PUNE, India | 8th September 2020: The global AI powered vending machine market was valued at US$ 4404.3 Mn in 2018 and is anticipated to witness a compound annual growth rate of 16.25% over the forecast period (2019 – 2027).
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- Vending analytics performed by AI powered vending machine enables businesses to provide enhanced customer experience along with personalized marketing thus, propelling its demand in merchandise vending. Face recognition software of ThinkPalm Technologies Pvt. Ltd. designed for vending machines has further lead to intelligent user interaction.
- COVID-19 pandemic has created the need for social distancing and contactless form of delivery is on the rise. With intelligent mobile app based transaction capabilities the growth of AI powered vending machine market is increasing at an increasing rate, in the current COVID-19 crisis.
- Services such as restocking, training, technical support are witnessing high demand and are expected to grow at the fastest growth rate over the forecast period.
- AI powered vending machines provide real-time data of products on the shelf and about consumer demand, thus, facilitating efficient commodity inventory management.
- Growing popularity of fast, self-service models adopted by restaurants is anticipated to create high demand for these machines in the future years.
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- Asia Pacific region is expected to register highest growth rate in AI powered vending machine market due to the growing demand from retail and other industries.
- Some of the players operating in the AI powered vending machine market are Red Analytics Pty Ltd, DeepBlue Technology (Shanghai) Co., Ltd, Stockwell AI, Inc., The Coca-Cola Company, Smart Vending Machines, MintM and YI Tunnel amongst others.
The detailed research study provides qualitative and quantitative analysis of AI powered vending machine market. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
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