Vending Machine Market size is set to grow by USD 17.73 billion from 2024-2028, Growing demand for cashless vending machines boost the market, Technavio

NEW YORK, May 27, 2024 /PRNewswire/ -- The global vending machine market  size is estimated to grow by USD 17.73 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  19.74%  during the forecast period. 

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Market Driver

In the rapidly evolving business landscape, industries such as cosmetics, personal care, consumer goods, and retail are transitioning from traditional vending machines to smart, intelligent ones. These advanced machines, adopted by global retailers, offer a seamless user experience, facilitate marketing, and provide valuable consumer insights. For example, Coca-Cola pioneered cashless payment-compatible machines, offering convenience in fast-paced cities like hotels, restaurants, high-traffic areas, shopping malls, office buildings, and more.

Key features include touchscreens, digital displays, data collection, and targeted marketing across retail channels, online retail, and unique product offerings. Maintenance, servicing, and product stock-outs are addressed through automated processes.

Food and beverages, upscale restaurants, crowded pubs, public spaces, and various businesses benefit from these innovations, offering on-the-go snacks, nutritious food, and healthy living trends. Additionally, smart vending machines cater to diverse offerings such as snacks, personal care items, healthier snacks, and lottery tickets in schools, malls, railway stations, airports, and plastic bottle redemption. 

Market Challenges

• In the dynamic vending machine market, end-users face substantial capital investments for software and hardware, including customization options. Innovation is crucial for market competitiveness, leading to significant Research and Development costs. Manufacturing and rental expenses are high, while continuous upgrades for technology and consumer preferences necessitate additional investments.
• Key product offerings include zero-sugar and low-calorie beverages, food vending machines, tobacco, candy, coffee, energy drinks, and various payment methods. These machines cater to workplaces, institutions, public places, urban areas, and retail outlets, offering touch-screen controls, video and audio, and scent features. Cashless payment systems are increasingly popular in hotels, restaurants, corporate offices, hospitals, and various commercial establishments.

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Segment Overview 

1. Product 
• 1.1 Low end vending machines
• 1.2 Intelligent vending machines
2. Distribution Channel
• 2.1 Offline
• 2.2 Online
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Low end vending machines-  In the realm of market segmentation by product, the vending machine industry exhibits significant growth in the provision of zero-sugar and low-calorie beverages. Food vending machines cater to workplaces and institutions, where food item consumption varies. Tobacco, candy and confectionery, coffee, energy drinks, and packaged food are common offerings. Vending machines have evolved, integrating cashless payment methods such as credit cards and touch-screen controls.

Commercial places, including hotels and restaurants, corporate offices, public places, and urban areas, are prime locations for these smart machines. Buying habits have shifted towards convenience, with online and offline vending options available. Beverages vending machines, automatic, semi-automatic, and smart, are prevalent in coffee shops, hospitals, hypermarkets, supermarkets, specialty stores, and convenience stores. Fast-moving cities have embraced these machines, offering video, audio, scent, and gesture-based interaction for an enhanced user experience.

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Research Analysis

In the dynamic and fast-paced world of modern cities, the vending machine market plays a significant role in catering to the on-the-go needs of consumers. From upscale restaurants and crowded pubs to public spaces and business areas, vending machines offer a wide range of products, including cigarettes, lottery tickets, packaged food, tobacco products, coins, tokens, and personal care items.

In today's automated process, vending machines provide smart customer service, offering cashless payment options and a variety of snacks, healthier options, zero-sugar beverages, and low-calorie beverages. The market for vending machines continues to grow in response to the demands of fast-moving cities, providing convenience and accessibility to consumers in various settings.

Market Research Overview

The vending machine market encompasses the design, manufacturing, installation, and maintenance of automated machines dispensing various products. These machines utilize cashless payment methods, including cards and mobile wallets, to facilitate transactions. The market is driven by factors such as increasing urbanization, consumer preferences for convenience, and technological advancements.

Vending machines offer a wide range of products, from snacks and beverages to personal care items and electronics. They are commonly found in public places like offices, schools, hospitals, and transportation hubs. The market is expected to grow significantly due to the increasing adoption of smart vending machines and the integration of artificial intelligence and Internet of Things (IoT) technologies.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Low End Vending Machines
• Intelligent Vending Machines
• Distribution Channel
• Offline
• Online
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
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Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio