The global smart vending machine market is growing at a rate of 10% between 2016-2020 owing to the rapid development of globalization and the increase in the number of retail stores worldwide.
The demand for freestanding vending machines is expected to witness significant growth owing to features such as remote management of pricing, images and content, packaged food and snacks, beverages, cloud-based hosting, inventory reporting, and more.
Persistence market research identifies North America, followed by Europe, as the leading market. The region's well-developed infrastructure in public spaces such as shopping centers, train stations, and bus stations in the United States supports North American expansion.
Smart Vending Machine, a vending machine that provides a personalized on-demand experience including LCD screen/display with touchscreen controls, audio, video, digital wallet, online transactions, cashless payments and gesture-based communication .
Freestanding vending machines with interactive displays can access data from customer shopping trends with the help of the cloud and increase the efficiency and profitability of the business. Smart vending machines offer features such as facial and voice recognition, cutting-edge technology, contactless transactions, custom user interfaces, credit and debit card integration, and more.
These features make smart vending machines highly interactive and user-friendly. Hence, the adoption of advanced technology in vending machines will drive the market growth in the coming years.