Intelligent Vending Machine Market Trends
Global intelligent vending machine market remuneration to hit USD 30 billion by 2024, escalating demand for modern day convenience & rising technological innovation to stimulate the industry growth
The intelligent 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.
Italy intelligent vending machine market, by application, 2017 & 2024 (USD Million)
With the help of vending machines however, customers can cut the queue and buy products that include cannabis flower, extracts, edibles, CBD products and accessories. The machine even describes products and its effects and suggests products to customers. It verifies customer’s identification and determines age using facial recognition technology and accepts payment with either a debit card or Apple Pay. Intelligent vending machines have transformed many aspects of life and this machine aims to do the same for the cannabis industry. According to greenbox Robotics, the kiosk is designed to dispense multiple items in one transaction and streamline the purchase experience, bringing down a 30-minute wait down to nearly two minutes. Such an innovative vending machine is expected to be gamechanger for cannabis dispersion and the intelligent vending machine market in general.
Vending machines have come a long way from their basic design and now are equipped to perform a lot more than dispense items and provide change. At present vending machines are designed to not only provide items requested but provide nutritional or other information about the items, interact with the customer to make suggestions about the purchase and even prepare fresh food. For example, in Italy a pizza vending machine called Let’s Pizza has been developed that prepares customized pizzas in less than 3 minutes. A window in the front allows customers to watch the flour being kneaded, the rolling of the pizza disc, spreading of the tomato paste and other ingredients and the finished creation baked in infra-red rays. The growth of the intelligent vending machine market is being driven by smart technology that brings together the convenience and availability of instant transactions with the tailored, entertaining and connected retail experience that customers have come to expect.
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Though U.S. has the most vending machines in the world, Japan has the highest density of vending machines with 5.5 million machines in 2016 that put one machine for every 50 people and is known for carrying more range of products that available anywhere else in the world. Fascination with technology, low crime rate, need for convenience etc. have driven the vending machine market in the country, but Japan being the pioneer of technology has presented the next step for intelligent vending machine market.
Remarkably, the cashless, smart vending machines in Japan are enabled with face, eye, or fingerprint recognition as well as social media connectivity. In case a customer cannot decide between different options, vending machines are designed to scan faces to make a choice for them. For instance, face-scanning machines dispensing beverages use big data analytics and machine-learning and make a choice based on the age of the customer. If above 30 years old, it offers hot milk tea, green tea or orange juice while for younger customers it offers soft drinks as such preferences have been depicted by people of respective age groups.
Observing the intelligent vending machine market trends and the future potentials for the technology, heavyweights from various industries have started to invest in the market besides adding innovative ways to help it grow. For instance, the Coca-Cola Company developed an intelligent vending machine that can recycle plastic bottles and cans. The VenCycling, as it is called, not only dispenses Coca-Cola drinks, but also accepts the used packaging besides performing other intelligent functions such as utilizing facial recognition and voice interactive system to make purchasing recommendations and making recycling a variety of Coca-Cola beverage packages more efficient. The machine also provides incentives to consumers who take the effort to recycle.
Considering the fact that vending machines have come a long way from being basic product dispenser and that the Internet of Things, sensor technology, big data analytics and machine learning have brought a sea of change in how machines function, the intelligent vending machine market is expected to thrive over the coming years, gaining impressive traction and profits.
Author Name : Paroma Bhattacharya