Berg Insight, the leading IoT market research provider, today released a new market report covering the connected vending machine market.
The global installed base of connected vending machines reached an estimated 4.2 million units in 2019. North America represents the largest share of around 2.0 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 Insight forecasts that the number of connected machines worldwide will grow at a compound annual growth rate (CAGR) of 16.3 percent to reach 8.9 million units by 2024. As a result, the global penetration rate will reach 52.0 percent at the end of the forecast period.
The global connected vending solution market is served by a variety of players. Many of the leading providers are specialised technology companies offering connected vending telemetry and cashless payment solutions.
“USA Technologies is following the acquisition of Cantaloupe Systems in 2017 clearly number one in terms of the installed base and has now more than 1.0 million connected vending machines”, said Adam Bjorkman, IoT Analyst, Berg Insight. He adds that other leading technology suppliers include Crane Connectivity Solutions, 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”, continued Mr. Bjorkman.
The number of vending machines in China has grown significantly in the last few years and Berg Insight 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. Facial recognition technology is also a growing trend and enables pay-with-your-face functionality”, concluded Mr. Bjorkman.
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