Connected Vending Machines Market Report Overview
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The global connected vending machines market size was USD 888.8 million in 2021 and is projected to touch USD 1881.22 million by 2031, at a CAGR of 7.8% during the forecast period.
Connected vending machines are automatic machines that supply beverages and snacks. The machine is without payment-enabled. It supports site payments and online. They machine calculate the number of products sold. Further, it automatically sends the message when it is sold out.
Increasing demand for the machine in public areas such as airports, business center, railway station, and others. Rapid industrialization and automation are predicted to accelerate market progress. Growing demand for beverages and snacks in the public areas is anticipated to fuel marker development. Increasing technological advancements and AI technology are projected to surge market growth. Rising awareness about cashless payments by credit, debit, and smartphones is estimated to expand market growth during the forecast period. Growing disposable income of the consumer is anticipated to fuel market growth.
COVID-19 Impact: Closure of Public Areas to Hamper Market Progress
The global COVID-19 pandemic has been unprecedented and staggering, with connected vending machines experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.
COVID-19 pandemic impacted market volatility. Lockdown restrictions and closure of public areas affected market progress. Travel restrictions and quarantines reduced the product demand. The market witnessed a huge slowing in supply chain. Falling business confidence and uncertainty about the future reduced machine adoption. Lack of industrialization and growing work from home culture minimized market growth during the pandemic.
On the contrary, the market is showing positive growth post-COVID-19, due to increasing demand for contactless purchasing and cashless payments.
LATEST TRENDS
"Rapid Industrialization and Growing Demand for Packed Food to Foster Market Progress"
Increasing industrialization and urbanization are estimated to fuel market growth. Increasing demand for machines in public areas is projected to boost product adoption. The product stores essential items such as beverages and snacks, which is anticipated to surge product demand among consumers. The machines are used daily among consumers, which is projected to drive market progress. Growing trend of using food and beverage vending machines is anticipated to surge market growth. The machine is easy and decreases purchasing time. Increasing busy lifestyle of population globally is expected to fuel market development in the forthcoming years. The increasing need for packed food for convenience and ease of travel is anticipated to fuel market growth. The growing demand for retrofitting is projected to drive market growth. Increasing number of corporate and manufacturing sectors globally is anticipated to surge connected vending machines market growth.
Connected Vending Machines Market Segmentation
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By Type
Based on type, the market is divided into beverage, commodity, and food.
Beverage is expected to be the leading part of the segmentation type.
By Application
Based on the application, the market is divided into airport, railway station, school, business center, and others.
DRIVING FACTORS
"Latest Technology and Increasing Demand for Intelligent Machines to Stimulate Market Growth"
Increasing need for intelligent machines is anticipated to surge market growth. Rapid technological advancement is projected to drive market growth. Growing need to replace traditional machines with smart and intelligent devices is predicted to surge market growth. The equipment has a cashless payment method and LCD screen, which is anticipated to accelerate market progress. It has software installed along with data like AI and the internet of things (loT). Such advantages of the equipment are anticipated to surge market progress during the forecast period. Increasing demand for communication technology machines is anticipated to accelerate market growth. Growing logistic efficiencies are predicted to propel market progress. The increasing integration of these machines with ERP and inventory management is anticipated to fuel connected vending machines market growth.
"Growing Need for the Machine in Public Areas to Augment Market Growth"
Increasing demand for the machine in public areas such as airports, business centers, railway stations, and others is expected to propel market progress. Rising demand for food and beverage while traveling is anticipated to surge market growth. Increasing demand for the machines in the employees' business areas is expected to fuel market growth. Increasing disposable income of population is anticipated to propel market progress during the forecast period. The product is gaining popularity in educational institutes such as schools and colleges is projected to drive market growth. The machine has 24 by 7 access which encourages market expansion. The machine is hygienic, saves lots of space, and is efficient. Such advantages are predicted to fuel connected vending machines market growth.
RESTRAINING FACTORS
"Increase Rental Area Cost and Strict Restricting Sales of Junk food to Hinder Market Growth"
Growing rental area cost is estimated to hamper market growth. Further, strict restricting sales of junk food is anticipated to hinder market growth. High security problems are estimated to affect connected vending machines market growth in the coming years.
Connected Vending Machines Market Regional Insights
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"Increasing Development in Communication Technologies in North America to Drive Market Share "
North America region is estimated to dominate connected vending machines market share due to increasing development in communication technologies. High usage of mobile payments is expected to surge market progress. Increasing demand for fast connectivity machines is predicted to surge market growth in the coming years. High investment by major market players in the region is anticipated to fuel market growth. Presence of a major commercial hub center is predicted to fuel market growth.
Asia Pacific is expected to witness significant market growth due to high adoption of latest communication technologies. Increasing demand for the machine in the public areas such as airports, business centers, railway stations, and others. Rapid industrialization and automation are predicted to accelerate market progress. Growing demand for beverages and snacks in the public areas is anticipated to fuel marker development.
KEY INDUSTRY PLAYERS
"Leading Players Adopt New Strategies to Stay Competitive"
The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.
List of Market Players Profiled
- Fuji Electric (Japan)
- Azkoyen Group (Spain)
- Crane (U.S.)
- Jofemar (Spain)
- Westomatic (U.K.)
- Seaga (Japan)
- Evoca Group (Italy)
- Deutsche Wurlitzer (Germany)
- Automated Merchandising Systems (U.S.)
- Sielaff (U.S.)
- Bianchi Vending Group (Africa)
- Royal Vendors (U.S.)
- FAS International (Italy)
- SandenVendo (U.S.)
- Fushi Bingshan (China)
- TCN Vending Machine (China)
- Fuhong Vending (China)
- Kimma (China)
REPORT COVERAGE
This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 888.8 Million in 2021 |
Market Size Value By |
US$ 1881.22 Million by 2031 |
Growth Rate |
CAGR of 7.8% from 2021 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Types & Application |
Frequently Asked Questions
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What value is the connected vending machines market expected to touch by 2031?
The global connected vending machines market is expected to reach USD 1881.22 million by 2031.
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What CAGR is the connected vending machines market expected to exhibit by 2031?
The connected vending machines market is expected to exhibit a CAGR of 7.8% by 2031.
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Which are the driving factors of the connected vending machines market?
Drivers of this market are latest technology and increasing demand for intelligent machines, and growing need for the machine in public areas.
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Which are the top companies operating in the connected vending machines market?
Fuji Electric, Azkoyen Group, Crane, Jofemar, Westomatic, Seaga, Evoca Group, Deutsche Wurlitzer, Automated Merchandising Systems, Sielaff, Bianchi Vending Group, Royal Vendors, FAS International, SandenVendo, Fushi Bingshan, TCN Vending Machine, Fuhong Vending, and Kimma.
