LONDON--(BUSINESS WIRE)--The global intelligent vending machine market is expected to grow by USD 11.24 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
The preference for cashless payments is increasing with the rise in adoption of smartphones and payment transactions using credit cards, debit cards, and Internet-enabled devices. This is encouraging many companies to install vending machines. Similarly, institutes, hospitals, hotels, commercial complexes, offices, and other public places are installing intelligent vending machines integrated with advanced features. The easy payment through vending machines is drawing the attention of customers and propelling sales. Thus, the growing demand for cashless vending machines will boost the growth of the intelligent vending machine market during the forecast period.
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As per Technavio, the ability of real-time data collection through intelligent 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 significant trends and market drivers that will influence market growth over 2020-2024.
Intelligent Vending Machine Market: Ability of Real-Time Data Collection Through Intelligent Vending Machines
Intelligent vending machines are replacing conventional vending machines as they have advanced features such as digital advertising and content management system, transaction management, operations management, inventory management, software and platform management, and customer analytics. Retailers benefit from intelligent vending machines as real-time customer data tracking functionality and machine learning algorithms help them in analyzing customer behavior and profiles based on the number of purchases. The handling of in-data collection, data transfer, and data analysis through intelligent vending machines help retailers to improve the quality of their products. Thus, the ability of real-time data collection through intelligent vending machines is expected to showcase a positive outlook during the forecast period.
"Tie-ups among retailers and manufacturers and growing demand for retrofitted vending machines are some other major factors that will boost market growth during the forecast period," says a senior analyst at Technavio.
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Intelligent Vending Machine Market: Segmentation Analysis
This market research report segments the intelligent vending machine market by product (beverage, food, and tobacco), installation sites (retail sites, public transport hubs, and offices), and geography (North America, APAC, Europe, South America, and MEA).
North America led the intelligent vending machine market in 2019, followed by Europe, APAC, South America, and MEA. During the forecast period, North America is expected to register the highest incremental growth due to factors such as the growing popularity of vending machines, the concentration of manufacturers and retailers, and the presence of buyers that are aware of technologies and the utility of vending machines.
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Some of the key topics covered in the report include:
Installation sites segmentation
- Retail sites
- Public transport hubs
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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