Adoption of smart dispensing solutions in public transport hubs, including railway stations, airports and bus stands is slated to spur intelligent vending machines market trends by 2024-end. In addition, the innate ability to retrofit current machines with sophisticated technological capabilities will further the growth in the landscape.
In line with the trend, the Indian Railways Catering and Tourism Corporation (IRCTC) installed tab-operated automatic vending machines (AVM) on board the Coimbatore-Bengaluru UDAY Express in June 2018. The sophisticated AVM will provide a myriad of snacks and beverages, including chips, biscuits, aerated drinks, and packed eatables, namely.
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Amid soaring concern pertaining to climate change, intelligent vending machines market players are vying to address the issue and acknowledge ‘go-green’ approach. In light of it, preeminent players in the ecosystem are introducing eco-friendly and recycling vending machines that are expected to cater to the needs of stakeholders. As such, predominant players, including Coca-Cola have come up with smart vending machines that are integrated with the recycling technologies. The intelligent vending machines market size will potentially hit US$30 billion by 2024.
Rising traction for beverage dispensing machines has fared well for the growth of intelligent vending machines market share. Estimates claim that beverage segment is likely to register a robust CAGR of around 16% during the assessment period 2018-2024. While the U.S. reigns supreme with respect to alcohol consumption, emerging countries in Latin America have begun to reap rewards from intelligent vending machines.
Retail outlets in these regions have done away with brick and mortar strategy and have embraced automation through vending solutions. Nevertheless, automated technologies have acknowledged the need for combating climate change and are making its presence felt in ‘go green’ initiatives undertaken by stakeholders globally.
Offering a seamless customer experience, intelligent vending machine technology is evolving quickly, and new machines are engaging customers with video, audio, touch-screen controls and gesture-based interaction, to name a few.
As Europe grapples with Brexit conundrum, stakeholders are optimistic of intelligent vending machines market outlook. The smart vending machines offer greater agility with seamless support. Prominently, foraying into automated retailing has become the trendsetter in Europe as players look to leverage each customer with seamless experience.
When it comes to cashless economy, Sweden appears to lead from the front as the country has implemented rigorous guidelines to keep cash economy at bay. According to World Economic Forum (WEF), Sweden could stop using cash by 2023. Nonetheless, going cashless has helped banks minimize the risk of robbery.
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As stakeholders jockey to propel customer relationship management (CRM), they have pinned hope on food dispensing machines. The popularity of these sophisticated machines among end-users has instilled confidence among stakeholders. Predominantly, evolution in food dispensing machines has helped in expanding product penetration strategy as sophisticated and state-of-the-art machines come equipped with advanced storage technology, further intelligent vending machines market share through the forecast period.
Table of Contents (ToC) of the report:
Chapter 1. Methodology and Scope
1.1. Definitions & forecast parameters
1.1.2. Methodology and forecast parameters
1.2. Data Sources
Chapter 2. Executive Summary
2.1. Intelligent vending machine market 360° synopsis, 2013 – 2024
2.1.1. Business trends
2.1.2. Product trends
2.1.3. Application trends
2.1.4. Regional trends
Chapter 3. Intelligent Vending Machine Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 – 2024
3.3. Industry ecosystem analysis
3.3.1. Component suppliers
3.3.2. Technology providers
3.3.4. System integrators
3.3.5. Distribution channel analysis
3.3.6. Vendor matrix
3.4. Technology & innovation landscape
3.4.1. Impact of IoT and machine learning
3.4.2. Biometric technologies
220.127.116.11. Facial recognition
18.104.22.168. Iris recognition
3.4.3. Payment technology
3.4.4. Cloud technology
3.4.5. Connectivity technology
3.5. Regulatory landscape
3.5.1. North America
3.5.3. Asia Pacific
3.5.4. Latin America
3.6. Industry impact forces
3.6.1. Growth drivers
22.214.171.124. Increasing penetration of self-service technology across North America
126.96.36.199. Rising demand for cashless systems in Europe
188.8.131.52. Increasing number of retail outlets in Asia Pacific
184.108.40.206. Rising economic stability and globalization in Latin America
220.127.116.11. Growing adoption of reverse vending machine in MEA
3.6.2. Industry pitfalls & challenges
18.104.22.168. Rising security issues
22.214.171.124. Prohibition of the sale of tobacco products in several regions
3.7. Growth potential analysis
3.8. Porter's analysis
3.8.1. Supplier power
3.8.2. Buyer power
3.8.3. Threat of new entrants
3.8.4. Threat of substitutes
3.8.5. Internal rivalry
3.9. Competitive landscape, 2017
3.9.1. Company market share analysis
3.9.2. Strategic dashboard
3.10. PESTEL analysis
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