AI Vending Machine Market Report – Key Players, Market Forecast, Growth Opportunities

Ai Vending Machine Market AI controlled vending machines have received renewed interest this year as Covid-19 has made it more important than ever before for vending machines to have artificial intelligence.

Vending machines with artificial intelligence are necessary because they are not just connected to the Internet. AI–powered vending machines also have the “intelligence” to provide customers with personalized vending experiences. They can also notify operators of restocking and technical support issues so that they can function more efficiently as well.

Market Forecast 2020-2027

If you’re a vending machine owner, you know that the use of AI–powered vending machines was on the rise before 2020.

Coronavirus has changed the AI vending machine market dramatically and it’s expected to grow by over 16.25% from 2020-2027, according to Absolute Market Insights.

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.
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.

Moving forward, once the threat of Coronavirus has hopefully passed, we can expect to see AI–powered vending machines remain a part of life because there’s still going to be a need for contactless, intelligent, vending machines that a consumer can use to purchase the beverages, foods and products that they need.

Besides more AI powered vending machines coming to the market that operate via retina or facial recognition, we’ve also seen vending machines become connected to mobile apps. This has enabled consumers to make their purchase from their smart phones without having to actually touch vending machines.

Who Are The Key Players?

Even though we’re seeing more AI vending machines in use within the United States, the Asia Pacific Region was an early adopter of smart vending machines and this region continues to lead the world with the use of AI vending.

As of 2020, the key players in the AI vending machine industry are companies like Coca-Cola, DeepBlue Technology, and MintM but more companies are quickly gaining market share in this market including HIVERY Corporation, Vendekin Technologies and Think Palm Technologies.

HIVERY’s advancements in artificial intelligence technology are exciting because their AI–driven engine has been proven to help vending operators see an increase in their sales of at least 15% while also seeing a reduction in them restock costs as well.
Vendekin provides a unique solution for smooth & easy transactions between consumers and operators. Today, consumers are evolving towards a clear preference for secure, digital and mobile transactions. Using an intelligent vending machine controller.
ThinkPalm Technologies Pvt. Ltd. designed Face recognition software for vending machines which further leads to intelligent user interaction.

Consumers Want More Than Just Vending

In 2020, consumers want more than just traditional ‘old school’ vending machines that only accept coins or cards. They want vending machines that will recognize them, recommend deals, and enable them to quickly complete their transactions.

AI–powered vending machines are the future because besides helping to increase sales, they also enable vending operators to run more efficient businesses like providing operators with real–time data, inventory management, and more.

The future has arrived, and thanks to the challenges that we’ve seen in 2020 due to the virus we can expect AI vending machines to become even more advanced in the years to come.

By Jeremy Raglin, Editor-Content Writer

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