Intelligent Vending Machines Market - IoT and assistive technologies energizing the industry
The intelligent vending machines market is anticipated to grow swiftly over the forecast period, owing to the accelerated penetration of Internet of Things (IoT) and development of advanced assistive technologies that offer effectiveness along with an appeal to these systems. The adoption of IoT and technologies is leapfrogging the market in the following ways:
The incorporation of the face recognition software in vending machines is significantly revolutionizing the industry. This feature enables dispensing systems to recognize a consumer and serve a personally customized snack or drink that has previously been served to the person.
The technology picks out critical facial details, features, and ratios unique to every individual. These details are later matched with previously selected products from the dispensing system, including any modified selections such as hot/chilled, extra sugar, or strong/weak choices. Besides capturing facial features and recording consumers’ buying patterns, the technology also determines an individual’s age and gender and recommends snacks or beverages that suit the buyers.
Vending machines embedded with the voice recognition technology enable users to make informed purchases. The technology aids consumers by providing information regarding a product, its sugar content, carbonation, and calories. It further makes recommendations based on a drink’s popularity and offers better choices to match the current weather or season.
Tourists, visitors, and foreign travelers find it difficult to buy drinks from dispensing systems when faced with a line-up of unfamiliar beverages and products that are labeled in regional languages. Voice-activated dispensing machines create a real-time human-machine interaction and enable consumers to communicate with the system and make conversant purchases.
The tech-savvy generation is remarkably propelling a sea-change in the industry and consecutively driving cashless payments. The use of RFID- and NFC-enabled payment methods in dispensing systems is attracting consumers significantly, owing to manifold advantages such as easy, secure, and secure modes of payments.
The accelerated usage of payment technologies, such as mobile wallets, one-click payments, and smart cards, is influential in keeping the market growth prospects upbeat. Increased smartphone penetration, along with digital wallets such as Apple Pay, and Android Pay, among others, is catapulting cashless payment options.
Telemetry can be termed as a programmed communication process where information can be collected through a remote location and transmitted to a receiving equipment for the purpose of information processing and monitoring. Telemetry systems are powering connected vending machines by providing the systems with the ability to capture real-time information regarding the operating status of the dispensing system, inventory, and sales.
Telemetry systems directly communicate information to the operator regarding the stock and maintenance needs, thereby enabling immediate corrective actions. These systems further store data for future predictions and help vendors make informed business decisions. They eliminate the need for unnecessary and redundant operator visits and service time, decrease machine downtimes, and help in increasing an operator’s profit.
In-depth report on global intelligent vending machines market by Grand View Research:
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