The vending machines are basically those automatic machines that are portable in nature. They offer varied types of products whenever money is put in. The machine doles out a wide range of items and stuffs consisting of snacks, beverages, alcohol, cigarettes, lottery tickets to the customers mechanically, as soon as the customer puts in the currency or credit inside the particular machine. It has been observed that the developing nations have started taking up the vending machines as they are finding them quite suitable and apt to employ.
This type of technology offers most recent advancements and developments entailing face recognition systems, as well as ID card identification to verify and examine the account of the buyers and visitors, thus guiding an epoch of technically advanced vending machines. With the help of these vending machines, companies can intensify their pricing power and can simultaneously enhance their operating margins. Not only the companies, but also the customers have advantages attached with the right product mix provided by the manufacturers. And that would eventually aid the companies to raise their number of sales per transaction.
As we all are aware, the vending machine market is undergoing a huge growth, the vendors are searching for segments like schools and colleges where they would be proven more successful in raising the level of demand. And that is why the enterprises are emerging and coming up with more energy-efficient and convenient vending machines in order to fulfill the requirements of these places. Moreover, it is also intensifying the market for the indoor installation of the machines as these indoor vending machines take up a small space without decreasing the diversity of foods as well as beverages. Plus, it is said that it consumes less power as compared to other sort of machines.
Prominent factors that are contributing in the market growth of the vending machines include the augmented demand for self-service machines and automated devices, wireless communication, technology developments as well as remote management. Other than that, growing urbanization and increasing disposable income have also boosted the overall growth of vending machines.
The only factor that is acting as a major hurdle in the growth of the market include the prohibition by the government authorities of different regions on the employment of food and beverage vending machines in a wide range of places like schools, and colleges, therefore, reducing the demand for these machines. There are various types of vending machine available. They may entail Beverage Vending Machine, Candy Vending Machine, Snacks Vending Machine, Gumball Vending machine, Cigarette Vending Machine and Specialized Vending Machines.
Among these, the beverage vending machines is currently leading the global vending machine market as far as the revenue generation is concerned followed by the snacks vending machine. It has been estimated that the segment of specialized vending machine will experience the largest growth and it will grow with the maximum CAGR in the next couple of years. Presently, the vending machine market is undergoing huge and augmenting investments in development and research from the government authorities as well as private firms.
Market size on the basis of Type spans Beverage & Drink, Food, Cigarette, Ticket, and Other. Market size on the basis of Applications spans Factory, Office Building, Public Places, School, and Others. Market size on the basis of geographical regions spans North America, Europe, Asia Pacific, South America, and Middle East and Africa.
As far as the geographical region is concerned, North America is currently leading the market and has accounted for the largest market share, the reason being rising recognition and awareness among the masses, and increased technical understanding of a huge proportion of the population. And it is estimated that it will continue to dominate the market in the near future. Major companies operating in the vending machine market include Azkoyen Group, Compass Group, Plc., Honeywell International, Inc., Hitachi, Ltd., Aramark Corporation, Fujitsu Limited, Bianchi Vending Group S.p.A., and IBM Corporation.