Global Smart Vending Machines Market is expected to reach a market size of ~US$ 15 billion by 2028: Ken Research
What Is the Size of Global Smart Vending Machines Industry?
Global Smart Vending Machines market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD 15 Bn by 2028. The Smart Vending Machines Market is largely driven by the increase in demand for self-service technology, and the implementation of IoT and AI services such as cashless transactions and cloud-based systems.
The increase in demand for self-service technology such as cashless transactions and the cloud-based system is driving the growth of the global Smart Vending Machines market. In March 2022, Digital Media Vending International launched the cloud-managed AI enabled vending machine the smart vending machine will enhance the user experience of vending machines with the help of augmented reality, product recognition, personalized experience, and more.
The initial cost of a smart vending machine is much high than the conventional vending machine as smart vending machines have different features such as AI drove interface, touchpad, fast transactions, and more. Rising security issues such as burglary and vandalism of smart vending machine is also common throughout the globe, which is hindering the growth of the global Smart Vending Machines market.
The COVID-19 pandemic slowed the growth of the global Smart vending machine market, owing to the shutdown of production activities in various industrial areas including Smart vending machine manufacturing units. As a result, production showed a decline in the global exoskeleton market.
Global Smart Vending Machines Market By Product Type
The Global Smart Vending Machines market is segmented by Product type into Rotodynamic Pumps and Positive Displacement Pumps. The snacks segment is projected to be the fastest growing market during the forecast period for the global Smart Vending Machines market. The growth is primarily due to the variety of products offers in vending machines as snacks such as protein bars, milk, coffee, hot drinks, ice creams and more, which is widely consume by the students and employees globally.
The various mergers and acquisition of snacks companies worldwide is also helping the market to grow at significant rate during forecasting period. In February 2019, Unilever acquired Graze, which is a British snack brand that offers a variety of healthy snacks to consumers snacks as it contains no artificial ingredients, including nuts, seeds, trail mixes, and bars.
Global Smart Vending Machines Market By Power Source
The Global Smart Vending Machines market is segmented by Power source into Electricity Grid-Connection, Diesel/Petrol and Solar. The Free-Standing Machine Type held the largest market share in 2022 in the global Smart Vending Machines market.
The growth is primarily due to the demand for these machines rising because of the widespread use of free-standing vending machines in public spaces including shopping centers, highway medians, bus shelters, train stations, airports, and other sites with high dwell times.
In March 2017, N&W Global Vending S.p.A. has acquired Saeco Vending S.p.A. with this acquisition, the N&W Global Vending S.p.A is able to provide better services for free-standing food vending machines, including coffee and other hot and cold beverages.
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Global Smart Vending Machines Market By Power Rating
The Global Smart Vending Machines market is segmented by Power rating into 0.5-3 hp, 4-15 hp, 16-30 hp, 31-40 hp and >40 hp. The manufacturing segment accounted for the largest market share in the application segment in 2022 for the global Smart vending machines market. The growth is primarily due to the adoption of Smart vending machines in manufacturing units as these have numerous advantages such as cost-effectiveness, cleanliness, and space conservation.
Furthermore, with the launches of various Smart Vending Machines which provide instant snacking and food options for manufacturing site employees 24X7. In July 2021, Daalchini technologies Pvt. Ltd. launched its Pantries at Aditya Birla Group’s Hindalco Plant under which they provide 24X7 food services with 100% contactless food/snacks, cooked meals, and Smart vending machines.
Global Smart Vending Machines Market By Geography
The Global Smart Vending Machines market is segmented by geography into North America, Europe, Asia- pacific and LAMEA. North America accounted for the largest market share among all regions within the total Global Smart Vending Machines Market in 2022. The growth is primarily due to a number of factors, including improvements in communication technology, a rise in the use of mobile payments, and better internet connectivity as smart vending machines are AI based.
Furthermore, the cost of operations and maintenance for intelligent vending machines is significant at first. The need for intelligent vending machines in the North American region is further fueled by the higher purchasing power of businesses operating there.
Competition Scenario in Global Smart Vending Machines Market
The global Smart Vending Machines market is significantly competitive with ~200 players, which include globally diversified players, regional players as well as a large number of country-niche players each with their niche in Smart Vending Machines manufacturers. Large global players constitute ~15% of competitors, while country-niche players represent ~55% of competitors. Most of the Country-Niche and Regional Players are suppliers of components and assembling partners for Global Players. Some of the major players in the market include Fuji Electric Co., Ltd, Royal Vendors, Inc., Crane Payment Innovations (CPI), SEAGA MANUFACTURING INC., FAS International S.P.A., Advantech Co. Ltd., Rhea Vendors Group Spa, Bianchi, Westomatic Vending Services Ltd., Azkoyen Group and among others.
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What is the Expected Future Outlook for the Overall Global Smart Vending Machines Market Across the globe?
The Global Smart Vending Machines market was valued at USD ~billion in 2022 and is anticipated to reach USD ~15 billion by the end of 2028, witnessing a CAGR of ~% during the forecast period 2022-2028. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.
The Global Smart Vending Machines market is driven by the increase in demand for self-service technology, and the implementation of IoT and AI services such as cashless transactions and cloud-based systems. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries.
With the increasing collaboration and emergence of new products, the Global Smart Vending Machines market is changing rapidly. For instance, In January 2021, Westomatic Vending Services Ltd. Launched a smart Nutritional Drinks Dispenser that is going tom delivered in gyms to avoid the spreading of germs and bacteria with its new technology i.e. Completely Contactless.
In May 2018, Crane Payment Innovations released new cashless items and enterprise software for vending machines, which are the telemeters of the future, created to give vending machine operators flexibility and options.
The Global Smart Vending Machines Market is forecasted to grow significantly with a CAGR of ~14% during the forecast period primarily driven by the increase in demand for self-service technology and the implementation of IoT and Ai services such as cashless transactions and cloud-based systems. Though the market is highly competitive with ~ 200 participants, few global players control the dominant share and country-niche players hold a significant share. North America accounted for the largest market share among all regions within the total global Smart Vending Machines market in 2021.
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