Smart Vending Machines Market To Rise At A CAGR Of 14.3% In Near Future

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.

Key Market Insights:

  • The market is divided into QSR, Shopping Centers, Public Transport, and Others based on Application. Application sales were valued at USD 575.1 million, and it is anticipated that they would increase at a CAGR of 14.7%. Adopting these systems in office buildings has several advantages, including economic effectiveness, cleanliness, and space conservation. Over the projected period, it is anticipated that QSR, malls, and retail outlets will dominate the application segment.
  • The market is segmented into Salty and Savory Snacks, Bakery Products, Confectionery Products, Beverages, and Others based on Product Dispensed. Due to the growing emphasis on healthy vending, packaged beverages are predicted to have the quickest rate of growth in the smart vending market. The segment mostly consists of packaged beverages, including juice, milk, water, flavored waters, and energy drinks. Customers are constantly looking for new packaged drinks that are calorie-efficient and meet their needs for a healthy lifestyle.
  • The use of these systems in production plants has many advantages, including cost-effectiveness, cleanliness, and space conservation. Over the projected period, it is estimated that commercial malls and retail establishments would account for a sizeable portion of the smart vending market. In 2021, the sector held 16.5% of the overall market share. The COVID-19 pandemic is anticipated to enhance daily foot traffic and raise consumer awareness of contactless ordering and payments, which will boost demand for smart vending machines from the commercial malls and retail outlets sub-segment over the forecast period.
  • The Global Smart Vending Machines Market is divided into four regions based on geography: North America, Europe, Asia Pacific, and the Rest of the World. With a revenue share of more than 40% in 2021, the North American region dominated the market. The quick adoption of self-service technologies and the advent of new business models are to blame for this. The adoption of these systems is being sped up in the region thanks to favorable mandates that promote energy saving in nations like the U.S. and Canada. Over the next nine years, Asia Pacific is anticipated to become the region with the quickest growth.

Market Segmentation:

By Product:

  • Beverages
  • Snacks
  • Food
  • Confections
  • Others

By Application

  • Manufacturing
  • Commercial malls & retail stores
  • Offices
  • Educational Institutes
  • Others

By Region

  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World

 

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