Pune, Aug. 30, 2024 (GLOBE NEWSWIRE) -- Intelligent Vending Machines Market Size & Demand Analysis:
“According to SNS Insider Research, The Intelligent Vending Machines Market size was valued at US$ 22.15 billion in 2023 and is expected to reach US$ 72.25 billion by 2032 and grow at a CAGR of 14.05% over the forecast period 2024-2032.”
Rise in Technologically-Driven Intelligent Vending Machines
The Intelligent vending machines industry is growing rapidly because of advancements in technology and changes in consumer tastes. AI, IoT, and data analytics are improving the performance of these devices, enabling customized experiences, improved productivity, and attractiveness to technology-savvy individuals. Vending machines in the United States bring in more than USD 23 billion each year and there are approximately 5 million of them scattered across the country, mainly selling snacks and beverages. Intelligent machines, with cashless payment capabilities and advanced analytics, adjust to consumer habits and improve inventory management, minimizing waste and increasing profits. This change in technology can be seen clearly in busy locations such as airports and malls, where customized product options are successful.
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Major Players Analysis Listed in this Report are:
- Crane Co
- Advantech Co. Ltd.
- Azkoyen Group
- FAS International S.p.A
- Bianchi Vending Group S.p.A
- Rhea Vendors Group
- N&W Global Vending S.p.A
- Westomatic Vending Services Ltd
- Seaga
- Jofemar
- Sanden Corp
- Other Players
Intelligent Vending Machines Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 22.15 Billion |
| Market Size by 2032 | USD 72.25 Billion |
| CAGR | CAGR of 14.05% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | • Consumer preferences are shifting towards cashless transactions • Rising Adoption in the Retail and Food & Beverage Sectors. |
Insights on Products and Applications in the Intelligent Vending Machines Market Trends.
Based on Product, Intelligent vending machines that fuse technology and convenience enabled the food segment to dominate the market in 2023 with a 32% share. These high-tech devices, outfitted with Internet of Things sensors, artificial intelligence, and touch-free interfaces, provide a wide range of food choices, and improve customer engagement. The snacks industry is growing quickly between 2024 and 2032, due to the increasing need for easy, healthy options. Mondelez International and Kellogg's are taking advantage of this trend in workplaces, fitness centers, and educational institutions.
Based on Application, in 2023, the manufacturing industry held most of the vending machine market at 38%, as they were utilized for dispensing tools, safety equipment, and supplies to improve operational effectiveness. Fastenal and other companies use intelligent vending machines in manufacturing to make inventory management more efficient and decrease downtime, offering immediate access to necessary items to save money. Between 2024 and 2032, there is anticipated rapid growth in the commercial malls and retail stores sector due to the increasing demand for self-service alternatives by consumers. Intelligent vending machines in these environments provide a variety of items such as snacks and electronics.
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Intelligent Vending Machines Market Key Segmentation:
By Product
- Beverages
- Snacks
- Food
- Confections
- Others
By Application
- Manufacturing
- Commercial Malls & Retail Stores
- Offices
- Educational Institutes
- Others
Regional Dominance in the Intelligent Vending Machines Industry North America versus Asia-Pacific
In 2023, North America dominated the intelligent vending machines sector with a 32% market share, fueled by the quick uptake of new technologies and strong retail infrastructure. The United States and Canada are leading the way, employing intelligent vending machines in industries such as retail, healthcare, and transportation. The trend is driven by consumer desire for contactless payments and customized interactions, leading companies such as Crane Merchandising Systems to provide advanced telemetry for inventory control, and Cantaloupe Inc. to incorporate mobile payments for smooth transactions.
The Asia-Pacific region is seeing the most rapid growth in this industry because of quick urban expansion, rising disposable incomes, and technology-savvy populations. China, Japan, and South Korea are at the forefront of this growth, particularly emphasizing intelligent city projects and electronic transactions. The area is advantageously served by a thriving retail and transportation industry. Fuji Electric is one of the companies that offer touchless vending machines and real-time data analysis to fulfill increasing requests for convenience and cleanliness.
Recent Development for Intelligent Vending Machine Market
- In February 2024, Fuji Electric improved its vending machines. A new series of machines boasts advanced energy-saving technology that learns the best consumption parameters making them optimal with the help of AI. In general, power consumption is reduced by up to 20%
- In September 2023, Azkoyen Group, announced a new line of vending machines that improves hygiene. To be more precise, it is a touchless vending machine that allows a customer to use their smartphone for choosing and paying for a product.
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Key Takeaways for Intelligent Vending machine Market
- The smart vending sector is experiencing growth thanks to increasing consumer desire for ease, innovation improvements, and electronic transactions.
- IoT, AI, and facial recognition are transforming the industry through customized experiences and enhanced operational effectiveness.
- The market depends on grasping the increasing demand for healthy, customized, and convenient choices.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Intelligent Vending Machines Market Segmentation, by Product
8. Intelligent Vending Machines Market Segmentation, by Application
9. Regional Analysis
10. Company Profiles
11. Use Cases and Best Practices
12. Conclusion
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