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Smart Vending Machines Market is slated to grow rapidly up to 2024, Increased adoption of interactive technologies in various application areas

Author : Ronak Bora | Published Date : 2019-03-07 

Smart Vending Machines Market in retail sector is experiencing high adoption due to the increasing transformation of these outlets to the mechanized stores. Retail store owners are incorporating such advanced technologies to provide sophisticated solutions to their customers, which will save the time that they spend in queues. Intelligent vending machines help customers in gaining information about the features, pricing, and offers & discounts associated with these products. This helps in accelerating the shopping process with a detailed product overview and various payment options. The incorporation of such smart solutions in stores is driving the sales and profitability of the retail businesses, thereby accelerating the market demand.

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Food dispensing machines are predicted to witness a high demand from several application areas in the smart vending machines market. The adoption of these smart solutions in retail & restaurant outlets is growing rapidly. Manufacturers operating are offering different types of dispensing solutions depending upon the food item being served. Several types of food dispensing solutions include snacks, vegetables, ice creams, cakes, fruits, and candy vending machines. The retail industry is installing such technologies based on products that need to be stored in outlets. Snack dispensing solutions are the most widely adopted solutions in the smart vending machines market.

Key players operating in the smart vending machines marketinclude Azkoyen Vending Systems, Continental Vending, Crane Merchandising Systems, Fuji Electric Co., Ltd., Evoka Group, FAS International, Royal Vendors, Inc., Sanden Holdings Corporation, and Seaga Group, among others. These companies are engaged in the manufacture of business-specific solutions that will provide their customers with options to customize the solution based on enterprise requirements. Moreover, technological advancements and innovations in the smart vending machines marketare expected to be a major factor for the high adoption of these smart solutions.

The growing adoption of the snack & coffee dispensing solutions at offices is expected to drive the smart vending machines market. Corporate offices are installing smart technologies that provide various features such as biometric authentication, mobile connectivity, coupon vending, etc., which help enterprises to ensure the safety of the equipment and enhance ease in vending the products. Several corporate sectors provide coupons such as Sodexo coupons to their employees to compensate for their food expenses. Coupon vending machines are being incorporated in such application areas for reducing the efforts and time spent by the management for distributing such coupons. The installation of such smart dispensing technologies at corporate offices will accelerate the smart vending machines market.

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Smart vending machines market is expected to exceed USD 30 billion by 2024. A rise in the demand for smart dispensing solutions in several industrial segments including public transportation and entertainment is predicted to propel the industrial demand. With growing urbanization, theaters and fun zones are incorporating modern technologies in their facilities to attract customers. The competition in the industry is based on the quality of services being offered to customers that will enhance their satisfaction levels. With the adoption of smart dispensing solutions, these companies are able to cater their products to a wide range of customers, meet consumer requirements, and manage queues. Such factors are encouraging these application segments to transform their traditional techniques to intelligent solutions, thereby accelerating the smart vending machines market.

The Asia Pacific smart vending machines marketwill expand at a rapid pace over the coming years due to growing digitalization and urbanization trends in several economies including India, China, and Japan. Increasing customer crowd in retail, restaurant, and entertainment sectors is encouraging store owners to implement advanced technologies that will help in customer engagement, thereby driving sales and profitability. Moreover, the rising trend of automation in business operations is a major factor propelling the growth of the smart vending machines market.

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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