The global vending machine market is expected to have decent growth prospects owing to less dependency on retailers, cost cutting and need of continuous supply of goods and services. Vending machine offers supply of food, beverages and other products even when the retail outlets are closed. They help in improving profit margins and lowering labor cost and downtime. Increasing product range such as gold bars & jeweler, perfumes, tickets, stationary, ink injectors in school etc. is expected to provide positive avenues to market growth. Vending machine provides quality products such as Barista hand-made coffee as compared to “Barista coffee dispenser”.
Increasing use of vending machine in industrial and commercial sectors for daily need products along with food and beverages is estimated to favor market demand. Vending machine in industrial sector enables optimum allocation of adhesive tapes and other engineering products. Their use in public areas such as airports, stations for perfumes and tissues etc. is expected to further drive the vending machine market. Vending machine reduces wastage of these daily products. Vending machine can be seen as the future of the retail market around the world.
Technological advancements such as touch screen, secure and multiple transaction, various modes of payment option such as mobile payments may fuel the vending machine market. Additionally, speech processing, facial recognition, product recognition, security cameras such as anti-theft or anti-vandal and remote management technologies particularly for specially able personals may contribute to market growth. Cashless payment through credit card, debit card, smart-phones, mobile and near field communication increases the vending machine market. Building vending machine for blind and handicap people can be the future opportunity for the manufacturers. Vending machines are connected through internet and can be remotely access to reduce the machine downtime.Vending machine market has shown significant growth in Asia-Pacific, Europe, Latin America region and is expected to grow significantly over the next seven years. In June 2015, the Union Govt. of India announced investment of over USD 12.48 million to install vending machines across Ghats of Varanasi.
Growing regulations against junk foods and tobacco usage may hamper the vending machine market. Rental space cost, low Return on Investment(ROI) and low operating cost hinders the companies to invest in vending machine market. Vandalism and security threats may hinder market growth over the forecast period. Advertisers and machine owners will also be able to track theirpotential customer and can send them exciting offers such as vouchers, coupons. Implementation of new technologies in vending machine is expected to enable, intelligent and improved customer experience and satisfaction.
Some of the Key vendors are Crane Co., Coin Acceptors Inc., Automated Merchandising Systems Inc., Fuji Electric Co. Ltd., Cubic Corp., 1800 Vending Inc., MEI Inc., Adrich Vending International, Abberfield Technology Pty. Ltd., USA technologies, Allied Drink Systems Ltd., Intel Inc., Asahi Seiko (Europe) Ltd., American Vending Machine, Inc.,, Atlas Vending Pte., Ltd., AutomatenGlockler GmbH,Azkoyen SA, Bettavend Ltd.,Bianchi Vending Group SpA, Autonumis Ltd.,, Brasilia SpA,Intel is trying to make a rapid change in vending machine and investing huge amount in research and development. Okaya electronics and Intel has made a reference model, that contains massive touch-screen display and facial recognition that is capable of identifying the customer need and characteristics. The full High definition of 1920*1080 pixels resolution, the screen displays text, animation and photographs.When patrons stands in front of the machine, the machine identifies age, gender and makes target product suggestions and advertisements on the basis of preferences of the customer. Intelligent vending systems by Intel Inc. are connected to the Internet and are managed remotely through a central console, which is also secured from hackers. This customizable vending system delivers amazing experiences using Intel architecture and technologies actively selling products, engaging with shoppers, proactively reporting data, analyzing results, self-monitoring etc.
In May 2015, USA technologies announced an agreement with M&M Sales Co. to connect M&M vending machines to USAT’s ePort Connect service. This move will enable M&M machines to accept payments from Google Wallet and Apple Pay. M&M currently operates 25 vending routes servicing around 4000 vending machines including single-cup coffee brewers. These machines will be equipped with USAT in the next five years.
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