Adoption of intelligent vending machines enhancing growth of the retail sector
The technological advancements are taking place all over the world, be it any industry. This has made the machines more consumer friendly. The new technologies are equipped with features that are integrated keeping in mind the consumers and their needs. The advancements have also taken place in the vending machines market. The new generation of vending machines are more consumer friendly and offers features like face and voice recognition. These machines are known as intelligent vending machines. It helps in guiding the consumers better by displaying detailed information of the products.
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These machines are used widely in the retail sector. It is used with a view to attract more customers to the retail stores. This move has helped the retail sector grow better and in turn driving the sales of intelligent vending machines, especially in U.S.
There are a lot of other features which are associated with the intelligent vending machines and have helped the market to grow. As the Americans are experiencing increasing health issues like obesity, cancer, and many other diseases, they are more concerned about their health and the food they eat. They try and maintain a balanced diet for a healthy living. Thus, there is an increasing need for providing the product information even by the vending machines and intelligent vending machines have the capability to display relevant information of products. The governments of the countries in the North American region, such as the U.S., Canada, are primarily focusing on providing all the nutritional information to customers for the food and beverages available through vending machine. The governments have started executing laws for maintaining consumer awareness about food products. These government regulations are resulting in rising popularity and deployment of intelligent vending machines in the region.
Security and privacy issues observed in the intelligent vending machines market
The advancements in the technology of intelligent machines market has also introduced it to security and privacy related concerns. The retail industry needs to make sure that the consumer data is safe and secure. It needs to remain protected and accessible by authorized workers operating these intelligent vending machines, and no information is approved or destroyed without proper authorization. Also, with the increasing usage of personally-owned smartphones and tablets by consumers for making payments using e-Wallets or credit-debit cards as they move from location to location, there is always a risk associated with it owing to chances of network system failures, system hacking, outsourcing of private information of the consumers, such as credit card and debit card details, etc. Yet the convenience associated with smart payment systems has attracted a lot of people towards use of intelligent vending machines. Consumers are increasingly preferring such payment options due to smartphone applications for payment, and improvised security in such payment modules. Due to this factor, retailers are also focusing on delivering smart payment options to customers to increase the sale of their products, and increase customer retention ratio.
Regional analysis of end users in the global intelligent vending machines market
According to the research analysis in a report by PMR, North America is expected to dominate the global intelligent vending machines market. The North American market witnesses that the commercial and corporate areas hold a market share of around US$ 408 Mn in 2017, reaching a value of over US$ 1,500 Mn by the end of the assessment year. The end user segment at the second position in North America’s intelligent vending machine market is mall and retail stores that holds a market share of over US$ 318 Mn in 2017, which is expected to reach a value of above US$ 1,000 Mn by the end of forecast year.