Intelligent Vending Machines Market: Snapshot
Growing penetration of intelligent vending machines in omni-channel commerce has opened a new avenue, given the onslaught of digital e-commerce in the shopping landscape. For e-commerce heavyweights with the likes of Amazon and stores such as Walmart, intelligent vending machines double as hyper-local micro-fulfillment centers. The intelligent vending machines market has gained momentum on the back of the increasing trend of buy online, pickup in store. The 24 by 7 access, shopping empowered by QR or bar codes, and cloud connectivity pave way for win-win situation for retailers and customers. With the assortment of products that can be bought through vending machines expand-from meals to groceries to personalized cosmetics to customized products—brands and merchants have come to leverage these for carving out a unique experience.
Intelligent vending machines have prominently sprouted in airports, school campuses, business and tech parks, subways, and bars. Their use among shoppers for in-store pickups and home deliveries have grown, bolstering the revenue prospects in the intelligent vending machines market. In recent years, intelligent vending machines have become centers of pop-up promotions. The use of machine learning technologies has helped merchants identify customer’s need early and offer them new value propositions. The growing integration of these machines with ERP and inventory management has further enabled them to woo customers with loyalty programs.
Intelligent Vending Machines Market: Overview
The evolution of the intelligent machines market pivots on the changing taste, proclivities, and fascination of shoppers. Manufacturers in the intelligent vending machines market have aimed at new ways of machine-human interaction. Resultantly, they have incorporated new gesture-based technologies, touch screen controls, video technologies, and cashless payment mechanism. They are also keen on improving the overall dispensing experience, with smart vending machines also being an emerging canvas for product promotion.
Of all the technologies, new avenues in the intelligent vending machines market has thrived on the back of rapid adoption of connected technologies. An example is internet of things technology. Another technology area crucial in the strides of the market is face and voice recognition sensor.
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Intelligent Vending Machines Market: Key Trends
The drive for cashless payments offers a significant boost to the use of intelligent vending machines. Advances being made in IoT networks have benefitted the retail industry, thus opening new avenues for players in the intelligent vending machines market. The remote management of intelligent vending machines is one of the key propositions for deployment of such machines by retailers around the world.
The focus of vending healthy foods to consumers through intelligent vending machines has opened a new avenue. Growing use of these vending machines to obtain packaged drinks has spurred prospects in the intelligent vending machines market. Preference of adolescents and adults for instant refreshment has nudged them to use such vending machines.
Rise in deployment of intelligent vending machines in malls has helped the market to expand rapidly in urban areas.
Intelligent Vending Machines Market: Competitive Assessment
Most players are pinning hopes on inorganic growth strategies to consolidate their positions in the intelligent vending machines market. Some companies are also focusing on making strategic acquisitions and are entering into collaborations to have a higher revenue share of pie. Several aspiring players are focusing on hotel, restaurant, and catering sector (HORECA) business to tap into some big revenue potential.
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