The smart vending machine market is expected to grow at a growth rate of 14.90% in the forecast period 2021 to 2028. Increasing penetration of self-service technology will likely act as a factor for the smart vending machine market in the forecast period of 2021- 2028.
A vending machine is a system that distributes items stored inside it in exchange for the coins or tokens inserted. A smart vending machine is an automated vending machine that not only distributes goods, but also engages shoppers with touch-screen controls, video, audio, gesture-based communication, and cashless payment. Usually, items such as food, drinks, and snacks are dispensed by an intelligent vending machine.
Increasing preferences towards cashless systems, rapid globalization along with rising economic stability, an increasing number of retail outlets, growing adoption of reverse vending machines, increasing demand for energy-efficient vending machines, increasing profit margins, increasing industrial development along with the necessity to accomplish faster as well as efficient processing of data are some of the major as well as important factors which will accelerate the growth of the smart vending machine market in the projected timeframe of 2021-2028.
On the other hand, an increasing number of government initiatives to support the adoption of digitalization along with surging levels of investment for the development of internet of things infrastructure and various technical advancements which will further contribute by generating immense opportunities that will lead to the growth of the smart vending machine market in the above mentioned projected timeframe.
When it comes to the smart vending machine itself, there are many benefits they can bring to us.
Following are the benefits or advantages of Smart Vending Machine:
It offers real time usage reporting to vendors which helps them to keep sufficient items in the machine by monitoring inventory all the time.
The consumers will avail hasslefree services from machines 24x7 and vendors also benefit around the clock.
It creates job opportunities in many segments. Companies will need software and hardware engineers to develop such machines. Vending operators need staff to fill the items in the machines using various transportation mediums. Vending operators also require staff to manage the entire IoT based system from centralised location. It creates opportunities for application developers and banking staff.
It benefits retail industry, medical, entertainment & hospitality, credit/debit card banks, electronic component manufacturers, vending machine manufacturers, transportation segments and so on.
Expenses can be tracked automatically using mobile app or web app from cloud based web reporting.
It eliminates many drawbacks of old vending machines accepting coins.
It lowers downtime of IoT vending machines by taking proactive action to fix issues at appropriate time. All the information of functioning and non functioning machines are available. Alerts & notifications are generated whenever machine malfunctions.
Since 2017, SNBC began to enter retail automation industry. With more than 5 years of development, the company has developed three major product lines including smart combo vending machines, smart beverage vending machines, and smart vending lockers. The supported payment methods include face recognition, QR code reading, cash payment, credit card payment and NFC etc.. With strong R&D capability, excellent quality and automated mass production capacity, SNBC has become the designated supplier of the world's top 500 and is one of the largest suppliers in the retail automation industry.