A smart vending machine also known as intelligent vending machine is an automated machine that provides items such as snacks, beverages, packaged food, cigarettes, and more to consumers with the help of certain apps, any digital payment method, or cloud-connected systems. Smart vending machines can be easily identified from traditional vending machines as they do not need any kind of human interaction to deliver products to consumers. Smart vending machines are widely used in retail stores, corporate offices, educational institutes, and more due to its contact-less ordering methods, remote monitoring systems, fast & secure transactions as well as AI systems which make the overall purchasing process easier and more interactive to the user.
According to Ken Research Analysis, the 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.
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Scope of the Report
The global Smart vending machines market is segmented by product type, machine type, and application. In addition, the report also covers market size and forecasts for the four major regions for global Smart vending machine markets. The revenue used to size and forecast the market for each segment is us$ billion.
Key Trends by Market Segment
By Product Type: 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.
By Machine Type: The Free-Standing Machine Type held the largest market share in 2021 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.
By Application: The manufacturing segment accounted for the largest market share in the application segment in 2021 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.
By Geography: North America accounted for the largest market share among all regions within the total Global Smart Vending Machines Market in 2021.
- 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.
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.
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Key Topics Covered in the Report
- Snapshot of Global Smart Vending Machines Market
- Industry Value Chain and Ecosystem Analysis
- Market size and Segmentation of the Global Smart Vending Machines Market
- Historic Growth of the Overall Global Smart Vending Machines Market and Segments
- Competition Scenario of the Market and Key Developments of Competitors
- Porter’s 5 Forces Analysis of the Global Smart Vending Machines Industry
- Overview, Product Offerings, and Strategic Developments of Key Competitors
- COVID-19 Impact on the Overall Global Smart Vending Machines Market
- Future Market Forecast and Growth Rates of the Total Global Smart Vending Machines Market and by Segments
- Market Size of Machine Type/Application Segments with Historical CAGR and Future Forecasts
- Analysis of the Global Smart Vending Machines Market
- Major Production/Supply and Consumption/Demand Hubs within Each Major Country
- Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
- Overview of Notable Emerging Competitor Companies within Each Region
Key Players Mentioned in the Report
- 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
- Westomatic Vending Services Ltd.
- Azkoyen Group
Notable Emerging Companies Mentioned in the Report
- Nodesus Inc.
- Daalchini technologies Pvt. Ltd. AiFi
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report
- Smart Vending Machines Manufacturers
- Smart Vending Machines Marketing Companies
- Smart Vending Machines Parts Manufacturers
- Smart Vending Machines Industry Association
- Smart Vending Machines Companies
- Financial Institutions focusing on Smart Vending Machines Industry
- Venture Capitalists Targeting the Smart Vending Machines Industry
- Government Ministries and Departments of Retail Industry
- Government Ministries and Departments of Food and Beverage Industry
- Regulatory Authorities and Organizations for Food and Beverage Industry
Time Period Captured in the Report
- Historical Period: 2017-202
- Forecast Period: 2022E-2028F
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