Increase in of cashless transactions and emergence of NFC technology: Revenue booster of global connected vending machine marke

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This market research report segments the global connected vending machine market by location (manufacturing plants, offices, restaurants, retail sites, hospitals and nursing homes, universities and schools, military bases, and others), by product (candy, snacks, confections, OCS, ice cream, vended food, beverages, manual food services, tobacco, and others), and by geography (the Americas, APAC, and EMEA). The leading vendors in this market are Coin Acceptors, Crane, Cubic, Fuji Electric, and MEI.

Technavio’s market research analysts estimate the global connected vending machine market to grow at a CAGR of 23% between 2016 and 2020. Retail sector is a prominent adopter of vending machines, which reduces labour expenses and helps sellers expand their store space. The market is witnessing several technological advancements such as the introduction of touchscreen displays with high-definition resolution and better picture clarity, which has accelerated its implementation across several other industries. Emergence of NFC technology will be a major revenue booster for vending machines market in the coming years. The Americas is the largest market for connected vending machines globally, owing to high smartphone penetration and the presence of tech-savvy consumers in this region

The new market research report from Technavio provides a breakdown and analysis of the vending machines segments by technology.

“The latest trend impacting the growth of this market is the retrofitting of existing vending machines. Due to increasing market competition, vendors are bringing in new technologies to the market, but the cost of employing such technologies and installing new vending machines will be very high. Consequently, the need for retrofitting will increase as it will help retailers to avoid the cost of installing a new vending machine amid fluctuating economic conditions,” says Sunil Kumar Singh, Lead Analyst, Hardware & Semiconductor, Technavio Research

Currently, the offices segment leads this market, occupying around 22% of the total market share. In offices, connected vending machines are used to serve a variety of beverages like coffee, tea, hot milk, and cold drinks. Since offices are generally crowded areas, they are the most favorable location for installing connected vending machines.

The leading vendors in the global connected vending machine market are Coin Acceptors, Crane, Cubic, Fuji Electric, and MEI. This market is very competitive due to the presence of many local and multinational vendors. Since this market is fragmented, competition between providers is high, and is expected to remain so over the next few years. Low market penetration and rapid technological changes are other factors intensifying competition among suppliers. 

A more detailed analysis is available in the Technavio report, Global Connected Vending Machine Market 2016-2020.

We can customize reports by other regions and specific segments upon request.

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