A report from Berg Insight forecasts that 11.4 million vending machines will be connected globally by 2028. This comes as the demand for cashless payments continues to rise, especially following the COVID-19 pandemic.
In 2023, the installed base of connected vending machines reached 6.5 million units, with around 44 percent of the world’s 14.8 million vending machines connected. The market for connected vending solutions is expected to grow at a compound annual growth rate (CAGR) of 11.8 percent, with global penetration reaching 71.3 percent by 2028.
The “Rest of the World” markets, including China and Japan, represent the largest share of connected vending machines, with 2.5 million units. North America follows with 2.3 million units, while Europe has an estimated 1.8 million connected machines. The rise of connected vending machines is driven by a range of technological advancements, particularly in vending telemetry, which allows operators to optimize operations.
Leading providers in the industry include specialized companies like Cantaloupe, which has over 920,000 connected machines, followed by Nayax, Televend, and Ingenico. Manufacturers such as Crane Payment Innovations (CPI), LE Vending, and TCN Group also hold significant positions, especially in China.
Trends like cashless and contactless payments, the increasing use of smartphones, and the emergence of concepts like Grab-and-Go vending machines are reshaping the industry. Grab-and-Go machines, particularly popular in China, offer advanced technologies such as AI and computer vision, enabling consumers to inspect and handle products before purchase. This innovation, along with micro markets, is expected to create new growth opportunities in the sector.
