The Smart Vending Machines principle is that the customer enters the pickup code. The code is verified, and the corresponding shipping instruction is issued to the vending machine, and the vending machine outputs the relevant product according to the instruction. The Smart Vending Machines make easy to organize, 24/7, especially without any manpower, and it can support ample product quantity space, accommodates most of the products in the market, with a secured way of purchase and income chain. Smart Vending Machines by installing innovative hardware that enhances the customer interface and data collection.
The global smart vending machine market size was valued at USD 12.30 billion in 2017 and is expected to register a CAGR of over 16.7% from 2020 to 2027. The major factors attributed to the growing adoption of interactive technologies in various application and option to operate the machines 24/7 without any manual intervention makes them ideal for use in offices and commercial and public areas. Additionally, the growing security concerns in these dispensing machines, along with the use of biometric technologies to allow customers to access the machine through facial or fingerprint identification are expected to augment the growth of the global smart vending machine industry. Moreover, the surge in near-field communication technology to accept payments and transfer coupons with the swipe of a phone will accelerate the growth of the global smart vending machine market share in the next few years.
The smart vending machine has the following features such as anti-theft/anti-vandal cameras, anonymous facial recognition, product recognition, and full vending machine controller functionality. Furthermore, the growing penetration of self-service technology along with the surge in retail outlets across the globe will impact the growth of the global smart vending machine industry. Also, the increasing consumption and spending habits among people and technological advancements in smart vending such as gesture sensing, cashless payment, NFC, voice recognition, and touch panel, are estimated to boom the smart technology market in the forecast timespan. Further, the growing applications of the smart vending machine for its technological advancements, including face and voice recognition, interactive display system, and big data integration, will foster the robust growth of smart vending machines in the estimated period.
Today, 85% of customer interactions in retail would be managed without human involvement. In 2018, AI adoption in retail continued to rise with chatbots taking the lead. Due to instant availability, increasing ease of deployment, and improved quality, chatbots will become more and more common to manage customer service queries and to make intelligent purchase recommendations. The rise of AI-powered voice assistants and conversational interfaces retailers can engage this kind of technology to answer routine questions and supplement human customer support with chat-based shopping or voice commerce.
Self-service terminals to help customers quickly access information, increase customer satisfaction, and reduce operating costs. This shopping solution supports customers to scan the goods themselves while shopping, which can effectively improve the packing efficiency and checkout speed. The self-service terminal is mainly used to alleviate the problem of large crowds in the business hall and to increase the speed of business processing.
Based on product type, the global smart vending machine market segregated into food, beverages, Tabaco, snacks, medicine, fresh fruit & vegetable, and others. The food segment accounted for a higher market share in 2019 and will witness significant growth in the forecast period. It is primarily attributed to the smart vending machine helps to store fresh food products to protect several bacteria and micro-organisms. These products are fruits, snacks, chocolates, and cookies, and others.
The beverages segment will grow with a lucrative rate in the estimated period due to these machines are storing fresh fruit juice, cold drinks, and easily accessible at any public place.
Based on application, the global Smart Vending Machine market categorized into Retail sites, Public transport hubs, Offices/Institutions, and Others. The Offices/Institutions segment held a lucrative revenue share in 2019 and projected to dominate the global smart vending machine market by 2027. It is due to the growing usage of smart vending machines for providing fresh, healthy, and light refreshments to their employees.
The public transport hubs segment will grow at a significant rate during the forecast period. It is owing to the smart vending machine will diminish rush at the retail shop through self-service technology.
Based on payment mode, the global smart vending machine market bifurcated into Cash and Cashless. The Cashless segment estimated to lead the market by 2027 due to these machines accepts any types of cards and online transfer payments with the swipe of a phone using near-field communication technology.
The cash segment will grow with a significant rate during the forecast period owing to the majority of the existing vending machines have cash as the only payment option.
Based on geography, the global Smart Vending Machine market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America estimated to occupy the lion’s share in the smart vending machine market by 2027. It is owing to the surge in demand for self- service technologies at retail outlets such as supermarkets, retail stores, shopping malls, etc. to automate the sales process. Additionally, changing lifestyles and growing demand for Ready-to-Eat (RTE) meals will spur the North American market in the upcoming period.
The Asia Pacific captured a prominent share of the Smart Vending Machine market and projected to remain dominant by 2027. It is due to increasing tourism in the countries in these regions coupled with the rise in demand for enhancing the passenger experience at places of travel like airports and railway & metro station.
Companies such as Azkoyen Vending Systems, American Vending Machines, Bulk Vending Systems, Automated Merchandising Systems, Evoka Group, Bianchi Industry SpA, Crane Merchandising Systems, Continental Vending, Inc., Sanden Holdings Corporation, and Fuji Electric Co., Ltd. are the key players in the global smart vending machine market.
By Product Type
By Payment Mode