Smart Vending Machine Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Application (QSR, Shopping Centers, Public Transport, Others), By Product Dispensed (Salty And Sour Snacks, Bakery Products, Confectionery Products, Beverages, Others), And By Geography - Forecasts From 2022 To 2027

The global smart vending machines market is expected to grow at a CAGR of 13.30% from a market value of US$4.807 billion in 2020 to reach up to US$11.522 billion in 2027.

The global smart vending machine market growth is attributed to the increase in demand for cashless transactions, rapid digitization, a surge in dependency on ATMs, and the penetration of the internet across the globe. An SVM is a device that dispenses items such as packaged foods, beverages, or tobacco products stored inside it in exchange for cash and tokens or coins. Key players operating in the market are aiming at new ways of machine-human interaction. They are making efforts to incorporate new gesture-based technologies like touch screen controls, video technology, and cashless payment mechanisms. They are also trying to improve the overall dispensing experience with the smart vending machine.

Smart vending machines are being used to validate tickets that are used in situations when they have been purchased in advance to be used later. Factors such as low manpower costs, improved efficiency, less operational time, and developed transport infrastructure and security systems are expected to drive the growth of the global smart vending machine market. For instance, Metrolink, a US-based rail authority, has installed 133 new ticket machines at its stations in Southern California. The installed machines are expected to increase the customer experience by providing them with better reliability and accessibility, as well as smarter features such as touchscreens. Northern, a UK-based train operating company, installs new ticket vending machines at more than 400 locations. The company initially planned to install 600 new ticket vending machines across the country as part of its wide-ranging modernization plan but has installed 621 new machines. The global smart vending machine market growth is attributed to the increase in demand for cashless transactions, rapid digitization, the surge in dependency on ATMs and the penetration of the internet across the globe. SVM is a device that dispenses items such as packaged foods, beverages, or tobacco products stored inside it in exchange for cash and tokens or coins. Key players operating in the market are aiming at new ways of machine-human interaction. They are making efforts to incorporate new gesture-based technologies like touch screen controls, video technology, and cashless payment mechanisms. They are also trying to improve the overall dispense experience with smart vending machines.

Smart Vending Machine Market Drivers

• Tech-savvy trends and rapid consumerism

One of the prime reasons supporting the growth of the smart vending machine market is the rising tech-savvy trends and rapid consumerism. The market is growing owing to the integration of intelligent systems to set up remote management software and touch-enabled screens. To enhance the services of traditional vending machines.  For instance, Cherise,  an Indian startup, enters smart vending by launching IoT-enabled tea vending kiosks. The Cherise Smart Vending machines dispense a variety of products such as teas, coffees, and soups from their collection. UK retailer Co-op has come into partnership with Unilever to launch a new smart ice cream vending machine in its Battersea Bridge Road store in London. Transport for Wales (TfW) in the UK has started the installation of new ticket vending machines and operating smartcards across the Wales and Borders network routes. This new technology will provide contactless ticket-buying options, which will enhance the safety of passengers from COVID-19.

• Increasing cashless transactions

Rising government initiatives and other cashless campaigns for making cashless transactions are driving the use of UPI payments or the use of cards, which is expected to further drive the overall market growth during the forecast period. For instance, Mastercard launched a campaign called Team Cashless India. Under this campaign, Mastercard volunteers interacted with merchants and consumers to spread the importance of digital transactions. Such initiatives are anticipated to increase the installation of smart vending machines across developing economies worldwide. Hindustan Unilever, in partnership with Reliance Retail, has launched its new in-store vending machine “Smart-Fill”. The machine has been placed in Reliance Smart Acme Mall, Mumbai. Chulalongkorn University’s Faculty of Medicine and King Chulalongkorn Memorial Hospital, in collaboration with a Thailand vending machine company, have launched automatic vending machines selling Chula medical innovations. HempBox and High Street CBD are planning to place smart vending machines in outlet centers in Tanger, North Carolina.   

Covid-19 Insights

COVID-19 The pandemic has slightly impacted the growth of the smart vending machine market. Due to the pandemic, the governments of various countries imposed a travel ban and several restrictions, such as the shutdown of supermarkets, malls, and other business sectors. Lockdown restrictions have had a minor impact on overall market growth, as demand from existing markets and malls has been reduced, and new projects to install vending machines have been halted. However, with the relaxation of restrictions by the end of 2020, the market experienced rapid growth.

Smart Vending Machine Market Scope:

Market Segmentation

• By Application
  • QSR
  • Shopping Centres
  • Public Transport
  • Others
• By Product Dispensed
  • Salty and Sour Snacks
  • Bakery Products
  • Confectionery Products
  • Beverages
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Spain
    • Others
  • Middle East and Africa
    • Israel
    • Saudi Arabia
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Thailand
    • Indonesia
    • Taiwan
    • Others