Intelligent Vending Machines
According to recent reports, the global installed base of Intelligent Vending Machines is projected to reach 2.7 million units by 2020, driven by superior attributes such as ease of use, enhanced energy and operating efficiency, and a more engaging retail experience for users.
Vending machines are currently undergoing a digital transformation, given the growing trend towards Internet-connected devices. The introduction of ‘Internet of Things’ (IoT) into the vending market is facilitating the conversion of traditional vending machines to go beyond just offering snacks and beverages to provide a more engaging and interactive retail experience to users.
Armed with various hi-tech features, intelligent vending machines offer a more interactive, personal, and fun experience to customers, while enabling operators and brands to use data analytics and cloud services to enhance efficiency and reduce operational costs. Rapid urbanization and resulting increase in traffic at public places is further strengthening the business case for intelligent vending machines.
Connected vending machines have evolved to become smarter with the use of big data and analytics which help businesses interpret consumer behavior and preferences to design safe, secure, and appropriate product options. Cashless transactions coupled with the emergence of mobile commerce (m-commerce) offers potential growth opportunities for automatic merchandising. With non-food and high priced product vending becoming popular, cashless machines are poised to fuel future growth in the market. Intelligent vending machines perform automatic currency rendering calculations at lightning speed making it far more efficient than manual calculations which are prone to errors. In addition, regulations to display product warnings and accurate and clear product nutrition information, including calorie count, is further driving the adoption of intelligent vending machines.
The US represents the largest regional market worldwide for Intelligent Vending Machines. Factors driving growth in the market include greater demand for healthy vended foods, advances in technology such as cashless payment systems, decreasing equipment costs, and manufacturer’s focus on extending product availability.
Asia-Pacific is forecast to emerge as the fastest growing market with a projected CAGR of 15% over the analysis period. Growth in the region is led by increasing urbanization, rise in disposable incomes, changes in consumer food consumption habits, and urban lifestyles, among others.
For more information on Intelligent Vending Machines, contact: Alps Kiosks, at: www.alpskiosks.com