Vending machines aren't new, but they've seen high diversification in the use cases in recent times. The global vending machine market is growing at a CAGR of 13% and expects to reach over $146.6B by 2027.
Global IoT technology encompasses a set of advanced equipment, such as meters and sensors, along with network connectivity, smart devices, and software that send data between machines and devices. This market is gaining rapid growth due to the rising adoption of artificial intelligence (AI) and connected devices based on machine learning and the increased use of cloud-based solutions.
IIoT will enable new business models by improving productivity, exploiting analytics for innovation, and transforming the workforce.
Not only are more home appliances connected to the Internet, but they’re becoming smarter due to leading-edge advancements in artificial intelligence (AI).