In the present times, the lifestyles of individuals have become rather hectic, promoting the consumption of on-the-go snacks and beverages. As a result of this, the demand for vending machines has amplified. Of late, the integration of cutting-edge technologies such as the Internet of Things (IoT) with vending machines has enabled better monitoring of the equipment, allowing for real-time data collection and an end-to-end IoT solution. In addition to this, innovative technologies such as speech recognition, interactive display systems, and big data integration, have made vending machines more convenient and user-friendly for customers. Key industry participants are leveraging such ultramodern equipment to improve the buying experience for customers. This in turn is expected to unlock revolutionary growth opportunities across the global vending machine market.

 

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Rising Installation of Cashless Vending Machines to Catalyse Market Growth

 

The growing use of cashless vending machines is providing impetus to the global vending machine market. The ongoing digital transformation around the world has led to the increased adoption of smart devices such as smartphones, subsequently promoting digital payments. The rising prominence of digital payments coupled with the growing use of debit cards and credit cards is in turn encouraging the deployment of cashless vending machines. Cashless vending machines accept mobile payments, and credit and debit cards, and are therefore being increasingly installed by businesses. Against this backdrop, the global vending machine market is projected to witness robust expansion in the upcoming years.

 

Heightened Consumption of Coffee and Energy Drinks to Aid in Market Expansion

 

Beverage vending machines have been gaining significant traction due to the increased consumption of coffee and energy drinks. Apart from coffee, vending machines also include diet soda, lemonade, flavoured beverages, energy drinks, vitamin water, and water bottles. In particular, at hotels, beverage vending machines are installed for guests who prefer a quick drink over a meal. Along with increased convenience for customers, hotels are able to generate a consistent income by installing beverage vending machines. Therefore, it is predicted that the growing demand for beverage vending machines will in turn create novel revenue opportunities in the global vending machine market over the forecasted period.

 

North America to Lead Global Vending Machine Market Due to Increased Deployment of Vending Machines at Interstates

 

During the study period, North America is anticipated to hold a lion’s share in the global vending machine market. In recent years, the region has witnessed the growing practice of installing vending machines at interstate borders for the convenience of motorists. Besides this, food and drink vending machines are also installed across various sports facilities. Meanwhile, Asia Pacific is projected to experience rapid growth throughout the study period. The market expansion is majorly facilitated by the high product penetration due to rising population across major economies in the region.

 

Leading Market Players

 

Some of the prominent players in the vending machine market include Bianchi Industry Crane Co., Cantaloupe Inc., S.p.A., Azkoyen Group, Fuji Electric Co. Ltd., Glory Ltd., Jofemar Corporation, Royal Vendors Inc., Selecta AG Sanden Holdings Corporation, Westomatic Vending Services Ltd, and Seaga Manufacturing Inc.

 

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