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Intelligent Vending Machine Market Global Trends, Market Share, Industry Size, Growth, Opportunities
The global shipments are expected to exceed 8 million units by 2029.
With increasing technological advancements, rising awareness is increasing the adoption and acceptance of intelligent vending machines, boosting the growth of the market worldwide. The machines are becoming increasingly consumer-friendly and are equipped with all the latest features thus increasing consumer accessibility as well as the flexibility of usage. These factors contribute greatly to the market’s worldwide lucrative trade opportunities.
Offering features like face and voice recognition has opened up new trade avenues and increased the scope of employment of these machines across various industries and sectors. These machines help in increasing consumer awareness and provide due assistance through information, these machines have become pertinent for timely and ever available service for consumers. These machines have expanded into the retail sector and helped it grow better and in turn driving the sales of intelligent vending machines, especially in U.S the rise in geriatric population and thus increasing health issues. Thus in order to maintain a healthy balanced diet creates an increasing need for providing detailed product information especially by the intelligent vending machines have the capability to display relevant information of products. The governments' incentives across the globe have significantly contributed to the growth of this market worldwide. Regions such as North American, U.S., Canada, are primarily focusing on providing all the nutritional information to customers for the food and beverages available through vending machines. The governments have stringent laws and policies governing and maintaining consumer awareness about food products. These government regulations are resulting in rising popularity and deployment of intelligent vending machines in the region.
The advancements in the technology of intelligent machines market have also exposed it to security and privacy-related concerns. The retail industry needs to implement efficient tools to ensure consumer privacy. The increasing usage and integration of smart-phones in daily lives by consumers especially for making payments using e-Wallets or credit-debit cards as they move from location to location, there is always a risk associated with it owing to chances of network system failures, system hacking, outsourcing of private information of the consumers, such as credit card and debit card details. Yet the convenience associated with smart payment systems has attracted a lot of people towards use of intelligent vending machines. Consumers are increasingly preferring such payment options due to smartphone applications for payment, and improvised security in such payment modules. Due to this factor, retailers are also focusing on delivering smart payment options to customers to increase the sale of their products, and increase customer retention ratio.
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1. By Application
● QSR, shopping malls, and retail stores
● Public Transport
2. By Product Dispensed
● Salty and savory snacks
● Hot drinks
● Bakery products
● Confectionery products
The hot drinks segment is projected to account for major market share during the forecast period.
3. By Region
● North America
● Asia Pacific
● Latin America
● Rest of the World
The Asia Pacific region is predicted to emerge as the fastest-growing market due to the increased demand in public transport applications in emerging countries such as India and China and consumer awareness of receiving detailed information.
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● Tier 1 players- established companies in the market with a major market share
● Tier 2 players
● Emerging players which are growing rapidly
● New Entrants
Prominent vendors operating in the market include Crane Co., Advantech Co. Ltd., Bianchi Vending Group S.p.A, Azkoyen Group, and Rhea Vendors Group
● Growth prospects
● SWOT analysis
● Key trends
● Key data points affecting market growth
Objectives of the Study:
● To provide an exhaustive analysis on the global intelligent vending machine market by product dispensed, by application and by region
● To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
● To evaluate and forecast micro-markets and the overall market
● To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and rest of the world
● To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
● Profiling of companies to evaluate their market shares, strategies, financials and core competencies
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