AVT Predicts Change Ahead as Vending Market Exceeds $20 Billion
Big opportunities in manufacturing new smart-technology systems, and remote machine monitoring.
LOS ANGELES, Aug. 3, 2015 /PRNewswire/ -- AVT, Inc. (OTC Markets: AVTC) (www.autoretail.com), a leading manufacturer of automated retailing systems, self-service kiosks, and custom vending machines, commented today on the new 2015 "State of the Industry" Report, compiled by VendingMarketWatch.
The report showed that vending revenues in 2014 in the USA hit a stunning $20.2 billion.
Total machine base estimates for 2014 are 5,132,250. Of that number, only 564,548 machines accept a cashless payment form.
Accordingly, there are over 4 million machines that need to be updated to accept smart technologies, provide nutritional information, and give customers a clear view of the product and its contents.
AVT plans on servicing this market through a portfolio of Smart Technology machines, utilizing the company's patented, industry-leading technologies.
Wayne Salvino, President of AVT, Inc., said that the biggest growth segment in vending will be the replacement of older style machines with new, technology-rich systems.
"The majority of machines in the market today are not compliant with new federal regulations regarding the proper display of nutritional information and product contents," Salvino said. "These antiquated systems do not provide opportunities to capture additional revenue streams, nor are they enticing to the consumer."
AVT is focusing on selling to large national accounts that need to update their vending systems.
"Not only do the newer systems give consumers a better self-service experience, but upgrading makes great business sense as well, because it offers a fast ROI and creates a loyal, repeat customer base," Salvino commented.
The report noted that Remote Machine Monitoring, which produces more efficiency in route management, is currently used in less than 5 percent of vending systems. AVT has a patent on this technology, which can be applied to virtually 95% of the vending universe. "This remains an enormous opportunity for AVT and our license holders," Salvino commented.
