Technavio announces the release of its latest report on the intelligent vending machine market. The market is segmented by product (beverage, food, and tobacco) and geography (APAC, Europe, MEA, North America, and South America). The report offers an in-depth analysis of recent developments, changes in market regulations, product approvals, product launches, and market behavior across various segments.
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Technavio has announced its latest market research report titled Global Intelligent Vending Machine Market 2020-2024 (Graphic: Business Wire)
Intelligent Vending Machine Market: Key Findings
Intelligent vending machine market value to grow by USD 9.33 billion at almost 22% CAGR during 2020-2024
38% of market growth to originate from North America during the forecast period
Based on the product, the beverage segment will offer maximum opportunities for vendors during the forecast period
Intelligent vending machine market is expected to have a positive impact due to the spread of COVID-19
Intelligent Vending Machine Market: Growth Drivers
The increasing demand for cashless vending machines is one the prime factors driving the growth of the market. The increase in smartphone adoption and payment using Internet-enabled devices, debit cards, and credit cards have fueled the growth of cashless payments worldwide. This is increasing the demand for intelligent vending machines that accept payments made through credit cards, debit cards, and mobile payments at offices, commercial complexes, institutes, hospitals, hotels, and other public places. With the rising consumer inclination toward cashless payments, the demand for cashless vending machines will increase over the forecast period.
"Ability of real-time data collection through intelligent vending machines and tie-ups among retailers and manufacturers will further boost market growth during the forecast period", says a senior analyst at Technavio.
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Intelligent Vending Machine Market: Major Vendors
Azkoyen SA operates its business through segments such as Coffee & Vending Systems, Payment Technologies, and Time & Security. The company offers Novara 2.0. It is a smart vending machine with a 15" screen which enables nutritional information about drinks to be displayed, and premium coffees to be promoted from the actual vending machine, or snacks from a slave vending machine.
Compass Group USA Inc.
Compass Group USA Inc. operates its business through segments such as Dining, Coffee & Office Snacks, and Vending. The company offers Smart Market. It is a self-checkout secure vending market that is used in hospital, university, hotel lobby, or a multi-tenant office building.
Crane Co. operates its business through segments such as Fluid Handling, Payment and Merchandising Technologies, Aerospace and Electronics, and Engineered Materials. The company offers vending machines for cold drinks, snacks, food, and premium hot beverages and features touch screen display combined with enhanced merchandising techniques.
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