Smart vending Machine
now represents a new breed of vending machine connected to the internet.
Consumer interaction data is captured via touchscreen, beacon technology, NFC readers and simple motion sensors that detect a customer's physical presence, combined with mobile and enterprise back-end integration, which enables smart vending to offer real-time promotions, as well as upsell and cross-sell opportunities to personalize the user experience and promote brand loyalty.
Resent year has witnessed high growth in the Smart Vending Machines industry, with volume reached 425.18 k units in 2018, valued at 1341.77 million USD, a CAGR of 17.08% in the last four years. This is driven by higher demand of consumption and widens application of Smart Vending Machines trends. Global Smart Vending Machines industry is forecasted its growing trend, reaching 813.28 k units with value 2277.18 million USD in 2024, a CAGR of 9.22%.
The latest trend gaining momentum in the market is ability of real-time data collection through intelligent vending machines.
The functionality of the machine is decided by the hardware, software, and the microprocessors and controllers used in designing the machine. Intelligent vending machines are being equipped to handle in-data collection, data transfer, and data analysis. These advanced features enable the retailers to focus on their core competencies of timely distribution and product quality. Vending machines use customized software analytics and cloud-based services to manage large real-time customer data.
Airport, railway station, school and business Center are the main application areas for Smart Vending Machines market. Especially school, accounted for 27.94% of total market share, followed by Business Center (24.58%) and railway station (22.28%).
According to GIR, one of the major drivers for this market is growing demand for cashless vending machines. Companies are installing vending machines that accept payments through credit cards, debit cards, and mobile payments. This helps them to gain the attention of customers, consequently propelling the sales.
Retailer’s preference is shifting towards cashless transaction facilities and machines with cashless features.
The largest consumption area is Asia-Pacific in 2018, which are much matured market. For emerging economies, like China, Smart Vending Machines technology is rapidly improving.
Although sales of Smart Vending Machines brought a lot of opportunities, the study group recommends the new entrants just having money but without technical advantage and downstream support do not to enter into this field.