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The intelligent vending machine market is estimated to grow at a CAGR of 24.94% between 2022 and 2027. The size of the market is forecast to increase by USD 17,231.5 million. The growth of the market depends on several factors, including growing demand for cashless vending machines, the retail industry is a game-changer in intelligent vending machines and tie-ups among retailers and manufacturers.
This report extensively covers market segmentation by product (beverage, food, and tobacco) geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The growing demand for cashless vending machines is notably driving the intelligent vending machine market growth, although factors such as the rising incidents of theft and vandalism may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Intelligent Vending Machine Market Driver
The growing demand for cashless vending machines is notably driving the intelligent vending machine market growth. Cashless payments through vending machines is growing at a significant rate since 2015. The increase in smartphone adoption and payments using Internet-enabled devices, debit cards, and credit cards are some factors responsible for the growth of cashless payments. Companies are installing vending machines that can accept payments made through credit cards, debit cards, and mobile payments.
The significant growth in near-field technology (NFT) is also responsible for the increase in cashless transactions. Cashless payments are expected to become mainstream in the future as customers pay more attention to cashless transactions. Therefore, with the growing inclination of customers toward cashless payments, the demand for and purchase of cashless vending machines is increasing. Such factors are expected to boost the growth of the global intelligent vending machine market during the forecast period.
Key Intelligent Vending Machine Market Trend
The ability of intelligent vending machines to undertake real-time data collection is the primary trend driving the intelligent vending machine market growth. Most vending machines focus on dispensing products. The functionality of the machine is based on hardware and software along with the microprocessors and controllers used in designing the machine. Intelligent vending machines have advanced features such as operations management, inventory management, customer analytics, transaction management, software and platform management, and digital advertising and content management systems.
Machine learning algorithms and real-time customer data tracking features allow retailers to analyze customer profiles based on customer behavior and the number of purchases. As intelligent vending machines handle in-data collection, data transfer, and data analysis, they allow retailers to focus on their core competencies such as timely distribution and product quality. An increase in preference for real-time data collection through intelligent vending machines is trending in the market. Thus, during the forecast period, the incorporation of advanced features such as real-time data collection capabilities is projected to raise the value and volume sales of vending machines. Such factors are expected to boost the growth of the market during the forecast period.
Key Intelligent Vending Machine Market Challenge
The rising incidents of theft and vandalism may impede the intelligent vending machine market growth. The increasing vandalism of intelligent vending machines is affecting the global market. This is particularly prominent in the developing countries of APAC. Intelligent vending machines are designed and developed for self-operation and do not need professional operators. These machines have a lightweight body, which is very easy for criminal elements to vandalize. This is limiting the adoption of intelligent vending machines.
However, most end-users have installed video surveillance near their intelligent vending machines, which prevents incidents of theft and vandalism. Several instances of hacking into vending machines using mathematical codes have also come to light. With the use of connected devices gaining acceptance globally, a threat to the security of information is likely to become a key concern for end-users in the next few decades. This can become a major challenge, which can hinder the growth of the market during the forecast period.
Key Intelligent Vending Machine Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Intelligent Vending Machine Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Crane - The company offers intelligent vending machines such as COTI, Linea, and Cali. The company's fluid handling segment provides industrial fluid control products, including valves, pumps, lined pipes, and instrumentation. This segment comprises Crane Payment Innovations, Crane Currency, and Crane Merchandising Systems. It supplies banknotes and related security solutions, as well as manufactures coins, bills, cashless payment solutions, vending equipment, and related software and wireless communications technology.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the beverage segment will be significant during the forecast period. The beverage segment was the largest segment of the global intelligent vending machine market in 2022 and will continue to be the largest segment during the forecast period. Countries such as Spain, Germany, and the UK experienced the highest beverage sales. For instance, according to FoodDrinkEurope's latest data for 2021, the sales of food and beverages in Europe generated a turnover of USD 1.1 trillion and USD 222 billion, respectively, and employed around 4.5 million people; this region was followed by North American countries. For example, according to the WHO, in 2019, the consumption of alcoholic beverages in Canada was higher than the global average.
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The beverage segment showed a gradual increase in market share from USD 2,438.79 million in 2017 and continued to grow by 2021. The demand for alcoholic beverages such as beer is growing significantly, thereby fueling the sales of products through vending machines. This has led retailers to prefer to keep vending machines in their stores. Thus, with the increasing demand for beverages, the beverage segment of the market will grow significantly during the forecast period.
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North America is estimated to contribute 38% of the global market growth. The US and Canada were the major contributors of revenue to the global intelligent vending machine market. The popularity of vending machines, the concentration of manufacturers and retailers, the presence of buyers that are aware of technologies, and the utility of vending machines drive the growth of the market in the region. As early adopters of new technologies, customers in North America are seeking interactive kiosks and intelligent vending machines, which provide a good user experience. The intelligent vending machine market in North America is growing, owing to the rising demand for self-help automated and technologically advanced machines in retail outlets. The evolution of technologies and the need to automate the business process in different domains is expected to drive the growth of the intelligent vending machine market in North America during the forecast period.
Further, intelligent vending machines are becoming increasingly popular among several new end-user groups such as apartments and recreation and amusement centers. Besides their wide use in hypermarkets and supermarkets, intelligence vending machines are also popular in retail formats such as specialty retailers and department stores, which will support demand for such machines during the forecast period. The need for replacing basic or first-generation vending terminals in the region is another factor that is expected to drive the growth of the intelligent vending machine market in North America during the forecast period.
Technavio categorizes the global intelligent vending machine market as a part of the global electronic equipment and instruments market within the overall electronics market. The parent global electronics market includes manufacturers of communications equipment, technology hardware, storage and peripherals, electronic equipment and instruments, electronic components, consumer electronics, and industrial electronics products, as well as electronic manufacturing services. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by type, product, distribution channel, and region.
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Intelligent Vending Machine Market Scope |
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Report Coverage |
Details |
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Page number |
154 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 24.94% |
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Market growth 2023-2027 |
USD 17,231.5 million |
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Market structure |
Fragmented |
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YoY growth (%) |
20.87 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 38% |
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Key countries |
US, Japan, China, Germany, and UK |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Advantech Co. Ltd., Automated Merchandising Systems Inc., Azkoyen SA, Bianchi Industry SpA, Compass Group Plc, Crane Co., Digital Media Vending International LLC, EVOCA Spa, Fas International Srl, Fastcorp Vending LLC, Furukawa Electric Co. Ltd., Rhea Vendors Group Spa, Royal Vendors Inc., Seaga Manufacturing Inc., Selecta Group BV, Shanghai Linhan Information Technology Co. Ltd., Silkron Technology Sdn Bhd, The Wittern Group Inc., Vendors Exchange International Inc., and Westomatic Vending Services Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Installation Sites
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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