Selbyville, Delaware, Oct. 04, 2021 (GLOBE NEWSWIRE) —
Intelligent Vending Machines Market revenue is anticipated to record a valuation of USD 15 billion by 2027, according to the most recent study by Global Market Insights Inc. The market growth can be attributed to government regulations on maintaining consumer awareness of food products.
A tobacco vending machine is an artificial intelligence-enabled cigarette dispenser that includes palm vein and face recognition technology. It adheres to federal rules prohibiting the sale of cigarettes to minors under the age of 18. Moreover, the machine supports the self-service sale mode, allowing consumers to make contactless purchases and payments. Because the machine is modular and extremely adaptable in terms of installation, it may be utilized in a wide range of retail settings and locations. Intelligent vending machines have smart sense sensors that automatically suggest the most recent purchase of items and associated new product promotion.
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Retail sites are witnessing a surge in the deployment of intelligent vending machines as they help global brands to provide products to a large consumer base. Marketers offer coupons to consumers to entice them to return or to lead them to a local business to purchase additional products. Furthermore, developing nations are reopening retail establishments, following the easing of lockdowns, and such vending machines aid in the provision of services through a contactless procedure. Vending machines are employed as an important component of today’s retail experience due to artificial intelligence, social media buzz, and customer acquisition tools to name a few tactics. Brands and retailers have begun to integrate behavior biometric technologies to offer personalized items and contactless payment solutions.
The developing packaged food market in North America is a key factor driving the intelligent vending machine industry growth. The key players operating in the market are focusing on product innovations and storage in vending machines to meet the growing demand for nutritious & healthy products. The major focus of the manufacturers lies in customizing the flavor of the product using vending machine technological capabilities.
The availability of packaged fortified food & beverages at various strategic locations is expected to boost the intelligent vending machines market growth across the region. Moreover, market players are becoming more transparent by providing detailed information about the product on the intelligent vending machine screens, aiding customers to buy healthy products.
Some major findings of the intelligent vending machines market report are:
- The market will witness growth owing to the expanding IoT industry globally. Intelligent vending solutions powered by IoT help businesses save expenses, boost revenue, and improve customer experience all from a centralized point of management. Intelligent vending machines powered by IoT provide inventive retailers with a significant potential to achieve a competitive edge.
- The increasing penetration of biometric technology will spur the demand for intelligent vending machines. The increasing use of facial recognition and payments using biometrics & blockchain will help the market growth. A vending machine that uses facial recognition offers a seamless shopping experience by eliminating the need to carry payment cards and smartphones.
- Intelligent vending machines provide convenient and easy access to food & beverages round the clock. The growing need for an instant snacking destination that provides affordable, healthy snacks, functional drinks, and home-style meals will boost the overall market growth.
- The expanding tobacco industry will spur the demand for intelligent vending machine solutions. Government organizations are encouraging the production and adoption of vending machines that prohibit minors to dispense cigarettes. This factor will spur the demand for tobacco vending machines.
- Intelligent vending machines enable brands and businesses to connect with customers at a range of retail locations by displaying a comprehensive range of products. Intelligent vending machines assist retailers through real-time consumer data tracking capabilities and machine learning algorithms that assist them in understanding customer behavior & demographics depending on the purchase history.
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Partial chapters of report table of contents (TOC):
Chapter 3 Intelligent Vending Machine Industry Insights
3.1 Industry segmentation
3.2 Impact of coronavirus (COVID-19) pandemic
3.2.1 Global outlook
3.2.2 Regional outlook
188.8.131.52 North America
184.108.40.206 Asia Pacific
220.127.116.11 Latin America
3.2.3 Industry value chain
18.104.22.168 Research and development
3.2.4 Competitive landscape
22.214.171.124 Distribution network
126.96.36.199 Business growth
3.3 Industry ecosystem analysis
3.3.1 Raw material providers
3.3.2 Component suppliers
3.3.4 Technology providers
3.3.5 System integrators
3.3.6 Service providers
3.3.8 Vendor matrix
188.8.131.52 Raw material providers
184.108.40.206 Component suppliers
220.127.116.11 Technology providers
18.104.22.168 System integrators
22.214.171.124 Service providers
3.4 Technological & innovation landscape
3.4.1 Integration of AI & machine learning
3.4.2 Impact of IoT
3.4.3 Biometric technologies
126.96.36.199 Facial recognition
188.8.131.52 Iris recognition
3.4.4 Payment technology
3.4.5 Cloud technology
3.5 Regulatory landscape
3.6 Industry impact forces
3.6.1 Growth drivers
184.108.40.206 Increasing penetration of self-service technology across North America
220.127.116.11 Rising investment in public transport in Europe
18.104.22.168 Growing demand for cashless systems in Asia Pacific
22.214.171.124 Increasing number of retail outlets in Latin America & Asia Pacific
126.96.36.199 Growing adoption of reverse vending machine in MEA
3.6.2 Industry pitfalls & challenges
188.8.131.52 Rising security issues
184.108.40.206 Prohibition of the sale of tobacco products in several regions
3.7 Growth potential analysis
3.8 Porter’s analysis
3.8.1 Supplier power
3.8.2 Buyer power
3.8.3 Threat of new entrants
3.8.4 Threat of substitutes
3.8.5 Internal rivalry
3.9 PESTEL analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.