The increase in demand for self-service technology, and the implementation of IoT and AI services such as cashless transactions and cloud-based systems are primary factors driving the smart/intelligent vending machine market.
According to a ResearchAndMarkets report, the market is expected to reach a value of $ 15 billion by 2028 growing with a rate of 12% during 2022 to 2028.
But the market does have some hurdles. High initial costs and rising security issues are some of the major challenges hindering the growth of the global Smart Vending Machines market.
The initial cost of a smart vending machine is much high than the conventional vending machine as smart vending machines have different features such as an AI interface, touchpad, fast transactions, and more.
Rising security issues such as burglary and vandalism of smart vending machine is also common throughout the globe, which is hindering growth.
The COVID-19 pandemic slowed the growth of the market, owing to the shutdown of production activities in various industrial areas including smart vending machine manufacturing units. As a result, production showed a decline in the global exoskeleton market.
The market is significantly competitive with around 200 big names, which include globally diversified players, regional players as well as a large number of country-niche players each with their niche in smart vending machine manufacturers. Large global players constitute 15% of competitors, while country-niche players represent 55% of competitors.
Recent developments related to major players
In May 2018, Crane Payment Innovations released new cashless items and enterprise software for vending machines, which are the telemeters of the future, created to give vending machine operators flexibility and options.
In January 2021, Westomatic Vending Services launched a smart Nutritional Drinks Dispenser that is going to be delivered in gyms to avoid the spreading of germs and bacteria with its new completely cashless technology.
The increase in demand for self-service technology and the implementation of IoT and AI services such as cashless transactions and cloud-based systems is expected to drive growth significantly for the global smart vending machines market.
Though the market is highly competitive with 200 participants, few global players control the dominant share and country-niche players hold a significant share. North America accounted for the largest market share among all regions within the total global Smart Vending Machines market in 2021.