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Global Smart Vending Machines Markets, 2017-2021 & 2022-2028 - Increase in Demand for Self-service Technology and the Implementation of IoT and AI Services
Dublin, Jan. 18, 2023 (GLOBE NEWSWIRE) -- The "Global Smart Vending Machines Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Product Type, Machine Type, Application, Region" report has been added to ResearchAndMarkets.com's offering.
Global Smart Vending Machines Market was valued at ~US$ 5 billion in 2017. It is estimated to be ~US$ 8 billion in 2022 and is expected to reach a market size of ~US$ 15 billion by 2028 growing with a CAGR of ~12% during 2022 to 2028.
The increase in demand for self-service technology, and the implementation of IoT and AI services such as cashless transactions and cloud-based systems are primary factors driving the smart/intelligent vending machine market.
The increase in demand for self-service technology and the implementation of IoT and AI services are likely to propel the growth of the global Smart Vending Machines market. 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.
High initial costs and Rising security issues are some of the major challenges hindering the growth of the global Smart Vending Machines market.
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.
Competitive Landscape
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.
Recent Developments Related to Major Players
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.
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.
Conclusion
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.
Frequently Asked Questions
What is the Study Period of this Market Report?
The Global Smart Vending Machines Market is covered from 2017-2028 in this report, which includes a forecast for the period 2022-2028
What is the Future Growth Rate of the Global Smart Vending Machines Market?
The Global Smart Vending Machines Market is expected to witness a CAGR of about ~12% over the next six years
What are the Key Factors Driving the Global Smart Vending Machines Market?
The increase in demand for self-service technology and the implementation of IoT and Ai services such as cashless transactions and the cloud-based system is driving the growth of the global Smart Vending Machines market
Which is the Largest Application Segment within the Global Smart Vending Machines Market?
Manufacturing accounted for the largest share of the global Smart Vending Machines market in 2021
Who are the Key Players in the Global Smart Vending Machines Market?
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
Nodesus Inc
Daalchini technologies Pvt. Ltd. AiFi
BingoBox
Storelift
Scope of the Report
Time Period Captured in the Report
Historical Period: 2017-202
Forecast Period: 2022E-2028F
By Product Type
Beverages
Snacks
Food
Tobacco
Others
By Machine Type
Free-Standing
Wall-Mounted
By Application
Manufacturing
Retail Stores
Offices
Educational Institutes
Others
For more information about this report visit https://www.researchandmarkets.com/r/wohzy2
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