September 16, 2019
Global intelligent vending machine market is expected to exceed USD 30 billion by the year 2024, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2024.
Increasing need for smart dispensing solutions in several industrial sectors including public transportation and entertainment will boost the demand for intelligent vending machine (IVM) market. Rapid urbanization is encouraging theatres and fun zones to adopt modern technologies in their facilities to enhance the customer experience.
Extensive installation of smart dispensing machines enables the companies to offer their products to a wide range of customers and meet their requirements, while managing the queues effectively. This swift from traditional techniques to intelligent solutions will accelerate the IVM market growth.
Based on the product type, IVM market from food dispensing segment is anticipated to witness substantial growth, pertaining to the high demand of product from restaurant and retail outlets. Type of dispensing solution adopted depends on the food item being offered.
Speaking of the application spectrum, intelligent vending machine market from offices/institutions segment is presumed to grow rapidly over the forecast period, owing to increased adoption of coffee & snack dispensing solutions. These machines offer various features such as mobile connectivity, biometric authentication, and coupon vending, while easing the product distribution.