Latin America Smart Vending Machine Market

Latin America Smart Vending Machine Market (2024 to 2029)

The Size of the Latin America Smart Vending Machine Market is expected at USD 2.05 billion in 2024 and is anticipated to the extent over of USD 3.84 billion by the end of the assessment period (2024 to 2029) to record a CAGR of 13.97% throughout the estimated period.

MARKET OVERVIEW

The vending industry is undergoing a sea change by using smart systems technologies to install touch screens and remote management software to go far beyond simple food and beverage distribution tabletop vending machines that have a sufficient surface area to potentially support 6 to 14-inch LCD screens. Integration of facial recognition and voice features that enable communication between the vending machine and the consumer drives the industry's growth forecast. These features add intelligence to systems by detecting and responding to users and provide a visual experience with interactive promotions. Interactive LCD displays allow vendors to generate more revenue by displaying advertisements and loyalty programs. Office sales systems should increase motivation by allowing employees to grab a quick snack between breaks without placing an order and waiting for it to be processed.

The business sector uses advanced and innovative strategies to optimize the office environment for employees. More commonly known as Office Coffee Service (OCS), these machines are primarily preferred by businesses to provide fresh, healthy, and light snacks during office hours. Incorporating smart technology into these machines will help offices track individual orders and the employees consuming the products. Globally, growing business demand is driving the market for smart vending machines. The applications of smart vending machines have increased dramatically in recent years in commercial and public places. Airports, train stations, bus stations, shopping malls, hospitals, universities, and offices are the most common places where these smart vending machines can be found. The fast and secure transactions of these machines improve consumer satisfaction and therefore encourage store owners to install smart vending machines. The shift towards the adoption of an automated ecosystem is also supporting the growth of the smart vending machine market. Increasing government initiatives to support the adoption of digitization, including increased investment activity for the development of the Internet of Things (IoT) infrastructure and various technical advancements to make devices user-friendly and the accuracy of various Connected devices are additional factors expected to improve driving target market growth during the forecast period. Today, large format retailers are embracing artificial intelligence (AI) to assess consumer purchasing behaviour, make real-time decisions, and provide consumers with a wide variety of options and information, including product recommendation, customer service, etc.

This Research Report on Latin America Smart Vending Machine Market is segmented, and sub segmented into the following categories

Latin America Smart Vending Machine Market Product Type  

• Snacks
• Beverages
• Others

The market for smart vending machines is segmented according to product type and place of installation. According to the type of product, the market is segmented into drinks, snacks, and others.

Latin America Smart Vending Machine Market By Installation Site

• Public Places
• Retail Stores
• Offices

On the basis of the installation site, the market is segmented into offices, retail stores, public places, and others.

Latin America Smart Vending Machine Market By Country

• Argentina
• Chile
• Peru
• Mexico
• Brazil
• Rest of Latin America

The market for Latin America Smart Vending Machine has been categorized on the basis of geography to offer a clear understanding of the market. The Latin America Smart Vending Machine Market has been divided into Mexico, Brazil, Peru, Chile, and the rest of Latin America. Latin America is one of the key emerging regions, which will generate significant opportunities in the Latin America Smart Vending Machine Market during the forecast period due to drivers such as the growing trend of cashless transactions coupled with the demand for efficient user interface-based operations. Another factor driving the growth of the market is the increasing penetration of the Internet in the world.

KEY MARKET PLAYERS

The Latin America Smart Vending Machine Market is concentrated with well-established players. Key players in the Latin America Smart Vending Machine Market include ECOM Agroindustrial Corporation Ltd., Automated Merchandising Systems, Fuji Oil Company, Ltd., Barry Callebaut AG, Olam International, and Cargill.

RECENT HAPPENINGS IN THE MARKET

• Bigbasket acquired three startups almost after seven months raising USD 300 million from Alibaba Group Holding Ltd. This acquisition will offer subscription-based services and allow customers to buy commodities through vending machines. Bigbasket has acquired two startups: Bengaluru-based Morning Cart and RainCan, a Pune-based milk subscription platform, it said today in a statement. According to the statement, it also bought a controlling stake in the Kwik 24 cloud-connected smart vending machine platform.
• Fastenal Co., Winona, MN, purchased certain assets of Apex Industrial Technologies on March 30, according to an 8-K filed by the company. Over the past 12 years, Apex has supplied Fastenal with thousands of industrial vending machines, and the dealer is widely regarded as the leader in the use of this on-site sales tool at industrial and commercial sites. 
• Cleveland-based Vendors Exchange International acquired American Vending Machine, according to a Vending Times report. The combination of the companies and the additional operational site will allow Vendors Exchange to better serve its customers by generating shorter lead times and more profitable solutions. AVM's St. Louis plant will provide additional manufacturing space and a highly skilled workforce.