Intelligent Vending Machine Market 2022
The global Intelligent Vending Machine Market is slated to constructively grace the ICT vertical going forward. RPA (Robotic Process Automation) is expected to take the world by storm. Various functionalities like interpretation of applications, data handling, processing transactions, and, for that matter, even replying to the emails are getting automated, which help in reducing the downtime. This would be the renaissance witnessed due to ICT vertical all over.
The global intelligent vending machine market reached a valuation of close to US$ 11 Bn in 2020, and is anticipated to register a CAGR of 12% over the next ten years.
New-age technologies such as Artificial Intelligence (AI) and Internet of things (IoT) are used in intelligent vending machines to make them smarter. They are equipped with rich graphics and high-definition displays that enable these hi-tech machines to offer a personalized on-demand customer experience.
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AI-based intelligent or smart vending machines offers suggestions on the popularity of a product or information about a product, and provide better alternatives to meet consumers’ needs. These machines use Near Field Communications (NFC) and integrated circuit card readers for cashless or non-contact data transactions. With the help of a microphone and camera, the machine allows customers to have a more personalized UI experience through voice and video, thereby driving their popularity.
Key Takeaways from Market Study
- Free-standing vending machines are anticipated to account for a leading share in the global market.
- Demand from malls & retail stores is expected to dominate the market for the maximum duration of the forecast period, and that from airports & railway stations is expected to exhibit high CAGR of 18%.
- Europe is expected to lead the global market followed by North America.
- South Asia & Pacific is anticipated to emerge as the fastest-growing regional market through 2031.
- The market in India is expected to surge at a CAGR of almost 19% through 2031.
- In GCC countries, sales of intelligent vending machines are expected to increase at a CAGR of close to 18% over the next ten years.
“Intelligent vending machines help create unprecedented opportunities in the retail sector,” says a Persistence Market Research analyst.
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Rising Adoption across Retailers and Advancements in Automated Technologies Driving Product Sales
An intelligent vending machine is an automated vending machine that distributes goods and also engages shoppers/customers with video, touch-screen controls, gesture-based communication, and cashless payment capabilities.
Use of intelligent vending machines by retailers has increased as they helps increase profit margins. They include features such as remotely managed pricing, cloud-based inventory tracking, touchless payments, and much more. Also, government initiatives to support adoption of digitalization along with IoT infrastructure across the globe is fueling demand for intelligent vending machines.
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More Valuable Insights on Offer
Persistence Market Research’s report on the intelligent vending machine industry research is segmented into five major sections – machine type free-standing vending machines and wall-mounted vending machines), product type (packaged food & snacks, beverages, combination (food & beverages), medical supplies & hygiene products, and others), application (hospitals & clinics, hotels & restaurants, malls & retail stores, airports & railways stations, corporates & offices, academic institutions, and others), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and evaluate the lucrative opportunities in the market.
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