The installed base of connected vending machines worldwide to reach 8.9 million by 2024

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.