Intelligent Vending Machines Market Size

Intelligent Vending Machines Market Size

Intelligent Vending Machines Market size surpassed USD 8 billion in 2020 and is estimated to expand at around 10% CAGR from 2021 to 2027. The global industry shipments are projected to exceed 2.5 million units by 2027.

The inclusion of cutting-edge technologies, including voice and facial recognition, that allow for communication between the machine and the user, is revitalizing the market’s development prospects. These aspects enhance the intelligent vending machine functionality by recognizing biometric characteristics of customers and responding to them. The integration of these technologies also enables market players to provide a customized dynamic visual experience with engaging promotions. The intelligent vending machine models available in the market scan customers' faces and record their purchasing habits. These devices employ a technology that identifies a person's demographic profile and offers optimum products.

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Voice-activated intelligent vending machines allow for real-time human-machine interaction, allowing customers to interact with the system and make relevant purchases. Intelligent vending machine technologies assist customers by delivering accurate product information. AI-based intelligent vending machines also offer suggestions based on a product's popularity and provide better options to meet consumers' needs. These technologically advanced characteristics will aid in the intelligent vending machines market growth.
 

The outbreak of the coronavirus pandemic had a temporary negative impact on the industry, and there was a slight downfall in sales during the first half of 2020 due to stringent lockdown measures imposed by government administrations. The outbreak of the COVID-19 pandemic has resulted in a temporary shutdown of retail stores, shopping malls, and supermarkets, hampering the purchasing power of customers.
 

However, the market gained momentum in the second half of 2020, with the relaxation in lockdown measures. Companies offered hygiene products including masks, and this supported the market demand. For instance, in 2020, Fuji Electric Co., Ltd. introduced an intelligent vending machine that dispenses various hygiene products such as masks, wet tissues, and disinfectant sprays.