Blockchain Press Releases
Vending Machine Market to Reach $37.2 Billion, Globally, by 2032 at 7.5% CAGR: Allied Market Research
The increase in demand for food vending machines in offices/institutions, the rise in consumption of convenience food items, and the adoption of smart customer service technologies in several food categories drive the growth of the global vending machine market
PORTLAND, Ore., July 19, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Vending Machine Market By Type (Food Vending Machine, Beverages Vending Machine, Tobacco Vending Machine, Others Vending Machine), By Application (Hotels And Restaurants, Corporate Offices, Public Places, Others), By Technology (Automatic Machine, Semi-Automatic Machine, Smart Machine), By Sales Channel (Online, Offline): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global Vending Machine Market generated $18.3 billion in 2021 and is anticipated to generate $37.2 billion by 2032, witnessing a CAGR of 7.5% from 2023 to 2032.
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Prime determinants of growth
The global vending machine market is driven by the surge in demand for food vending machines in offices/institutions, the increase in consumption of convenience food items, and the rising adoption of smart customer solutions in several food categories. On the other hand, the high initial installation cost of vending machines restrains the market growth to some extent. However, the increasing need to expand virtual space in a retail outlet is expected to create lucrative opportunities in the industry.
Covid-19 Scenario
- PPE through vending machines was helping employees to provide a safe and clean environment to mitigate safety risks.
- Vending machines were making these PPEs easily available for employees at the workplace. These factors had a positive impact on the market.
The beverages vending machine segment to maintain its leadership status throughout the forecast period.
Based on type, the beverages vending machine segment held the highest market share in 2022, accounting for more than three-fifths of the global vending machine market revenue and is estimated to maintain its leadership status throughout the forecast period. The acceptance and prevalence of these machines have given rise to innovation in the industry, thus driving the segment growth. However, the food vending machine segment is projected to manifest the highest CAGR of 8.4% from 2023 to 2032. This is because the demand for food vending machines is rising, owing to increasing consumer preference for ready-to-eat food products.
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The hotels and restaurants segment to maintain its leadership status throughout the forecast period
Based on application, the hotels and restaurants segment held the highest market share in 2022, accounting for more than one-third of the global vending machine market revenue and is estimated to maintain its leadership status throughout the forecast period. The rise in the trend of luxury dining and tourism is expected to drive the segment growth. In addition, people with high disposable income spend more on luxury amenities, which further boosts the demand for restaurants & hotels. However, the public places segment is projected to manifest the highest CAGR of 8.4% from 2023 to 2032, Increasing crowd in public outlets is encouraging store owners to install automated technologies for serving their products in an effective manner.
The automatic machine segment to maintain its leadership status throughout the forecast period
Based on technology, the automatic machine segment held the highest market share in 2022, accounting for nearly three-fifths of the global vending machine market revenue and is estimated to maintain its leadership status throughout the forecast period. This is due to a rise in investments in automatic machine spaces such as airports, hospitals, hotels, restaurants, and others. However, the semi-automatic vending machine segment is projected to manifest the fastest CAGR of 8.1% from 2023 to 2032. The convenience food trend in the vending machine market has grown steadily over the past few years. The growing retail and food & beverages sector coupled with the increasing need to expand virtual space in retail outlets is driving the segment growth.
The offline segment to maintain its leadership status throughout the forecast period
Based on sales channel, the offline segment held the highest market share in 2022, accounting for more than two-thirds of the global vending machine market revenue, and is estimated to maintain its leadership status throughout the forecast period. Specialty stores are introducing different types of vending machine products with various features, which attract the consumer, thereby propelling the growth of the market. However, the online segment is projected to manifest the highest CAGR of 8.2% from 2023 to 2032. The increase in penetration of various online portals in developing regions and the rise in the number of offers or discounts in terms of purchasing vending machines through online channels drive the growth of the segment.
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North America to maintain its dominance by 2031
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global vending machine market revenue. According to the National Automatic Merchandising Association, vending machines made an economic impact of nearly $25 billion in the U.S. convenience service industry. Moreover, factors, such as changing lifestyles and high demand for ready-to-eat (RTE) meals augment the growth of the market in this province. However, the Asia-Pacific region is expected to witness the fastest CAGR of 8.3% from 2023 to 2032.
Leading Market Players: –
- AZKOYEN S.A.
- BIANCHI INDUSTRY SPA
- CRANE COMPANY
- FASTCORP VENDING LLC
- FUJI ELECTRIC CO., LTD
- JOFEMAR S.A.
- ROYAL VENDORS, INC.
- SANDENVENDO AMERICA, INC.
- SEAGA MANUFACTURING INC.
- SELECTA GROUP B.V.
The report provides a detailed analysis of these key players in the global vending machine market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions.
Similar Reports We Have on Consumer Goods Industry:
- U.S. Vending Machine Market Opportunity Analysis and Industry Forecast, 2022-2032
- Canada Vending Machine Market Opportunity Analysis and Industry Forecast, 2022-2032
- Mexico Vending Machine Market Opportunity Analysis and Industry Forecast, 2022-2032
- Europe Vending Machine Market Opportunity Analysis and Industry Forecast, 2022-2032
- UK Vending Machine Market Opportunity Analysis and Industry Forecast, 2022-2032
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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Blockchain Press Releases
Compass Mining Scales Texas Operations with 25 MW Bitcoin Mining Facility, Plans Further Expansion
Energizes Over 50 MW in 2024 Across Six States, with 35 MW Coming Online by January 2025
WILMINGTON, Del., Dec. 20, 2024 /PRNewswire/ — Compass Mining (“Compass” or the “Company”), a leading provider of Bitcoin mining hardware, hosting, and operational solutions, proudly announces the addition of a new 25 megawatts (MW) Bitcoin mining facility in Texas to its growing network of North American operations. The facility is already fully built out and will be operational with an initial 5 MW of capacity by year’s end, scaling to 25 MW in early January 2025. Compass also plans to expand the facility’s capacity to 60 MW by Q3 2025.
