New York, Feb. 17, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Vending Machine Operators Global Market Report 2023" - https://www.reportlinker.com/p06282512/?utm_source=GNW
The global vending machine operators market will grow from $37.99 billion in 2022 to $42.36 billion in 2023 at a compound annual growth rate (CAGR) of 11.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The vending machine operators market is expected to grow to $63.66 billion in 2027 at a CAGR of 10.7%.
The vending machine operators market includes revenues earned by entities by providing services through spiral vending machines, gravity-based vending machines, and smart shelf vending machines.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Vending machine operators are individuals that are engaged in retailing merchandise through vending machines. These vending machines are useful for contactless selling of goods.
Asia Pacific was the largest region in the vending machine operators market in 2022.North America was the second-largest region in the vending machine operators market.
The regions covered in the vending machine operators market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The main types of vending machines operated by vending machine operators are beverage vending machines, food products vending machines, confectionery products vending machines, and other products vending machines.A food products vending machine is an automatic machine that provides snacks and other food items to consumers after cash, a credit card, or other forms of payment are inserted into the machine or otherwise made.
The main products applied are soft drinks, candy and snacks, hot beverages, hot and cold meal products, ice cream, and other products that are used by corporate offices, shopping malls, retail stores, educational institutions, hotels and restaurants, and other sectors.
Growing demand for on-the-go snacks, drinks, and others is expected to drive the vending machine operators market.Vending machines offer the comfort of buying things on the go without the need to enter or stand in the queue of stores.
For instance, as per the Japan Times, there are 5 million vending machines in Japan. In addition to this, according to Vending Market Watch, there are more than 4.6 million vending machines in the USA as most people are busy and find it easy to pick things up on the go without wasting time buying things. This advantage of buying things on-the-go aids in the growth of the market.
The growing focus of players on introducing innovations is a leading trend in the vending machine operators market.Companies are focusing on using the latest technology like cashless payment, IoT, AI, and big data for enhancing sales, convenience, and procuring data to find customer preferences to increase productivity and customer satisfaction.
For instance, over 2,000 Coca-Cola machines now accept Bitcoin in Australia and New Zealand.Coca Cola started experimenting with artificial intelligence and big data to build smart vending machines that need less human control.
The beverage supergiant employed Hivery, a technology-driven company that works with businesses to refine their retail strategies using AI and big data, to revolutionise the way it marketed and distributed its goods in more than 200 countries.Starting with 60-odd vending machines in Newcastle, a town 160 km away from Sydney, the software company began experimenting with AI to see if it could stack vending machines better than humans could to maximise revenue and profits.
The company developed an AI algorithm specifically for Coca-Cola, which resulted in an 18% reduction in re-stock visits plus a 15% rise in revenue, demonstrating that big data really can make a difference when it comes to vending machine optimization.
In April 2022, American Green, a US-based innovator in the cannabis and hemp industry, acquired VendWeb for an undisclosed amount. The acquisition would bring an strategic asset to American green and help it improve its distribution, VendWeb is a US-based manufacturer and seller of vending machines.
The countries covered in the vending machine operators market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products
The vending machine operators market research report is one of a series of new reports that provides vending machine operators market statistics, including vending machine operators industry global market size, regional shares, competitors with a vending machine operators market share, detailed vending machine operators market segments, market trends and opportunities, and any further data you may need to thrive in the vending machine operators industry. This vending machine operators market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.
Read the full report: https://www.reportlinker.com/p06282512/?utm_source=GNW
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