According to research by IMARC Group, in 2022, the global vending machine market size hit $19.5 billion. And moving forward, the market is expected to reach $26.4 billion by the end of 2028. This is a growth rate (CAGR) of 5% between now and 2028. A major contributor to this growth has been the exponential growth in the retail industry worldwide.
Furthermore, the increasing need for automation in product distribution in industrial plans, hospitals, schools, airports, and petrol stations keeps boosting growth. There have been several technological advancements in the vending machine business to match the rise in the changing needs of businesses. Today, newer vending machines offer a variety of beverages and snacks. So, as 2023 begins, here are some trends to look out for in this business.
Interactive Smart Technology
There has been an increase in technological advancement, allowing for cashless payments and connectivity. Today, vending machine manufacturers are trying to focus on the ability of the machines to build their algorithms. In turn, this will give the customers a personalised experience. Soon, several establishments or organisations using these machines will be able to connect them to their cloud systems. This will allow for mobile app operations. As a result, the customers or the end users will be able to use an app on their phones to process their orders and prepare their preferred beverage or snack as per the instructions.
Cashless Payments
Cashless payments have been rising, especially since the Covid-19 pandemic hit the world. It’s a great way to offer convenience to customers and business owners. Today, several tea coffee vending machines are focusing on offering digital instructions. This helps create more convenience for customers and clients. Traditional vending machines have always accepted cash in the form of coins or bills. However, this has always been inconvenient for some people.
Moreover, cashless payments have also helped and will continue to improve equipment hygiene. Less touching means less exposure to bacteria and germs. You can enjoy your favourite beverage with just a swipe of a card or through mobile payment.
Opportunities For More Added Value
Imagine a vending machine that knows what you want and your preferred language. Great, right? Due to more innovative research and growth in the vending machine industry, there is a growing smartphone recognition technology using biometric data. Today, in some parts of the world, you will get vending machines that know exactly what you want and will dispense with much less effort. The need for personalised vending is growing and continues to add value to the customers.
Eco-friendly Solutions
As the world grows and technological advancements take their place, the need for recycling and improving the environment is also growing. There are tons of waste generated worldwide yearly, and only a small fraction is recycled. As a result, retailers are picking up on the action by going for vending machines with reverse vending capabilities and recycled packaging.
This means after customers take their coffee or tea, they can leave their cups at the vending machines for recycling. Alternatively, if one doesn’t like their order, the machines can effortlessly reverse it. The vending machines industry combines the well-being of the planet, the business, and consumers’ health with an elevated level of convenience.
Payment Security
The trend for cashless payments has boosted the payment security of vending machines. Swiping your card at the tea-coffee vending machine may seem seamless and convenient. However, it isn’t the safest option. It’s vulnerable to online hacking and data breaches. As 2023 begins, the vending machine industry is working closely with financial institutions to ensure the utmost security measures.
Multi-Function Operations
The vending machines industry is always looking for ways to improve equipment, customer experience, and functionality. Today, manufacturers are building tea coffee vending machines with multiple functions supported through a single interface. In 2023, you will see vending machines that indicate the number of dispensed cups, manage payments and check for maintenance. Incorporating Artificial Intelligence into the system helps these equipment make wiser decisions that eliminate the need for present operators. In the end, it helps minimise expenses and waste.
Retrofitting
Vending machines works on software; through retrofitting, the manufacturers can revamp the traditional old machines by incorporating the new technology. This can help save the business operators working on tight budgets. Through programming and microprocessors, the manufacturers can improve the network functions and upgrade the sensors in these machines, making them as efficient as the new designs in the market.
Ultimately, businesses will enjoy more convenience and efficiency without spending more on a new machine. While getting a new vending machine is ideal, revamping an old one can help the business maintain its market presence and competitiveness by offering services.
Healthy Products vending
The vending machine business is growing, and innovations in the industry are helping spearhead the growth. Besides all these trends, healthy product vending is also picking up to satisfy customer preference and preference. Today, people can ask for salads or soups from these machines. For instance, the Godrej Minibar Soup has three soup options and an adaptive touch screen. As a result, customers can get their preferred flavour.
Opportunities are endless for the vending machine industry. As the business grows, the revenue increases and thus enhances customer experience and convenience. In addition, manufacturers constantly analyse these machines as they incorporate new technologies and features to save costs while improving efficiency.
Santosh Kumar is a Professional SEO and Blogger, With the help of this blog he is trying to share top 10 lists, facts, entertainment news from India and all around the world.