Intelligent Vending Machines Market To Reach USD 86.3 Billion By 2032 | DataHorizzon Research

The intelligent vending machines market was valued at USD 24.7 Billion in 2023 and is anticipated to grow CAGR at 14.9% to reach USD 86.3 Billion by 2032.

Fort Collins, Colorado, May 05, 2024 (GLOBE NEWSWIRE) —

High demand for vending machines boosts industry developments.

The industry is undergoing a remarkable transformation with the introduction of advanced and innovative technologies, ushering in the era of smart vending systems. These cutting-edge machines are equipped with sophisticated features to enhance human-machine interaction and deliver a unique vending experience. They boast groundbreaking features such as voice and face recognition, enabling seamless interaction between the machine and the consumer. These features detect and respond to consumers, offering a dynamic visual experience with interactive promotions. The growing adoption of connected devices and Internet of Things (IoT) technology has further accelerated industry growth, with interactive kiosks and self-service technologies opening up additional avenues for market expansion.

The tech-savvy demographic, particularly the younger generation, is driving significant changes in the industry, particularly in cashless payments. The widespread use of RFID- and NFC-enabled payment methods in vending systems attracts consumers due to their numerous advantages, including ease and security of transactions. The rapid adoption of payment technologies such as mobile wallets, one-click payments, and smart cards is playing a pivotal role in driving market growth. Moreover, the increased penetration of smartphones and the availability of digital wallets like Apple Pay, Google Pay, and Android Pay further bolstered the popularity of cashless payment options in vending machines. 

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Segmentation Overview:

The intelligent vending machines market has been segmented into machine type, technology, product, application and region.

Vending machines registered a massive growth in the past and continues to lead the segment growth.

  • The intelligent vending machines market is segmented by application into quick-service restaurants, malls and retail stores, offices, public transport, shopping centers, and others. Vending machines are mostly installed in schools in the United States, China, Japan, and many European schools. 

Snacks accounted for a significant market share in 2023.

  • Based on product, the intelligent vending machines market is segmented as food & beverages, snacks, tobacco, confectioneries, etc. Snacks hold a significant share of the product segment of the intelligent vending machine market. Snacks like candies, energy bars, and cold drinks are majorly sold through these vending machines. 

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Intelligent Vending Machines Market Report Highlights:

  • The intelligent vending machines market growth is anticipated at a CAGR of 14.9% by 2032.
  • Technological advancements have significantly contributed to the intelligent vending machine industry growth, making retail services through dispensing systems more cutting-edge.
  • Asia Pacific holds a significant share of the intelligent vending machine market, with countries like Japan, Thailand, Singapore, and China dominating it. Features like cashless payments and contactless shopping are majorly used in these vending machines. 
  • Some prominent players in the intelligent vending machines market report include Azkoyen Group, Bianchi Vending, Crane Payment Innovations, FAS International, Jofemar Corporation, Rhea Vendors Group, Royal Vendors Inc., Sanden Corporation, Seaga Manufacturing, Westomatic Vending Services Ltd. 

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About DataHorizzon Research:

DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.

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