Global Intelligent Vending Machine Market: Overview
The global intelligent vending machine market is envisaged to gather pace for its growth on the back of the rise in the penetration of IoT and connected devices. In order to offer more engaging and interacting customer experience, traditional vending machines are being transformed into intelligent systems with the facilitation of technological breakthroughs. Market growth is anticipated to further increase as it rides on augmenting focus on cashless payment systems and the advent of m-commerce. Between 2017 and 2025, it could be largely favored due to the acceptance of near-field communications (NFC), cashless, and m-commerce-based transactions.
Intelligent vending machine is expected to magnify its demand with growing adoption of novel techniques such as face and voice recognition in dispensing systems owing to the rise of technological advancements. Such techniques help to suggest products based on the gender and age of customers.
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Global Intelligent Vending Machine Market: Trends and Opportunities
Use of data and cloud analytics with the help of latest dispensing systems allows operators and brands to improve their efficiency and put brakes on unnecessary operational costs. These systems are usually provided with sophisticated features that help to give customers a more interactive, personal, and fun-filled experience. While this could push the market for intelligent vending machine, rising volume of traffic at public places and fast urbanization are projected to take higher spots in the list of leading market growth factors.
Today, vending machine has become smarter with the use of big data analytics to help vendors better understand consumer behavior and preference. With its real-time inventory tracking, intelligent vending machine is able to save a considerable amount of time for end users. Such type of analysis helps vendors in designing appropriate, safe, and secure product variety. Increasing installation of interactive dispensing systems could also bode well for the world intelligent vending machine market.
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Global Intelligent Vending Machine Market: Market Potential
An updated edition of Aaeon’s Intelligent Vending Development Kit was released in April, 2018. As per the company, its clients will be offered a couple of editions of the Kit, where both of them are provided with a pre-installed, customer-friendly API and the Windows 10 IoT Enterprise OS. The updated edition also includes Power BI and Microsoft Azure services, where the latter collates information about the mood, age range, and gender of every buyer and each product sold, which is then broken down by the former’s data analytics tools.
Global Intelligent Vending Machine Market: Regional Outlook
Among most leading regions where the international intelligent vending machine market could become prominent, North America is predicted to take a commanding position due to the impressive rise of the U.S. Promising energy conservation policies observed in the country could augur well for the North America market. Furthermore, swelling adoption of self-service technology and introduction of new business models are forecasted to propel growth in the regional market. Vending machines equipped with credit card and cashless systems and snowballing demand for healthy vending foods in the U.S. could catapult the region for the next few years.
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Asia Pacific’s faster growth could be expected in the coming years as it cashes in on climbing preference for efficient and quick self-service retail checkout in the region. Consumerization trends, growing acceptance of convenience foods as a result of changing food habits, strong retail infrastructure development, rising urban population, expanding base of affluent young population, and developing economies are also envisioned to help the region to make its presence known in the international intelligent vending machine market.
Global Intelligent Vending Machine Market: Competitive Landscape
The international intelligent vending machine market is marked by the presence of leading industry names such as Bianchi Vending Group S.p.A, Jofemar, Advantech Co. Ltd., Royal Vendors, and Crane Co. One of the scenarios observed in the competitive landscape suggests increasing interest of beverage manufacturers to collaborate with market players with a view to focus on customer satisfaction and retention.