News

US market for intelligent vending machines set to grow

April 29, 2014

The availability of secure and user-friendly cashless payment options in retail stores has made the U.S. the leading country in the global market for intelligent vending machines, according to TechNavio, a London-based research company.

Retail stores are the key segment in the U.S. intelligent vending machine market, TechNavio said, helping the overall U.S. market for intelligent vending machines to achieve a CAGR of 54.3 percent during 2014-2018.

In order to predict U.S. market growth over the next three to four years, TechNavio analyzed the impact of market drivers, challenges and trends. TechNavio concluded that intense competition among vendors operating in the U.S. poses a huge challenge to the growth of the U.S. intelligent vending machine market.

Looking at the global market for intelligent vending machines, the Americas region contributed more than 49 percent to global market revenue in 2013, TechNavio found. The EMEA region, led by Germany and the U.K., accounted for 36.4 percent of the global market, while the APAC region, led by Japan and China, accounted for 14.4 percent. Low awareness and the high cost of implementing intelligent vending machines accounted for the low adoption rate in APAC countries, TechNavio said.

"Today, it's not enough to put products in a box," Shannon Illingworth, founder and chairman of intelligent vending machine developer AVT, said in a comment on TechNavio's research. "Now we can engage the consumer, provide value and develop brand loyalty through an automated platform."