Global Intelligent Vending Machine Market Forecast to Showcase a CAGR of 38% Through 2021: Technavio
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Technavio has published a new report on the global intelligent vending machine market from 2017-2021. (Graphic: Business Wire)
The research study covers the present scenario and growth prospects of the global intelligent vending machine market for 2017-2021. To determine the market size, the study considers revenue generated from manufacture and sales of intelligent vending machines.
Analysts at Technavio have forecast the market size of intelligent vending machines to reach USD 13.34 billion by 2021. The Americas will be responsible for generating maximum revenue and highest incremental growth in the market through the forecast period.
The market in the Americas is characterized by a tech-savvy consumer base, and this region was also one of the early adopters of the technology. Retail outlets, hospitals, and universities in the region are increasingly adopting interactive kiosks and intelligent vending machines, enabled by the high smartphone penetration.
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Technavio analysts highlight the following three important factors that are contributing to the growth of the global intelligent vending machine market:
Growing adoption of intelligent vending machines in retail
"Retail outlets arewidely adopting intelligent vending machines due to the enhanced consumer interaction that they provide. Emerging economies like India and China are witnessing rapid growth in the retail industry, indicating a huge potential for the intelligent vending machine market," says Poonam Saini, one of the lead analysts at Technavio for retail systems research.
These automated self-service machines not only provide a better experience for consumers, but also help operators gain the interest of customers, attain higher sales, and increase brand visibility. With their real-time transactions and inventory tracking, retail data collected enables operators to achieve faster transactions and control costs and improve operational efficiencies. These benefits are driving their high adoption rates.
Enhanced customer shopping experience
Connected vending machines are preferred by consumers during selection and acquirement of products as it gives them more control over their purchases. With technological innovations, connected vending machines are more user-friendly and can handle complex tasks very quickly and efficiently. Connected vending machines have clearly proven themselves as a more personal, engaging, and entertaining platform for consumers. The systems also allow their operators and brands to avail cloud computing services and data analytics, thereby reducing operational costs incurred.
Use of wireless connected devices and Internet of Things (IoT)
"The increasing dependence on connected devices is a key driver for the intelligent vending machine market. Wireless technologies like ZigBee (News - Alert) and Wi-Fi are making interoperability between devices like intelligent vending machines possible, which is resulting in its increased adoption," says Poonam.
This concept of IoT is getting very popular and has led to the evolution of vending machines from being simple outlets to connected devices, which offer an interactive retail experience to customers. Such innovative features and offerings are attracting consumers to stores and outlets, which have them, pushing for its adoption across other retail stores as well.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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