Smart Vending Machine Market size worth US$11.522 billion in 2027

Smart Vending Machine Market size worth US$11.522 billion in 2027

By Knowledge Sourcing Intelligence Press Releases

Knowledge Sourcing Intelligence announces the publication of a new analysis report on the market of the "Smart Vending Machine Market - which is forecasted from 2022 to 2027”.

The primary factor influencing the growth of the Smart vending machine market is the rise in demand for cashless transactions, fast digitalization, increased reliance on ATMs, and global internet penetration. Low labour costs, increased efficiency, reduced operational time, and enhanced transportation infrastructure and security systems are projected to propel the global smart vending machine market forward.

As per the report, the market for Smart Vending Machine Market is expected to grow at a faster pace.        

One of the major drivers of the Smart Vending machine market is contactless mobile payments, face and voice recognition, Near-Field Communication (NFC), telemetry, and government mandates to show nutrition information and product warnings are all projected to have a favourable impact on the sector over the forecast period. However, thanks to developments in communication technology, vending machines may now communicate with vending operators by broadcasting real-time notifications via cloud technology, lowering both operating and maintenance costs. Machines can convey information such as product availability, dynamic route optimization, and increased logistics efficiencies via IoT technology.

High maintenance of the smart vending machine can serve as a key restrain for the market. Owing to the usage of smart and sophisticated technology, the maintenance cost is high. This serves as a prime drawback for the smart vending machine.

Based on application, the market is divided into four categories based on application: QSR, Shopping Centres, Public Transportation, and Others. The use of these systems in office buildings has various advantages, including space savings, economic effectiveness, and cleanliness. Over the projection period, QSRs, shopping malls, and retail stores are expected to dominate the application segment.

Based on products dispensed, the market is divided into salty and savoury snacks, bakery products, confectionery products, beverages, and others based on products dispensed. Because of the growing emphasis on healthy vending, packaged beverages are expected to be the fastest-growing type segment in the Smart Vending Machines Market. Juice, milk, water, flavoured waters, and energy drinks are among the packaged drinks that make up this market. Consumers are always looking for new packaged drinks that are low in calories and fit into their healthy lifestyles.

Based on geography, North America dominates the smart vending machine market due to the rising adoption of the self-service industry, the emergence of new business models, and the prevalence of favorable policies in the region, whereas Asia-Pacific is expected to grow from 2020 to 2027 due to the adoption of high-end technologies and rising levels of disposable income in the region. Energy conservation laws in nations like the United States and Canada are hastening the adoption of these devices in the region.

As part of the report, the major players operating in the Smart Vending Machine market that have been covered are Fuji Electric Co. Ltd, Glory Ltd, Ingenico S.A, Intel Corporation & Crane Co.

View a sample report or purchase the complete study at https://www.knowledge-sourcing.com/report/smart-vending-machine-market

This analytic report segments the Smart Vending Machine market on the following basis

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