The market for smart vending machines was estimated at USD 20.21 billion in 2021, and from 2022 to 2027, it is anticipated to rise at a CAGR of 14.3%.
When coins or tokens are entered into a vending machine, it releases the things that are kept inside in exchange. A smart vending machine is an automated vending machine that interacts with customers through touch-screen controls, video, audio, aroma, gesture-based communication, and cashless payment in addition to dispensing items. A smart vending machine typically dispenses commodities including frozen food, beverages, and tobacco products.
Some of the major and significant factors that will accelerate the growth of cashless systems include rising preferences for them, rapid globalization along with rising economic stability, an increase in retail outlets, rising adoption of reverse vending machines, rising demand for energy-efficient vending machines, rising profit margins, rising industrial development, and the need to complete faster and more efficient data processing. On the other hand, an increasing number of government initiatives to encourage digitalization adoption, along with rising investment levels for the development of internet of things infrastructure and various technological advancements, will further contribute by generating enormous opportunities that will fuel the growth of the smart vending machine market in the previously mentioned projected timeframe.
Additionally, the COVID-19 pandemic-induced economic downturn and expensive technical expenses are some of the obstacles preventing operators from modernizing conventional vending machines. The COVID-19 lockdown had a substantial effect on the market for smart vending machines worldwide. Many firms switched from contactless procedures to remote working methods. Both opportunities and barriers for the market expansion of smart vending machines were created by these changes in habits.
Over the projection period, the market is anticipated to benefit from the latest technologies such as face and voice recognition, contactless mobile payments, Near-Field Communication (NFC), telemetry, and government regulations to show nutrition information and product warnings. Face and voice recognition sensors are integrated into smart vending machines, which help users choose products by making suggestions based on their age and past purchasing behavior. Additionally, interactive touch screen display technology enables businesses to engage with customers' cell phones to display HD displays that are running interactive promos, marketing adverts, and other outside data that may be made money from.
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