country
- Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
- Overview of Notable Emerging Competitor Companies within Each Region
Key Players Mentioned in the Report
- Fuji Electric Co., Ltd
- Royal Vendors, Inc.
- Crane Payment Innovations (CPI)
- SEAGA MANUFACTURING INC.
- FAS International S.P.A.
- Advantech Co. Ltd.
- Rhea Vendors Group Spa
- Bianchi
- Westomatic Vending Services Ltd.
- Azkoyen Group
Notable Emerging Companies Mentioned in the Report
- Nodesus Inc.
- Daalchini technologies Pvt. Ltd. AiFi
- BingoBox
- Storelift
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report
- Smart Vending Machines Manufacturers
- Smart Vending Machines Marketing Companies
- Smart Vending Machines Parts Manufacturers
- Smart Vending Machines Industry Association
- Smart Vending Machines Companies
- Financial Institutions focusing on Smart Vending Machines Industry
- Venture Capitalists Targeting the Smart Vending Machines Industry
- Government Ministries and Departments of Retail Industry
- Government Ministries and Departments of Food and Beverage Industry
- Regulatory Authorities and Organizations for Food and Beverage Industry
Time Period Captured in the Report
- Historical Period: 2017-202
- Forecast Period: 2022E-2028F
For more insights on the market intelligence, refer to the link below:
Global Smart Vending Machines Market
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