DUBLIN--(BUSINESS WIRE)--The "Vending Machine Operators Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global vending machine operators market as it emerges from the COVID-19 shut down.
The global vending machine operators market is expected to grow from $29.47 billion in 2021 to $32.32 billion in 2022 at a compound annual growth rate (CAGR) of 9.7%. The market is expected to grow to $44.13 billion in 2026 at a compound annual growth rate (CAGR) of 8.1%.
Companies Mentioned
- Azkoyen Group
- Fuji Electric Co. Ltd.
- Glory Ltd.
- Orasesta Spa
- Royal Vendors Inc.
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Major players in the vending machine operators market are AB Volvo, Caterpillar Inc., Komatsu Ltd., Liebherr Group, Hitachi Construction Machinery Co. Ltd., J.C. Bamford Excavators Ltd., Terex Corporation, The Atlas Copco Group, Deere & Company and Sany Group, and Sany Group.
The vending machine operators market consists of sales goods and services by entities that are engaged in retailing merchandise through vending machines. The products that are sold through vending machines include soft drinks, candy and snacks, hot beverages, hot and cold meals, ice cream, salty snacks, cookies, cakes, nutritious bars, and others.
The main types of vending machine operators are beverages vending machines, food products vending machines, confectionery products vending machines, and other products vending machines. Food products vending machine is an automatic machine that provides snacks and other food items to consumers after cash, a credit card, or other forms of payment are inserted into the machine or otherwise made. The main products applied are soft drinks, candy and snacks, hot beverages, hot and cold meal products, ice cream, and other products that are used by corporate offices, shopping malls, retail stores, educational institutions, hotels and restaurants, and other sectors.
Asia Pacific was the largest region in the vending machine operators market in 2021. North America was the second-largest region in the vending machine operators market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Growing demand for on-the-go snacks, drinks, and others is expected to drive the vending machine operators market. Vending machines offer the comfort of buying things on the go without the need to enter or stand in the queue of stores. For instance, as per Japan Times, there are 5 million vending machines in Japan. In addition to this, according to Vending Market Watch, there are more than 4.6 million vending machines in the USA, as most people are busy and find it easy to pick things on the go without wasting time buying things. This advantage of buying things on-the-go aids in the growth of the market.
The growing focus of players on introducing innovations is a leading trend in the vending machine operators market. Companies are focusing on using the latest technology like cashless payment, IoT, AI, Big data for enhancing sales, convenience, and to procure data to find customer preferences to increase productivity and customer satisfaction.
For instance, over 2,000 Coca-Cola machines now accept Bitcoin in Australia and New Zealand. Coca-Cola started experimenting with artificial intelligence and big data to build smart vending machines that need less human control. The beverage supergiant employed Hivery, a technology-driven company that works with businesses to refine their retail strategies using AI and Big Data, to revolutionize the way it marketed and distributed its goods in more than 200 countries.
Starting with 60-odd vending machines in Newcastle, a town 160 km away from Sydney, the software company began experimenting with AI to see if it could stack vending machines better than humans could to maximize revenue and profits. The company developed an AI algorithm specifically for Coca-Cola, which resulted in an 18% reduction in re-stock visits, plus a 15% rise in revenue, demonstrating that big data really can make a difference when it comes to vending machines optimization.
The countries covered in the vending machine operators market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
For more information about this report visit https://www.researchandmarkets.com/r/hm144g
