Tech-Savvy Consumers and High Smartphone Penetration to Drive the Demand for Global Connected Vending Machine Market Through 2020, Says Technavio

The global connected vending machine market is expected grow at a CAGR of over 23% during the forecast period, according to Technavio’s latest report.

In this report, Technavio covers the market outlook and growth prospects of the global connected vending machine market for 2016-2020. In order to calculate the market size, the report takes into account the installed base of connected vending machines worldwide for government and private enterprises. It considers those vending machines that dispense candies or snacks or confections, office coffee services (OCS), ice cream, vended food, beverages, manual food services, tobacco, and others.

“Recent advances in the technology used in connected vending machines provide improved efficiency, better quality, superior performance, and cost-saving features. These benefits will drive their adoption by various industries worldwide, contributing to the growth of the market during the forecast period. The introduction of touchscreen displays with high-definition resolution and better picture clarity is also driving the machines' adoption in several industries,” says Sunil Kumar Singh, a lead analyst for embedded systems research at Technavio.

Technavio’s research study segments the global connected vending machine market into the following regions:

• Americas
• APAC
• EMEA

Americas: tech-savvy consumers and high smartphone penetration to drive demand

The connected vending machine market in the Americas is expected to grow at a CAGR of approximately 23% during the forecast period. The Americas made a significant contribution to the total market revenue because of the increasing popularity and awareness of connected vending machines in the region.

Tech-savvy consumers and high smartphone penetration in the Americas are driving the demand for connected vending machines in this region, particularly from retail outlets, hospitals, and universities. As early adopters of new technology, consumers in the Americas are demanding interactive kiosks and intelligent vending machines, as they enhance user experience.

“Although the Americas is the leading region in the global connected vending machine market, it will witness slow growth during the forecast period because of stringent government regulations. For example, the US Department of Agriculture has made it mandatory for companies to follow school nutrition standards that ensure vending machines in schools only offer healthy foods and beverages,” says Sunil.

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APAC: fastest growing market for connected vending machines

The connected vending machine market in APAC is likely to grow at a CAGR of approximately 24% during the forecast period. Advances in technological adoption and infrastructural development in South Korea, Taiwan, Japan, and China have resulted in increased demand for connected vending machines. With India indicating signs of rapid improvement in its economy and the high growth of the Chinese economy, the demand for connected vending machines is expected to increase in APAC. In addition, the growing retail sector is contributing to market growth in this region.

The market in APAC is growing at the highest rate because of the growth of automatic retailing in the region and the increasing adoption of vending machines in countries such as Japan and China. Increased use of intelligent vending machines in retail stores and government funding are some of the major factors driving the market in this region. After the Fukushima nuclear reactor leakage, Japan is now focusing on eco-friendly and less power-consuming consumer electronic goods. This is fueling the replacement market and providing a huge opportunity for intelligent vending machines that are eco-friendly and consume less power than traditional vending machines.

EMEA: increasing awareness to boost growth in emerging markets

The connected vending machine market in EMEA is expected to grow at a CAGR of over 22% during the forecast period. The use of connected vending machines in hospitals and retail stores is driving the market in this region. With the standardization of connected vending machine technology and the increasing awareness of these machines, their adoption in emerging markets such as North Africa, Nigeria, and sub-Saharan Africa is expected to increase, thus boosting market growth during the forecast period. Countries such as the UAE, the UK, Germany, and Turkey are expected to contribute significantly to the market.

Some of the top vendors in the global connected vending machine market are:

• Coin Acceptors
• Crane
• Cubic
• Fuji Electric
• MEI

Browse Related Reports:

• Global M2M Services Market in the Retail Industry 2016-2020
• Global Cellular M2M Connections and Services Market 2016-2020
• Global Automated Dispensing Machines Market 2015-2019

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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