LONDON–(BUSINESS WIRE)–The intelligent vending machine market is expected to grow by USD 11.24 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Companies are installing vending machines that can accept payments through credit cards, debit cards, and mobile payments solutions. Moreover, retailers operating in the market prefer purchasing intelligent vending machines that have a cashless feature. This helps them gain the attention of customers, consequently propelling sales. The inclination of customers toward cashless payments is increasing due to high penetration of internet and smartphones. These factors will increase the need for intelligent vending machines, leading to market growth during the forecast period.
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As per Technavio, the ability of real-time data collection through intelligent vending machines will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Intelligent Vending Machine Market : Ability Of Real-Time Data Collection Through Intelligent Vending Machines
The ability of real-time data collection through intelligent vending machines will be one of the critical trends in the global market. The information collected by intelligent vending machines helps retailers focus on the core competencies of timely distribution and product quality. Moreover, the demand for intelligent vending machines is also increasing because the data collected helps them analyze consumer purchase patterns and behavior which can then be used by retailers to enhance sales. Large amounts of real-time customer data from intelligent vending machines is managed through customized software analytics and cloud-based servers. Intelligent vending machines positively impact the daily sales, footfalls, and inventory levels of enterprises which increases their demand and will thus propel market growth over the forecast period.
“Other factors such as the product customization, and the growing demand for retrofitted vending machines will have a significant impact on the growth of the intelligent vending machine market value during the forecast period,” says a senior analyst at Technavio.
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Intelligent Vending Machine Market: Segmentation Analysis
This market research report segments the intelligent vending machine market by product (beverage, food and tobacco), installation sites (retail sites, public transport hubs and offices), and geography (North America, APAC, Europe, South America and MEA).
The North American region led the intelligent vending machine market in 2019, followed by Europe, APAC, South America and MEA. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as popularity of vending machines, the concentration of manufacturers and retailers, the presence of buyers that are aware of technologies and the utility of vending machines.
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Some of the key topics covered in the report include:
Installation sites segmentation
- Retail sites
- Public transport hubs
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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