Smart Vending Machine Market - Forecast(2021 - 2026)
According to the International Trade Centre, the automatic goods vending machines including those for cigarettes, food items, and beverages registered a global trade value of $1.77m in 2018. Smart vending machines are self-contained onsite product dispensing machines, and offer features such as automated payment and date recognition which enable the machines to discard expired products automatically. The real-time update feature on these machines ensure streamlined supply. The global smart vending machine market size was valued at $4.27m in 2018, and the market is estimated to witness growth at a CAGR of 16.74% through the forecast period of 2019 to 2025.
North America dominated the global smart vending machines market, by accounting for 37% of the share in 2018. This is owing to the presence of nations such as the U.S., which is a very lucrative region for the smart vending machines market. According to the National Automatic Merchandising Association, vending machines made an economic impact of nearly $25 billion on the U.S. convenience service industry.Additionally, the industry generates jobs worth $7.21 billion and pays $3.5 billion in taxes to the government. With such a fruitful base, the demand in the smart vending machines market is projected to grow in the near future.
Smart Vending Machine Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the smart vending machine market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The smart vending machine market research report also analyses the application of smart vending machine in various sectors such as real estate, small and medium-sized business, and others.
We also publish more than 100 reports every month in "Food and Beverage", Go through the Domain if there are any other areas for which you would like to get a market research study.
North America dominated the global smart vending machines market, by accounting for 37% of the share in 2018. This is owing to the presence of nations such as the U.S., which is a very lucrative region for the smart vending machines market. According to the National Automatic Merchandising Association, vending machines made an economic impact of nearly $25 billion on the U.S. convenience service industry.Additionally, the industry generates jobs worth $7.21 billion and pays $3.5 billion in taxes to the government. With such a fruitful base, the demand in the smart vending machines market is projected to grow in the near future.
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Smart Vending Machine Market Outlook:
Beverage vending machines are witnessing the highest demand as compared to other types of smart vending machine, and this segment is projected to grow at a CAGR of 15.06% during the forecast period. Increased consumption of beverages such as cold drinks, alcohol, energy drinks, and juices are responsible for the growing application of beverage vending machines. These machines are used in numerous end-user industrial applications such as retail, public transport, entertainment and hospitality, and in the medical sector. According to the American Academy of Pediatrics Journal, beverages such as soda and diet soda are the most popular drinks offered for sale by vending machines. In the medical industry, 28% of the vending machines are used for storing soda, while 12% are used for storing diet soda. Beverage vending machines are also being installed in public transportation such as trains and buses to enhance the travel experience for commuters. Increasing tourism and commuting options owing to public transport is creating opportunities for the smart vending machines market.
Smart Vending Machine Market Growth Drivers
·Corporate Culture: The corporate sectors is employing advanced and innovative strategies to optimize the office environment for employees. More popularly known as office coffee service (OCS), these machines are majorly preferred by corporate consumers for providing fresh, healthy, and light refreshments during office hours. Integrating smart technology in these machines will help the offices to track individual orders and the employees consuming the products. Globally, growing demand from corporate consumers is driving the smart vending machine market.
·Commercial and Public Place Engagement: Application of smart vending machines have significantly increased in the past few years at commercial and public places. Airports, railway stations, bus station, malls, hospitals, colleges and offices are the most common places where these smart vending machines can be found. Rapid and secure transactions by these machines is enhancing consumer satisfaction and thereby encouraging store owners to install smart vending machines. The global shift towards adopting an automated ecosystem is also supporting the smart vending machine market growth.
Smart Vending Machine Market Outlook:
Beverage vending machines are witnessing the highest demand as compared to other types of smart vending machine, and this segment is projected to grow at a CAGR of 15.06% during the forecast period. Increased consumption of beverages such as cold drinks, alcohol, energy drinks, and juices are responsible for the growing application of beverage vending machines. These machines are used in numerous end-user industrial applications such as retail, public transport, entertainment and hospitality, and in the medical sector. According to the American Academy of Pediatrics Journal, beverages such as soda and diet soda are the most popular drinks offered for sale by vending machines. In the medical industry, 28% of the vending machines are used for storing soda, while 12% are used for storing diet soda. Beverage vending machines are also being installed in public transportation such as trains and buses to enhance the travel experience for commuters. Increasing tourism and commuting options owing to public transport is creating opportunities for the smart vending machines market.
Smart Vending Machine Market Growth Drivers
·Corporate Culture: The corporate sectors is employing advanced and innovative strategies to optimize the office environment for employees. More popularly known as office coffee service (OCS), these machines are majorly preferred by corporate consumers for providing fresh, healthy, and light refreshments during office hours. Integrating smart technology in these machines will help the offices to track individual orders and the employees consuming the products. Globally, growing demand from corporate consumers is driving the smart vending machine market.
·Commercial and Public Place Engagement: Application of smart vending machines have significantly increased in the past few years at commercial and public places. Airports, railway stations, bus station, malls, hospitals, colleges and offices are the most common places where these smart vending machines can be found. Rapid and secure transactions by these machines is enhancing consumer satisfaction and thereby encouraging store owners to install smart vending machines. The global shift towards adopting an automated ecosystem is also supporting the smart vending machine market growth.
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Smart Vending Machine Market Trends
·Energy Efficient Solutions: Smart Vending Machine manufacturers are developing energy efficient solutions to reduce the carbon footprint of these machines. Popular beverage brand Coca-Cola is developing recycled and eco-friendly smart vending machines with sustainable technology which can balance the environmental impact.
·Cashless Payment Solution: Manufacturers are trying to incorporate a cashless payment solution within the smart vending machines. They are integrating connected solutions within the vending machines to gain real-time consumer and transactional data. Foreseeing the robust digitalization, the cashless payment technology in smart vending machines will certainly increase revenues in the global smart vending machine market.
Smart Vending Machine Market Key Players Perspective
Companies are expanding geographically and innovating rapidly to gain ground over their competitors. The key players involved in the smart vending machine market are Azkoyen, S.A.; Bianchi Vending Group S.p.A.; Evoca Group; Fuji Electric Co., Ltd.; FAS INTERNATIONAL S.P.A.; Hunan TCN Vending Machine Co., Ltd; Sanden Holdings Corporation; and American Vending Machines.
Smart Vending Machine Market Trends
·Energy Efficient Solutions: Smart Vending Machine manufacturers are developing energy efficient solutions to reduce the carbon footprint of these machines. Popular beverage brand Coca-Cola is developing recycled and eco-friendly smart vending machines with sustainable technology which can balance the environmental impact.
·Cashless Payment Solution: Manufacturers are trying to incorporate a cashless payment solution within the smart vending machines. They are integrating connected solutions within the vending machines to gain real-time consumer and transactional data. Foreseeing the robust digitalization, the cashless payment technology in smart vending machines will certainly increase revenues in the global smart vending machine market.
Smart Vending Machine Market Key Players Perspective
Companies are expanding geographically and innovating rapidly to gain ground over their competitors. The key players involved in the smart vending machine market are Azkoyen, S.A.; Bianchi Vending Group S.p.A.; Evoca Group; Fuji Electric Co., Ltd.; FAS INTERNATIONAL S.P.A.; Hunan TCN Vending Machine Co., Ltd; Sanden Holdings Corporation; and American Vending Machines.
Smart Vending Machine Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the smart vending machine market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The smart vending machine market research report also analyses the application of smart vending machine in various sectors such as real estate, small and medium-sized business, and others.
We also publish more than 100 reports every month in "Food and Beverage", Go through the Domain if there are any other areas for which you would like to get a market research study.
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