The Rise of Smart Vending Machine: Market, Top Players and SWOT Analysis
The humble vending machine, a staple of offices, schools, and public spaces for decades, is undergoing a significant transformation. Enter smart vending machines , equipped with advanced technology to revolutionize the industry. This blog delves into the vending machine market , explores the rise of smart vending machine companies, and analyzes the evolving landscape through the lens of a SWOT analysis . Vending Machines Market: A Booming Industry The global vending machine market is experiencing substantial growth. According to a report by Ken Research , the market size was valued at USD 6.51 billion in 2021 and is projected to reach a staggering USD 22.0 billion by 2029 , reflecting a Compound Annual Growth Rate (CAGR) of 16.7% . This growth is attributed to factors like: Rising demand for convenience: Consumers seek readily available food and beverages, making vending machines a popular choice. Increasing urbanization: The growth of urban populations creates a higher deman...