The Europe smart vending machine market is rapidly growing owing to the rising adoption of smart technologies for serving customers in several application areas. These machines are allowing customers to change their mode of payment to cashless transactions. Countries including Sweden, Germany, France, the UK, and Italy are developing various initiatives and programs to digitize the payment process. Sweden is a leading country to adopt stringent guidelines for transforming itself into a cashless economy. For instance, in 2013, some of the major banks including Nordea Bank, SEB, and Swedbank refused to hand over physical currency to its customers in over 75% of their branches in the country. Such digital currency initiatives are encouraging the market players to develop advanced solutions that will support cashless payments.
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The smart vending machine market has been expanding rapidly in recent times as technology continues to transform the world and disruptive technology is becomes the order of the day. For instance, recently, greenbox Robotics, a Southern California tech company, designed an intelligent vending machine that can dispense marijuana and CBD. The company’s chief motivation behind designing such a technology was the long queues in cannabis dispensaries.
Beverage dispensing machines are witnessing a high demand in the smart vending machine market and are anticipated to grow at a CAGR of around 16% over the forecast timespan due to the increasing consumption of several types of beverages including cold drinks, alcohol, juices, and energy drinks. Some of the major countries that have a high consumption rate of the soft drinks include the U.S., Argentina, Chile, Mexico, and Uruguay.
However, the U.S. is among the top countries considering alcohol consumption rates. Retail outlets in these countries are involved in automating their outlets by incorporating vending solutions. They are utilizing these automated technologies to serve different types of beverages to their customers, thereby enhancing the shopping experience. Such factors are expected to drive the smart vending machine market growth.
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In the smart vending machine market, the retail sector accounted for over 15% of the industry in 2017 and is experiencing high adoption due to the increasing transformation of these outlets to the mechanized stores. Retail store owners are incorporating such advanced technologies to provide sophisticated solutions to their customers, which will save the time that they spend in queues. Intelligent vending machiness help customers in gaining information about the features, pricing, and offers & discounts associated with these products.
Increasing applications of smart dispensing solutions at public transport hubs such as airports, railways stations, and bus stands are predicted to accelerate the smart vending machine market. The adoption of food & beverage-dispensing equipment in these places is growing rapidly. These transportation hubs are engaged in transforming their manual operational techniques to automated technologies. For instance, the Indian Railways is investing heavily in automation. In June 2018, it installed automatic food vending machines in the Coimbatore-Bengaluru UDAY Express.
Major companies participating in the smart vending machine market include American Vending Machines, Automated Merchandising Systems, Azkoyen Vending Systems, Bianchi Industry SpA, Bulk Vending Systems, Continental Vending, Evoka Group, Crane Merchandising Systems, Inc, Fuji Electric Co., Ltd., and Sanden Holdings Corporation, among others.
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