Smart vending – Still a smart idea

By Anthony Lamoureux, CEO of Velocity Smart Technology.
 
In 2023, the worldwide smart vending market underwent significant growth reaching a valuation of USD 2.1 billion (£1.6 billion). This surge not only underscored the increasing prevalence of smart vending machines but also projected a substantial expansion, with the market expected to almost triple by 2028.
 
In his latest thought leadership blog, Anthony Lamoureux, CEO of Velocity Smart Technology, discusses how technological advancements and consumer preferences are shaping the growth of smart vending.

Elevating efficiency with cloud-based services

The smart vending transformation is marked by the pivotal role played by cloud-based technology in its operational dynamics. 
Across diverse sectors, the adoption of this technology remains prevalent, as evident from the UK government's recent launch of two cloud services tenders, with potential combined expenditures reaching some £7.5 billion.
 
This advanced technology is reshaping the functionality of smart vending machines by seamlessly adapting to the growing demand for efficient storage management while placing a strong emphasis on security. 
 
The outcome is a sophisticated system that not only keeps pace with evolving market requirements but also guarantees the effectiveness and security of locker management. 
 
Beyond mere adaptation, this technological integration sets the stage for a future-ready solution, anticipating and addressing shifts in consumer needs. This comprehensive approach ensures both a seamless and secure consumer experience, positioning smart vending as a reliable and efficient solution.

The essential role of IT service management in smart vending adoption

Integral to the widespread adoption of smart vending is the IT Service Management function – with the crucial role extending beyond mere facilitation, to actively propelling the growth of the smart vending market. 
 
Within these domains, smart vending machines emerge as invaluable tools, providing secure solutions for safeguarding sensitive documents, valuable IT assets and even employee belongings. This not only fosters a heightened sense of security, but also promotes operational efficiency within organisations.
 
As the landscape continues to evolve, the relationship between IT Service Management function and smart vending remains vital, ensuring the continued advancement and widespread adoption of this innovative and efficient solution.

Factors driving smart vending market growth

When looking at factors that propel the smart vending market, it is important to understand the changing landscape of technology integration, consumer preferences and market demands.
At the forefront of this transformative journey is the impressive surge in the adoption of cutting-edge technologies, specifically artificial intelligence (AI), Internet of Things (IoT), and Radio-Frequency Identification (RFID). 
 
Its capacity to optimise operational workflows is augmented by the invaluable contribution of real-time data, enabling businesses to make informed decisions promptly. Furthermore, the personalised user experience is elevated through tailored interactions and adaptive interfaces, creating a more engaging and user-centric environment.

The touchless experience

The increasing preference for contactless and streamlined transactions, has become a significant driver in the widespread adoption of smart vending machines.
 
These machines go beyond conventional vending practices by offering touch-free interactions, addressing the evolving preferences of consumers for efficient and seamless transactions. 
 
These machines incorporate advanced operational mechanisms, leveraging real-time data analytics and responsive interfaces to optimise efficiency. 
 
The result is a system that enhances the overall user experience by ensuring swift, hassle-free transactions and providing a more unique and engaging interface for consumers.

The Landscape

The versatility of smart vending machines has expanded their application across various sectors, including retail, healthcare, and transportation. Their ability to dispense a wide range of products, coupled with customisation options, makes them adaptable to diverse environments.
 
The demand for data-driven decision-making is pushing businesses to leverage smart vending analytics. The insights derived from user interactions, inventory management, and machine performance contribute to more informed strategies.
 
Environmental sustainability has emerged as a factor influencing the smart vending market. With a growing emphasis on eco-friendly practices, smart vending machines often incorporate energy-efficient features, recyclable materials, and sustainable practices, appealing to environmentally conscious consumers and businesses alike.

The Future

Looking ahead, the future of smart vending appears promising and transformative, with a market marked by a dynamic and rapidly changing competitive landscape – with smart vending and lockers representing not just a vending solution, but a transformative element poised to redefine how companies and organisations interact with products and services in the dynamic landscape of the years to come.