Worldwide Market Reports added Latest Research Report titled “Global Connected Vending Machines Market by Manufacturers, Regions, Product Type and Application, Forecast to 2026″ to its Large Report database.
A Vending Machine is an automated machine that provides items such as snacks, beverages, alcohol, cigarettes, and lottery tickets to consumers when money, a credit card, or specially designed card is inserted into the machine.
Increasing adoption of connected vending machines in the retail sector is a factor fueling growth of connected vending machines market. Since these machines are useful for collecting customer data, they allow retailers to customize their service and product offerings as per the needs of customers. The ability of these machines to help operators captivate the audience attain higher sales and increase brand visibility and this will lead to increased adoption of the machines over the next few years.
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Retrofitting of existing vending machines is another major factor driving growth of connected vending machines market. Due to increasing market competition, vendors are bringing in new technologies to the market, which is expected to propel growth of the market over the forecast period.
However, the high cost involved in employing such technologies and installing new vending machines is a factor that might hinder growth of connected vending machines market.
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Key Developments in Connected Vending Machines Market:
Key players are adopting various strategies such as mergers, acquisitions, new product launches, expansions, collaborations, partnerships, approvals, and joint ventures to retain its position in the connected vending machines market. On April 3, 2018, Fuji Electric Co., Ltd. announced the release of the industry’s smallest large capacity uninterruptible power supply system using a lithium ion battery. Moreover, in 2017, Fuji Electric acquired Kubota Corporation, an Indonesian vending machine manufacturing and sales company to expand its business in Southeast Asia.
In March 2018, Keurig and EVOCA group announced a partnership on a new café brewing system for the away from home channel. Furthermore, on 5th March, 2018, EVOCA S.p.A acquired the assets of VE Global Solutions, LLC, a Cleveland-based coffee machine dealer.
In 2017, SandenVendo, recognized for its long history, heritage and reliability in manufacturing vending machines presented its first machine known as the G-Drink HC that uses hydrocarbon R290 as refrigerant.
Some of the key players in the market include Fuji Electric, Azkoyen Group, Crane, Jofemar, Westomatic, Seaga, N&W Global Vending, Deutsche Wurlitzer, Automated Merchandising Systems, Sielaff, Bianchi Vending Group, Royal Vendors, FAS International, SandenVendo, Fushi Bingshan, TCN Vending Machine, Fuhong Vending, and Kimma.
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