Observing the intelligent vending machine market trends and the future potentials for the technology, heavyweights from various industries have started to invest in the market besides adding innovative ways to help it grow. For instance, the Coca-Cola Company developed an intelligent vending machine that can recycle plastic bottles and cans. The VenCycling, as it is called, not only dispenses Coca-Cola drinks, but also accepts the used packaging besides performing other intelligent functions such as utilizing facial recognition and voice interactive system to make purchasing recommendations and making recycling a variety of Coca-Cola beverage packages more efficient. The machine also provides incentives to consumers who take the effort to recycle.
Food dispensing machines are predicted to witness a high demand from several application areas in the intelligent vending machine market. The adoption of these smart solutions in retail & restaurant outlets is growing rapidly. Manufacturers operating are offering different types of dispensing solutions depending upon the food item being served. Several types of food dispensing solutions include snacks, vegetables, ice creams, cakes, fruits, and candy vending machines.
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Vending machines have come a long way from their basic design and now are equipped to perform a lot more than dispense items and provide change. At present vending machines are designed to not only provide items requested but provide nutritional or other information about the items, interact with the customer to make suggestions about the purchase and even prepare fresh food. A window in the front allows customers to watch the flour being kneaded, the rolling of the pizza disc, spreading of the tomato paste and other ingredients and the finished creation baked in infra-red rays. The growth of the intelligent vending machine market is being driven by smart technology that brings together the convenience and availability of instant transactions with the tailored, entertaining and connected retail experience that customers have come to expect.
A rise in the demand for smart dispensing solutions in several industrial segments including public transportation and entertainment is predicted to propel the intelligent vending machine market demand. With growing urbanization, theaters and fun zones are incorporating modern technologies in their facilities to attract customers. The competition in the intelligent vending machine market is based on the quality of services being offered to customers that will enhance their satisfaction levels. With the adoption of smart dispensing solutions, these companies are able to cater their products to a wide range of customers, meet consumer requirements, and manage queues.
U.S. Intelligent Vending Machine Market is projected to showcase significant growth over the coming years. Though U.S. has the most vending machines in the world, Japan has the highest density of vending machines with 5.5 million machines in 2016 that put one machine for every 50 people and is known for carrying more range of products that available anywhere else in the world. Fascination with technology, low crime rate, need for convenience etc. have driven the intelligent vending machine market in the country, but Japan being the pioneer of technology has presented the next step for intelligent vending machine market.
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The Asia Pacific intelligent vending machine market will expand at a rapid pace over the coming years due to growing digitalization and urbanization trends in several economies including India, China, and Japan. Increasing customer crowd in retail, restaurant, and entertainment sectors is encouraging store owners to implement advanced technologies that will help in customer engagement, thereby driving sales and profitability. Moreover, the rising trend of automation in business operations is a major factor propelling the growth of the intelligent vending machine market.
Considering the fact that vending machines have come a long way from being basic product dispenser and that the Internet of Things, sensor technology, big data analytics and machine learning have brought a sea of change in how machines function, the intelligent vending machine market is expected to thrive over the coming years, gaining impressive traction and profits.
Major Point From Table Of Content:
Chapter 5. Intelligent Vending Machine Market, By Application
5.1. Key trends by application
5.2. Retail sites
5.2.1. Market estimates and forecast, 2013 – 2024
5.3. Public transport hubs
5.3.1. Market estimates and forecast, 2013 – 2024
5.4.1. Market estimates and forecast, 2013 – 2024
5.5.1. Market estimates and forecast, 2013 – 2024
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