Global Vending Machine Market 2019-2023 | Increasing Demand for Retrofitting of Vending Machines to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--Nov 15, 2019--
The global vending machine market is expected to post a CAGR of almost 17% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global vending machine market 2019-2023 (Graphic: Business Wire)
Vending machines ensure full control over purchases and eliminate the intervention of salesmen and other executives. They also improve customer experience during shopping as they connect customers with the desired products more easily. Hence, in order to improve customer shopping experience, end-users across industries such as retail, consumer goods, electronics, beauty and personal care products, and others are increasingly adopting vending machines. Moreover, the emergence of intelligent vending machines that offer cashless payments, voice and gesture recognition, digital signage, and other user-friendly features will fuel the growth of the market.
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As per Technavio, the increasing demand for retrofitting of vending machines will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Vending Machine Market: Increasing Demand for Retrofitting Vending Machines
Technological advancements are allowing end-users to retrofit their existing conventional vending machines with smart and intelligent machines. The retrofitted vending machines are being upgraded with cashless payments, LCD displays, software updates, integration of Big Data and IoT, improved ergonomics, and other innovative features to transform them into technologically advanced machines. The growing demand for retrofitting is expected to boost the growth of the global vending machines market during the forecast period.
“Rise in adoption of intelligent vending machines and growing preference for customized vending machines will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Vending Machine Market: Segmentation Analysis
This market report segments the global vending machine market by product (low-end vending machines and intelligent vending machines) and geography (Americas, APAC, and EMEA).
The Americas region led the market in 2018, followed by EMEA and APAC respectively. During the forecast period, the Americas region is expected to maintain its dominance over the global market. This is due to the growing popularity of vending machines among several new end-user groups such as apartments, and recreation and amusement centers.
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Some of the key topics covered in the report include:
Five Forces Analysis
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INDUSTRY KEYWORD: RETAIL OTHER RETAIL FOOD/BEVERAGE
SOURCE: Technavio Research
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PUB: 11/15/2019 08:30 AM/DISC: 11/15/2019 08:30 AM