The global installed base of connected vending machines worldwide could reach 8.9 million by 2024, according to Berg Insight, up from an estimated 4.2 million units in 2019.
 
North America represents the largest share of around two million of these machines, whereas the corresponding number for the European market is 1.1 million. The number of connected vending machines in other parts of the world totalled an estimated 1.1 million units at the end of 2019, mainly in Japan, China and Australia.
 
Berg forecasts that the number of connected machines worldwide will grow at a compound annual growth rate (CAGR) of 16.3 per cent to reach 8.9 million units by 2024. As a result, the global penetration rate will reach 52.0 per cent at the end of the forecast period.
 
The global connected vending market is served by a variety of players. Many of the leading providers are specialised technology companies offering connected vending telemetry and cashless payments.
 
“USA Technologies, following the acquisition of Cantaloupe Systems in 2017, is clearly number one in terms of the installed base and has now more than one million connected vending machines,” said Adam Bjorkman, IoT analyst at Berg Insight.
 
Other leading technology suppliers include Crane Connectivity, Ingenico Group, Nayax and Televend (Intis). Vianet Group, Vendon, MatiPay and InHand Networks are additional examples of technology players with relatively significant installed bases.
 
“InHand Networks is an interesting case due to the prominent position in China,” said Bjorkman.
 
The number of vending machines in China has grown significantly in the past few years and Berg expects the country to become a major player in the connected vending space.
 
“Mobile payments and remote management of multimedia content are basically standard on the vending machines in China,” said Bjorkman. “Facial recognition technology is also a growing trend and enables pay-with-your-face functionality.”