Report Overview

Rapid globalization coupled with rising economic stability, increase in the number of retail outlets, growing adoption of reverse vending machines, rise in demand for energy-efficient vending machines, rising profit margins, and increase in industrial development could boost the growth of Africa Smart Vending Machine Market during the forecast period between 2023 and 2029.

Africa Smart Vending Machine Market Trends & Forecast Report, 2029

Africa smart vending machine market size is expected to expand at a CAGR of 13.6% during the forecast period between 2023 and 2029. Some of the major and significant factors that will accelerate the growth of cashless systems include rising preferences for them, rapid globalization along with rising economic stability, an increase in retail outlets, rising adoption of reverse vending machines, rising demand for energy-efficient vending machines, rising profit margins, rising industrial development, and the need to complete faster and more efficient data processing. On the other hand, an increasing number of government initiatives to encourage digitalization adoption, along with rising investment levels for the development of internet of things infrastructure and various technological advancements, will further contribute by generating enormous opportunities that will fuel the growth of the smart vending machine market in the previously mentioned projected timeframe.

Africa Smart Vending Machine Market - Overview

A vending machine is a device that dispenses items stored within it in exchange for coins or tokens inserted into it. An intelligent vending machine is a sophisticated vending machine that not only dispenses items but also engages customers through touch-screen controls, video, scent, audio, gesture-based interaction, and cashless payment. Smart vending machine typically dispenses packaged food, beverages, and tobacco products. The shifting preferences, inclinations, and fascination of consumers serve as the fulcrum on which the smart vending machine market develops. New forms of machine-human interaction are what manufacturers in the smart vending machine market are aiming for. New gesture-based technologies, touchscreen controls, video technologies, and cashless payment methods have been added as a result. A growing platform for product promotion, smart vending machines are also focused on enhancing the overall dispensing experience.

Growth Drivers

Changing Preferences, Growing Tourism, Improvements in Public Transportation

The development of the intelligent machine industry is driven by consumers' evolving preferences, proclivities, and curiosity. Manufacturers of intelligent vending machines are targeting novel ways for machines and people to interact. This has led to the introduction of new gesture-based technology, touchscreen controls, video technologies, and a cashless payment system. Being an increasingly popular platform for product promotion, smart vending machines are also interested in improving the overall dispensing experience. Smart vending machines are being installed in public transportation, including buses and trains, to enhance commuters' travel experiences. This is due to improved public transportation, there are more options for commuting and tourism, which benefits the market for smart vending machines.

Consumer Preference for Cashless Payments and Lower Operating Costs

The growing preference of consumers for cashless payments is also contributing to the industry's rapid growth. The industry is expected to benefit from cashless, near-field communication (NFC), and mobile payment protocols. As a result of technological advancements, face and voice recognition, for example, are being used in dispensing systems. Machines with face and voice recognition sensors can benefit users by recommending items based on their age and gender. Vendors are concentrating their efforts on the deployment of interactive dispensing systems to increase revenue through advertisements and the display of other information and news. Because the devices can be controlled remotely, they help to reduce operating costs by eliminating the need for a computer manager's intervention.

Growing demand for financial payment convenience on a global scale

The demand for convenience is rising, especially with the help of technology, which is what drives the market for intelligent vending machines globally. The surge in demand for cashless transactions supplements the growing need for UI-based transactions. This growing demand for financial payment convenience on a global scale is opening up numerous opportunities and industries for the market to apply itself in, which will accelerate market growth and raise the CAGR in the coming years. The demand for simple, quick payments, the transition to digital currency and payments, and reliance on ATM cards and mobile banking have all contributed to the rapid global expansion of intelligent vending machines. The dynamic, quick digitization and widespread use of the internet in

Growing demand for packaged food products

Food vending machine is growing rapidly owing to rising demand for organic, natural, clean, and whole-food products. Intelligent vending machines also recommend plant-based dairy products to lactose-intolerant customers, which boosts industry statistics. With consumers constantly looking for new packaged food products that are low in carbohydrates, demand for intelligent vending machines is expected to rise. The growing organic food market, driven by health-conscious consumers' desire for healthy food, will drive demand for smart vending machines.

Restraints

Stringent Regulations and High Production Costs

It is expected that rising regulations governing the sale of snacks in public settings, such as schools, as well as the ban on potentially harmful confectionery items, like cigarettes and tobacco, will restrain market growth. The cost of both the development and implementation of these devices has an impact on vendor interest.

Impact of COVID-19 on Africa Smart Vending Machine Market

Business players must be more vigilant and forward-thinking to stay ahead of the competition due to the pandemic COVID-19's significant changes in the supply chain for smart vending machines and changes in consumer behavior. Smart Vending Machine market players are developing country-specific strategies because it is known that the economic and social effects of COVID vary greatly between different markets and countries.

Africa Smart Vending Machine Market

Segmental Coverage

Africa Smart Vending Machine Market - By Type

Africa smart vending machine market is divided into Retail Vending Machine, Self Service, and Others.

Africa Smart Vending Machine Market - By End-Use Industry

On basis of the end use industry, Africa smart vending machine market is divided into Retail Industry, Entertainment and Hospitality, Medical, Transportation/Public Transport, and other segments. The retail industry dominates the market growth. Retailers put a lot of effort into building a solid infrastructure that is technologically capable of utilizing cutting-edge devices with contactless payment solutions. The adoption of intelligent vending machines will be fueled by the increasing digitalization of retail stores.

Africa Smart Vending Machine Market - By Technology

On basis of the technology, Africa smart vending machine market is divided into Cashless Systems, Telemetry Systems, and Voice Recognition segments. The push for cashless payments boosts the use of intelligent vending machines significantly. Advances in IoT networks have benefited the retail industry, creating new opportunities for players in the intelligent vending machines market. One of the key propositions for retailers across the nation is the remote management of intelligent vending machines.

Competitive Landscape

The competition in Africa smart vending machine market is intense. Leading companies in the market include ECOM Agro-industrial Corporation Ltd, Automated Merchandising Systems, Fuji Oil Company, Ltd., Barry Callebaut AG, Olam International, and Cargill. The key strategies used by these market leaders are new product launches, mergers & acquisitions, and alliances. To grow their market share, these companies are also focusing on investing in innovations, collaborations, and expansions.

Scope of the Report

By Type

• Retail Vending Machine

• Self Service

• Others

By End Use Industry

• Retail Industry

• Entertainment and Hospitality

• Medical

• Transportation/Public Transport

• Others

By Technology

• Cashless Systems

• Telemetry Systems

• Voice Recognition