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Connected Vending Machines Report 2023-2027: Cashless Payments is a Strong Driver for Adding Connectivity in VendingDUBLIN, Jan. 4, 2024 /PRNewswire/ -- The "Connected Vending Machines - 5th Edition" report has been added to ResearchAndMarkets.com's offering.  Connected Vending Machines is the fifth consecutive report analysing the latest developments on the vending telemetry and cashless payment market worldwide. There are about 15 million vending machines worldwide and many of the vending operators are now considering adding connectivity. The report forecasts that the number of connected vending machines worldwide will grow at a CAGR of 16.4 percent from 5.8 million units in 2022 to reach 12.3 million units by 2027. The penetration rate will then reach 75.7 percent at the end of the forecast period. Highlights from the report:
The first solutions for including connectivity in vending machines became commercially available more than two decades ago. It has however taken years for the technology to gain the interest of mainstream vending operators. The report estimates that around 40 percent of the world's nearly 14.5 million vending machines are connected. The market has gained momentum in recent years, where the demand for cashless payments has so far been a main driver, particularly following the Covid-19 pandemic. Vending telemetry is however anticipated to have a more transformational effect on the industry as these solutions enable operators to improve their operational efficiency. The global installed base of connected vending machines reached closed to an estimated 5.8 million units in 2022. North America is estimated to represent the largest share of these machines, closely followed by the Rest of the World markets. Both regions are estimated to have installed bases of around 2.1 million units each. The growth in the Rest of the World is primarily driven by the increasing number of connected machines in Japan, China and Australia. In Europe, the installed of connected vending machines is estimated to have reached around 1.5 million units. The report forecasts that the number of connected vending machines worldwide will grow at a compound annual growth rate (CAGR) of 16.4 percent to reach 12.3 million units by 202. As a result, the global penetration rate will reach 75.7 percent at the end of the forecast period. The global market for connected vending solutions is served by a variety of players. Many of the leading providers are specialised technology companies. Cantaloupe (formerly USA Technologies) is the largest provider in terms of installed base, having more than 900,000 connected vending machines. Other major suppliers include Nayax, Ingenico and Televend (INTIS). Nayax and Ingenico are two international players while Televend monitors vending machines mostly in Europe, although the latter seeks to expand into North America and Japan. Other suppliers with notable installed bases include InHand Networks, MatiPay, Vianet Group, and Vendon. Numerous vending machine manufacturers are also active in the connected vending space. The manufacturer Crane NXT holds one of the leading positions from a global perspective through Crane Payment Innovations and TCN Group is an important player in China. Vending operators active in the field of connected vending machines most often work with third-party providers, while some even have various in house solutions. Examples of such vending operators include Chinese UBox and Italian IVS Group. The report answers the following questions:
Key Topics Covered: 1 Introduction 2 Vending telemetry and cashless payments 3 Company Profiles and Strategies
4 Forecasts and Conclusions For more information about this report visit https://www.researchandmarkets.com/r/g7u1c3 About ResearchAndMarkets.com Media Contact: Research and Markets Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg
SOURCE Research and Markets 
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