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Vending Machine refers to the machine that disperses the product after a sufficient amount of money is deposited into the machine. In the 1880s, Percival Everitt introduced a vending machine to disperse postcards. Soon after that, it has been utilized on railway stations and others. The vending machine has been a convenient and low-cost appliance that shrunk the store into a compact size revenue generator. The vending machine market is experiencing the changeover with the adoption of software management remote device technology to dispense products other than food & beverage products.
Vending machines offer products to people in different situations and environments. It has significant applications in case of medical supplies, food & beverage facilities, and others. In recent years, prominent players have introduced vending machines that can disperse toiletries, including face cloths, toothpaste, and electronic items such as cameras, pen drives, etc.
Key Market Driver -
• Instant delivery of packaged food • Adoption of cloud –based technology for vending applications
Key Market Restraint -
• Strict regulations regarding food sales
The cashless enabled vending machine has the upper hand over cash enabled vending machine, owing to the growing demand for digital transactions. Furthermore, the companies are focusing on vending machines and related products primarily in North America, owing to their compact sizing. Also, key manufactures are opting for mergers and acquisitions with several payment service providers to meet the growing demand for cashless payment options. For instance, American food and vending partnered with PayRange, a mobile transaction solution for vending machines. The PayRange BluKey device is being installed across 35 cities in the United States.
By type, the market is segmented into cashless, and cash enabled vending machine. Based on deployment, the market is bifurcated into office buildings, commercial places, and public places. By application, the market is segmented into Food & Beverage, Medical Supplies, and Others (Toiletries, etc.).
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Key players operating in the global Vending Machines market are Fuji Electric Co., Ltd., Azkoyen S.A., Seaga Manufacturing Inc., Aramark Corporation, Bianchi Industry, Westomatic Vending Services Ltd., Royal Vendors, Inc., Crane Merchandising Systems, The Coca-Cola Company, Stephens Vending Corp., H. Betti Industries Inc. among others.
The vending machine market in North America is experiencing the dominance, owing to factors including high demand for Ready-to-Eat (RTE) meals and a rise in demand for vacuum-packed food. Moreover, there are approximately 5 million vending machines in the United States deployed in school, hospitals, workplaces, and others to track the inventory stored in the vending machine. For instance, in October 2017, Seaga Manufacturing Inc. launched its industrial vending powerhouse to develop its industrial vending line, the Intelligent Inventory Control (IIC) that provides cloud-based technology to manage inventory control.
In the Asia Pacific, countries such as Japan, India, Australia, and New Zeeland are experiencing substantial growth with the effect of growing commercialization and increased demand for packaged food. In Australia, approximately 50 vending machines have been installed in one of the prime education universities to promote student eating habits.
In Europe, vending machine manufacturers are making efforts to provide a broad choice of products to encourage the diversification of vending machine applications. For instance, in November 2018, Crane Merchandising Systems launched CALI, the freestanding hot beverage vending machine for the European market that features superb user experience.
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In Latin America and the Middle East and Africa, healthy growth is, owing to the increased awareness regarding the convenience of the utilization of vending machines and more extensive penetration in public locations. Countries such as Colombia, Brazil, Saudi Arabia, and United Arab Emirates are focused on adopting vending machine technologies across commercial places.
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