Global intelligent vending machines market analysis and insights
The global Intelligent Vending Machines market estimated at US$11.90 billion in the year 2022 is now projected to grow at a CAGR of 18.36% and reach US$32.72 billion by 2028. The growth of the intelligent vending machines market is primarily driven by a convergence of technological advancements and changing consumer preferences. These machines leverage cutting-edge technologies such as IoT connectivity, artificial intelligence, and machine learning to offer a seamless and personalized shopping experience. The increasing demand for convenience and quick access to a wide range of products, including snacks, beverages, and even non-traditional items like electronics and cosmetics, is fueling market expansion. Moreover, the integration of cashless payment options, real-time inventory tracking, and data analytics capabilities not only enhance operational efficiency for vending operators but also provide valuable insights into consumer behavior, allowing for targeted marketing strategies.
The future growth opportunities in the intelligent vending machines market are abundant and promising. As technology continues to evolve, these machines can diversify their offerings beyond traditional snacks and drinks to encompass a wide range of products, including fresh food, pharmaceuticals, and even luxury goods. Additionally, the integration of advanced AI algorithms and machine learning can enable these machines to further personalize product recommendations, optimize inventory management, and adapt to changing consumer preferences in real-time. Furthermore, the expansion of the market into new geographic regions, coupled with increased adoption in sectors like healthcare, transportation hubs, and educational institutions, offers significant growth potential. Moreover, sustainability concerns and the push for eco-friendly practices could drive the development of energy-efficient, recyclable, and low-waste vending solutions, aligning with global sustainability initiatives and enhancing the market’s long-term prospects.
Intelligent vending machines regional market insights
North American intelligent vending machines market is expected to grow significantly over the forecast period 2022-2028. This growth can be attributed to the increasing demand for contactless transactions, consumer preference for convenient and diverse product offerings, and presence of major intelligent vending machine manufacturers in the region. United States contributed around 78% of the total North American intelligent vending machines market. It is estimated to have a market value of US$3.19 billion in the year 2022. Among the other noteworthy geographic markets are Canada and Mexico, each forecast to grow at 17.43% and 14.96% respectively over the 2022-2028 period.
Asia Pacific intelligent vending machines market is anticipated to witness an upsurge owing to the rapid industrialization and urbanization in developing countries like China and India. Moreover, the market is being driven by high R&D expenditure by major players, combined with efforts to commercialize intelligent vending machines at affordable prices. China is expected to dominate the Asia-Pacific market and reach a market size of US$4.77 billion by 2028.
Within Europe, Germany, France, Italy and the U.K. are the key countries responsible for the significant growth of the regional market. Germany is expected to grow at a fastest CAGR of 17.22% over the forecast period.
Meanwhile, the Middle East & Africa is expected to show limited growth due to the strong presence of under-developed countries in Africa who are still struggling to meet technology standards. However, any growth that the region experiences is expected to come from developing Middle Eastern nations such as Qatar, U.A.E, and Oman due to a similar growth pattern as the Asia Pacific.
Key players profiled in the report include Advantech Co. Ltd.; Azkoyen Group; Bianchi Vending Group S.p.A.; Cantaloupe Systems Inc.; FAS International SpA; Fuji Electric Co., Ltd.; Glory Ltd.; Canteen Vending Services, Inc.; Crane Co.; Ingenico S.A.; Intel Corporation; Jofemar SA; MEI, Inc.; N&W Global Vending SpA; Rheavendors Group; Royal Vendors, Inc.; Sanden Corp.; Seaga Manufacturing, Inc.; USA Technologies Inc.; VE Global Vending, Inc.; Vending Solution Providers and Westomatic Vending Services Ltd., among others.
September 12, 2023 – Invenda Group AG, the leader in next-generation automated retail, and Quividi, the pioneer and world’s #1 in AI & Computer-Vision based platforms providing real-time audience measurement & shopper engagement for Digital Out-of-home (DOOH) & Retail, announced a partnership to deliver high-fidelity audience impressions to Invenda’s entire network of vending machines.
August 19, 2023 – Televend, the leading European automated retail solution and a long-term partner of SV 365 Technologies and Sodexo, has notched another win in the UK Market. The latest collaboration involves Televend’s AI technology, SV 365’s high-end fresh food machines and Sodexo’s renowned FM system I the creation of unique, 24/7 fresh food concept.
Intelligent vending machines market scope
- By component
- By technology
- Connectivity technologies
- Sensing technologies
- Display technologies
- Human machine interface
- By type
- By product vended
- Toiletries and medical supplies
- Office supplies
- Consumer goods
- Recreational items
- Industrial supplies
- By application
- Retail stores and supermarkets
- Office buildings and workplaces
- Healthcare facilities
- Transportation hubs
- Educational institutions
- Entertainment and leisure venues
- By region
- North America
- South America
- Asia Pacific
- Middle East and Africa
|No. of Pages||256|
|Estimated Market Size in 2022||US$11.90 billion|
|Forecasted Market Size by 2028||US$32.72 billion|
|Regions Covered||North America, South America, Europe, Asia Pacific, Middle East and Africa|
|Companies Mentioned||Advantech Co. Ltd.; Azkoyen Group; Bianchi Vending Group S.p.A.; Cantaloupe Systems Inc.; FAS International SpA; Fuji Electric Co., Ltd.; Glory Ltd.; Canteen Vending Services, Inc.; Crane Co.; Ingenico S.A.; Intel Corporation; Jofemar SA; MEI, Inc.; N&W Global Vending SpA; Rheavendors Group; Royal Vendors, Inc.; Sanden Corp.; Seaga Manufacturing, Inc.; USA Technologies Inc.; VE Global Vending, Inc.; Vending Solution Providers and Westomatic Vending Services Ltd., among others.|
The research report provides a comprehensive review of market trends (Technology, Product and Application analysis), market growth drivers, PEST Analysis (Political, Economic, Social and Technological Analysis) Market growth inhibitors, and strategic industry activities and SWOT Analysis of key players in the market. The report provides market estimates and forecast for geographic markets such as the North America (United States, Canada, Mexico and Rest of North America), South America (Brazil, Argentina Chile Colombia Peru Venezuela Ecuador and Rest of South America), Europe (Germany, France, U.K., Russia, Italy, Spain, Sweden, Netherlands, Poland, Austria, Belgium, Finland, Norway, Switzerland, Denmark, Czech Republic, Portugal and Rest of Europe), Asia-Pacific (China, Japan, South Korea, Taiwan, India, Australia, Indonesia, Philippines, Malaysia and Rest of Asia-Pacific), Middle East (Iran, Turkey, Kuwait, UAE, Israel, Oman, Bahrain, Saudi Arabia, Qatar, Egypt and Rest of Middle East) & Africa.