AP NEWS

Global Vending Machine Market 2019-2023 | 17% CAGR Projection Over the Next Five Years | Technavio

December 3, 2018

LONDON--(BUSINESS WIRE)--Dec 3, 2018-- analysts forecast the global vending machine market to grow at a CAGR of close to 17% during the forecast period, according to their latest market research report.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181203005602/en/

Technavio has released a new market research report on the global vending machine market for the period 2019-2023. (Graphic: Business Wire)

The rise in the adoption of intelligent vending machines is one of the major trends being witnessed in the . Unlike conventional vending machines that just dispense products, intelligent vending machines have advanced features such as operations and inventory management, customer analytics, transaction management, software and platform management, and digital advertising and content management systems. Internet-enabled data collection software is used to gather information about a customer by these vending machines. Furthermore, by collecting, transferring, and analyzing data, intelligent vending machines enable retailers to focus on their core competencies of timely distribution and product quality. In addition, they also help in tracking real-time operational data such as daily sales, footfalls, and inventory levels. Hence, the global vending machines market is expected to witness a significant surge in the adoption of intelligent vending machines during the forecast period.

This report is available at a USD 1,000 discount for a limited time only:

According to Technavio analysts, one of the key factors contributing to the growth of the global vending machine market is the evolution of cashless payments:

Global vending machine market: Evolution of cashless payments

There has been an exponential increase in cashless and digital modes of transactions over the past five years. The momentous increase in smartphone and internet penetration, the emergence of numerous digital wallet and e-commerce payment systems, user-friendly instant e-transfer services offered by banks, and the rise in credit and debit card usage are factors contributing to the growth of digital and cashless transactions. The burgeoning trend in digital and cashless payments has prompted retailers to install vending machines that accept such payments to increase sales and enhance customer convenience. Further, various digital and cashless payment vendors are providing additional discounts, cashback, and many other offers to attract more consumers and enhance adoption rates. These factors are expected to give a strong fillip to the global vending machines market during the forecast period.

According to a senior analyst at Technavio, “Major Vendors are increasingly using vending machines to enhance customer satisfaction during the shopping process as these machines ensure full control over purchases and require no intervention of salesmen, sales support staff, or other executives. Further, owing to the fast-changing digital landscape, vendors are constantly adopting innovative strategies to differentiate their brands and to stay competitive in the market. The increasing use of vending machines is one of the major strategies among vendors in recent times to enhance customer experience and mitigate costs associated with people.”

Global vending machine market: Segmentation analysis

The global vending machine market research report provides market segmentation by product (low-end vending machines and intelligent vending machines) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.

The Americas held the largest share of the market in 2018, accounting for over 42% share, followed by the EMEA and APAC respectively. Although APAC held the smallest share of the market, it is expected to witness the maximum increase in its market share over the forecast period due to Japan, China, and South Korea being the major contributors to the vending machine market in APAC.

Looking for more information on this market?

Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.

Some of the key topics covered in the report include:

Market Landscape

Market ecosystem Market characteristics Market segmentation analysis

Market Sizing

Market definition Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

Regional comparison Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

Vendors covered Vendor classification Market positioning of vendors Competitive scenario

About Technavio

is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at .

View source version on businesswire.com:https://www.businesswire.com/news/home/20181203005602/en/

CONTACT: Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

www.technavio.com

KEYWORD:

INDUSTRY KEYWORD: TECHNOLOGY OTHER TECHNOLOGY RETAIL OTHER RETAIL

SOURCE: Technavio Research

Copyright Business Wire 2018.

PUB: 12/03/2018 10:19 AM/DISC: 12/03/2018 10:19 AM

http://www.businesswire.com/news/home/20181203005602/en

AP RADIO
Update hourly