The new Texas facility will house a mix of relocated machines from Compass’s existing sites, as well as newly deployed units, ensuring continuity for current customers while offering new clients a seamless and turnkey Bitcoin mining experience. By January 2025, new customers purchasing machines through Compass’s platform will have the option to deploy them at the “Texas 6″ site.
“Our new Texas facility represents another milestone in our mission to make bitcoin mining more accessible for everyone,” said Paul Gosker, CEO of Compass Mining. “We bring a wealth of experience from successfully operating at multiple locations across Texas, navigating the unique grid dynamics and leveraging local resources. For this site, we will provide our support and expertise, including assisting our site partner in hiring expert technicians who meet Compass’s high standards. This ensures high uptime and reliability, delivering the quality our customers expect.”
Compass’s strategy combines vertical integration through proprietary facilities, such as the new Iowa 4 site, with partnerships at third-party facilities renowned for high uptime and reliability. This dual approach allows the company to maintain operational flexibility while delivering reliable hosting solutions. The company has energized a total of approximately 50 MW of power capacity across mining facilities in Indiana, Iowa, Ohio, Kentucky, Nebraska, and Texas in 2024, with plans to add another 35 MW by January 2025.
About Compass Mining
Compass Mining is a customer-first company that provides a platform for individuals and businesses to purchase Bitcoin mining hardware, host machines, build and manage mining facilities, and access a range of ancillary services. With a commitment to exceptional customer support and transparency, Compass Mining sets the benchmark for bitcoin mining hosting. Its mission is to make Bitcoin mining accessible to everyone. To learn more about Compass Mining or to start mining today, visit compassmining.io.
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DUBAI, UAE, Dec. 20, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, will be extending the festive fun with lavish virtual gifts for Bybit Card holders. From Dec. 20, 2024 to Jan. 31, 2025, with every swipe of their Bybit Card, users may get a chance to unwrap mystery gift boxes, including 1,000 in USDT and other exciting airdrops from DOGE to BTC—all rewards, no catches.
For each 100 USDT spent in eligible purchases with the Bybit Card, users will receive a lucky draw ticket to redeem a gift box on Bybit. Each gift box promises a crypto reward—from Christmas baubles in DOGE, SOL, ETH, XRP and BTC airdrops, all the way up to the grand prize of 1,000 in USDT. Registration is required and the special Holiday Giveaway ends at the end of Jan. 2025.
For users looking for a convenient way to utilize their crypto assets for daily spendings and debit payments, it is not too late to apply for the Bybit Card. The application and verification process takes minutes, and a virtual card will be issued as soon as the card is approved, enabling seamless digital payment on Apple and Android devices in applicable regions.
“The Bybit Card takes the hassle out of crypto off-ramp for regular users and weaves rewards and benefits into daily spendings. On top of regular cashbacks, we are introducing extra perks as our token of thanks to wrap up an eventful year in crypto,” said Joan Han, Sales and Marketing Director at Bybit.
The Bybit Card made expansive global footprints 2024 as crypto adoption continues to rise in the past year. Trusted and frictionless crypto payment solutions are in demand in various parts of the world, and Bybit is one of the natural habitats of crypto native consumers. Spanning from Buenos Aires to Amsterdam, the Bybit Card community is growing and so are the perks:
- Up to 10% cashback in USDT, BTC and ETH on eligible purchases
- Zero fees for instant virtual card issuance
- Zero annual or hidden fees
- Up to 8% APY
Enjoy this festive season in all its splendor. Eligible Bybit Card holders from all regions are welcome; terms and conditions apply: Bybit Card Holiday Giveaway: Swipe, Spend & Sparkle!
#Bybit / #TheCryptoArk #theBybitCard
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
For more details about Bybit, please visit Bybit Press
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For updates, please follow: Bybit’s Communities and Social Media
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Blockchain Press Releases
Bybit P2P Unlocks 20,000 USDT Prize Pools for Select Users in South Asia and Africa
DUBAI, UAE, Dec. 20, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, will be concluding 2024 with lucky spins all around for eligible users on Bybit P2P. With a chance at two grand bonus pools of 10,000 USDT each, select users in parts of South Asia and Africa stand to make the most of their P2P trades at Bybit.
From now to Dec. 31, 2024, eligible users may create their own P2P trading bonus at Bybit and unlock 100% chance of winning:
- South Asia: Eligible users in South Asia may sign up for the Grand Spin Extravaganza
- Africa: Eligible users may register to enter the P2P Prize Spinner
Successful participants may complete one or more referral, deposit, or trading tasks to earn up to 10 Lucky Draw Tickets. Tasks start at beginner level including a first-time deposit of 10 USDT. With a Ticket, users get to spin the wheel of fortune for a guaranteed airdrop from the 10,000 USDT Prize Pool.
As communities in the Global South start to build and diversify their wealth, millions are in dire need of modernized and inclusive financial infrastructures. The digital asset class offers an alternative for grassroot investors in emerging markets, demonstrating transformative power to shape the future of growth.
Bybit’s peer-to-peer trading platform provides user-friendly and trusted tools for P2P merchants and buyers. Users can compare and execute trades at an optimal price agreed upon by both parties, carried out on Bybit’s ultra smooth trading platform at zero fees. Supporting over 60 fiat currencies and over 300 payment methods, Bybit P2P contributes to democratizing access to the digital economy.
Users who have completed Bybit Identity Verification Level 1 may log in to confirm their eligibility. Terms and conditions apply.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
For updates, please follow: Bybit’s Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
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