Vending Machine Market Overview:
Enhancing the available technology to achieve higher benefits is the motive of the human being in order to increase the standard of living. When this advancement is summed up to the nature of self-serving to reduce the labour work gave rise to technologies like machine learning, artificial intelligence, IoT and so on. One of the applications of this kind is the vending machine. Vending machine is a smart work machine which serves the needs like coffee, beverages and so on when respective amount is inserted into the machine. Thus, reducing the labour work and increasing the service rate.
Vending Machine Market Size:
Vending Machine Market was valued at USD 5670 million in 2016 and projected to reach USD 6790 million by 2021 growing at a CAGR of 2.99% during the forecast period 2016 to 2021.
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Vending Machine Market Growth Factors, Drivers and Restraints:
Acceptance of payments and coupons with a swipe on the mobile phones using the near-field communication technology is going to drive the growth of global intelligent vending machines market during the forecast period. The trend of cashless payments through vending machines is growing significantly due to an increase in smart phone addiction and payments using Internet-enabled devices, debit cards, and credit cards. In addition to this, governments making mandatory to display the product information and warnings in public places are expected to mount the demand for these vending machines. The cloud computing is used effectively in this technology so as to send and receive the real time notifications about the machine to the vendor. This process of sending notifications to the vendor would help them to avail people with high comfort and maximum serving rate.
Vending Machine Market Geographical Overview:
Americas, EMEA, and Asia-Pacific were the geographical influencers of the market. The growing ability of real-time data collection through intelligent vending machines is one of the key factors driving the growth of the vending machine market. Americas is standing first to dominate the market, owing to rise in need to implement LCD screens for disclosing food & beverage calories as per the U.S. legislations. As per the sales, Asia-Pacific is anticipated to witness the highest growth and value. China, Japan, and India are expected to boost the growth of these vending machines market in Asia-Pacific. China market is expected to see a tremendous growth in upcoming years as it has a major distribution channel when compared to other places.
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Key Players of Vending Machine Market:
Forecast of the market identifies Aaeon Technology Inc., Cubic Corporation, Crane, Coin Acceptors, Fuji Electric, Intel Corporation, and E-infochips Limited and Royal Vendors as the key vendors in the global vending machines market.
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