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Aug 23, 2022, 11:30 ET
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Vending Machine Manufacturers to Introduce Smart Technology Integrating AI to Up their Game
The vending machines market sudy by Fact.MR offers unbiased analysis for the upcoming decade. The report further dives deep into the factors shaping the growth in the market such as strategies, opportunities, and key trends. To offer more insights in a comprehensive way, the market is segmented on the basis of vending type, use case, and key regions.
NEW YORK, Aug. 23, 2022 /PRNewswire/ — The global vending machines market is anticipated to increase at a robust 5.7% CAGR between 2021 and 2031. As per the study, the market surpassed a value of US$12.57 billion in 2021.
Growing consumption of convenient and dispense goods including food, drinks, cigarettes, and other items is pushing the demand for vending machines. In addition to workplaces and institutional buildings, residents’ homes, restaurants and nightclubs also employ vending machines.
The retail industry is driven by supply, therefore now is a good moment for large-scale grocers to review their long-term business plans. As the pace of technology continues to astound the world, expansion of luxury dining and travel sectors is anticipated to fuel market development.
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Furthermore, increased spending on opulent extras, especially in countries such as the U.S, and the U.K., is improving the presence of restaurants and hotels. Consequently, this is boosting the sales of vending machines as hotels and restaurants like to keep their revenue up with some extra dispense goods and food products.
Further, with growing presence of motels on highways and pitstops in countires such as India, the U.S., Japan, and the U.K., the sales of vending machines have shot up at a rapid pace. As per the study, Japan is anticipated to lead the East Asia market with the region accounting for around 3/10th of demand share in the market.
Another factor boosting the market is growing poipularity of vending machines in companies and schools. Hence, key players are collaborating with retail-centric arenas such as schools, universities, corporates, and hotels to capitalize on the existing trend, fuelling the growth in the market.
Key Takeaways:
Growth Drivers:
Restraints:
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Competitive Landscape:
With growing demand for vending machines, key companies are producing the products in bulk to capitalize on the ongoing trend. These players are also collaborating with corporate offices, univeristies, and hotels to expand their customer base and gain revenue.
Meanwhile, some of the companies are integrating advanced technologies such as smart vending machines to up their game and expand their product portfolio.
For instance,
Key Companies Profiled by Fact.MR
More Valuable Insights on Vending Machines Market
In the latest study, Fact.MR offers a detailed study on global vending machines market for the forecast period of 2020 to 2030. This study also highlights key drivers promoting the sales of vending machines through detailed segmentation as follows:
By Vending Type:
By Use Case:
By Region:
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Key Questions Covered in the Vending Machines Market Report
Explore Fact.MR’s Coverage on the Consumer Goods Domain
Vending Cups Market: Persistent growth in the global beverage industry has intensified the demand for the installation of beverage vending machines over the last two decades. Vending cups form an integral part of beverage vending machines, to carry beverages in a specified quantity, and are thus considered a new holding solution for enhanced gripping.
Cookware Market: The market for cookware is expected to grow at a CAGR of 7.1%, reching US$ 41.6 billion by the end of 2032. Manufacturers are expanding their product lines for various industries where they have a variety of technological options, which has resulted in an increase in demand for cookware products.
Beverage Vending Machine Market: Rising demand for beverage vending machines on the back of growing consumption of packaged and conveneient food items is the primary factor fueling the growth. As per the study, the market is anticipated to witness an upward trend in the retail sector over the forecast period (2022-2032).
Check it Out More Reports by Fact.MR on Consumer Goods Industry
https://www.factmr.com/industry/consumer-goods
About Fact.MR
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