LONDON--(BUSINESS WIRE)--The global vending machine market is expected to post a CAGR of close to 17% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The increasing adoption of vending machines to improve customer shopping experience is one of the crucial factors is driving the vending machine market growth. Vending machines do not require the intervention of salespeople, support staff, and other executives. Therefore, vending machines are a one-time investment that enables cost savings by operating 24/7 and throughout the year. This has led several vendors to use vending machines for enhancing customer satisfaction and is driving the vending machine market growth.
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As per Technavio, the growing demand for retrofitting of vending machines, will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Vending Machine Market: Growing demand for retrofitting of vending machines
Retrofitting is a new trend prevailing in the market owing to the availability of novel technological advancements. By installing the latest software packages, retrofit solutions facilitate users to upgrade their existing conventional vending machines to smart vending machines. Since deploying new vending machines can incur huge costs, several vendors prefer to retrofit their existing machines. Technological upgrades such as cashless payments, LCD displays, and big data integration are some of the features provided in retrofitted machines.
“Apart from the growing demand for retrofitting of vending machines, the growing preference for customized vending machines and the rise in adoption of intelligent vending machines are some other factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Vending Machine Market: Segmentation Analysis
This market research report segments the global vending machine market by product (low-end vending machines and intelligent vending machines) and geographical regions (Americas, EMEA, and APAC).
The Americas led the market in 2018, followed by EMEA, and APAC respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the rapidly-growing retail sector in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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