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Connected Vending Machine Market Size (2024 - 2029)

The Connected Vending Machine Market is experiencing significant growth due to the increasing adoption of advanced technologies that enhance customer interaction and data analysis capabilities. The integration of artificial intelligence in these machines is a key driver, offering user-friendly experiences and real-time advertising to boost sales. The market is further propelled by the demand for cashless payment options, which reduce theft risks and cater to consumer preferences for contactless transactions. Additionally, the use of sensor data for inventory management streamlines operations, allowing businesses to optimize service and stock management effectively.

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Market Size of Connected Vending Machine Industry

Connected Vending Machine Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR (2024 - 2029) 15.60 %
Fastest Growing Market Americas
Largest Market Asia
Market Concentration Medium

Major Players

Connected Vending Machine Market Major Players

*Disclaimer: Major Players sorted in no particular order

Connected Vending Machine Market Analysis

The Connected Vending Machine Market is expected to register a CAGR of 15.60% during the forecast period.

The market is continuously growing owing to the increasing adoption of connected vending machines, as these machines can interact with customers, collect and analyze data, and offer various benefits to both consumers and business owners.

  • With the ongoing advancement in connected vending machine technology. Artificial intelligence (AI)-enabled connected vending machine is driving the market. AI technology provides consumers with a future-ready experience. These machines offer convenience and enhanced customer engagement, as AI-enabled features are customer-friendly and do not have any complicated steps or processes. Also, AI algorithms display ads and promotions in real time to capture attention and drive sales.
  • Also, connected vending machines enable cashless payment options, eliminating the need for physical currency. It also accepts various payment methods like credit cards, debit cards, UPI payments, mobile wallets, or even biometric authentication. This also reduces the risk of theft and vandalism associated with cash transactions.
  • Looking at the increasing demand for contactless payment systems. Many connected vending machine manufacturers are introducing new products, and they are also getting multiple orders for the installation. For instance, in 2023, Tao Bin, a company that offers a beverage vending machine from Thailand that takes orders via touch panel and accepts mobile payment options, is expanding its business and aims to complete 6000 units in railway stations and apartment buildings across the country, selling 20,000 drinks per day.
  • Another factor that is driving the market is the ease of inventory management. Connected vending machine leverages sensor data and internal intelligence to make the best decisions regarding inventory management. It enables producers and distributors to monitor shipments to vending machines and distribution centers. It also tracks sales trends by geography and season and remotely handles system problems. The software integrates sales data with service and stock alerts so that businesses may direct their service personnel to the most profitable equipment first.

Connected Vending Machine Industry Segmentation

A connected vending machine is a modern iteration of the traditional one incorporating internet connectivity and advanced technologies. Unlike traditional vending machines operating standalone, connected vending machines have various smart features that enhance their functionality, management, and customer experience. 

The connected vending machine market is segmented by product type (beverages, snacks, food, confections, others), application (commercial places, corporate offices, others), and geography (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa).

The market sizes and forecasts are provided in terms of value (USD) for all the above segments.

By Machine Type
Wall-mounted
Tabletop
Standalone
By Product Type
Beverages
Snacks
Food
Confections
Other Product Types
By Application
Airport
Railway Station
Offices
Educational institutes
Other Applications
By Geography***
North America
Europe
Asia
Australia and New Zealand
Latin America
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Connected Vending Machine Market Size Summary

The connected vending machine market is experiencing robust growth, driven by technological advancements and the increasing demand for automated, customer-interactive solutions. These machines, equipped with artificial intelligence, offer enhanced customer engagement through real-time advertisements and promotions, as well as convenience with cashless payment options. The shift towards contactless payment systems has prompted manufacturers to innovate and expand their offerings, such as the introduction of IoT-enabled vending machines in various public spaces. The ability to manage inventory efficiently through sensor data and internal intelligence further adds to the appeal of connected vending machines, allowing businesses to optimize their operations and respond swiftly to market demands.

In the retail sector, the adoption of smart vending machines is transforming consumer experiences and operational efficiencies. These machines, integrated with data analytics, provide retailers with insights into customer behavior and preferences, enabling personalized marketing and optimized inventory management. Despite higher initial costs, the long-term benefits, including reduced labor expenses and increased sales, make them a cost-effective solution for retailers. The Asia-Pacific region, with its rapid urbanization and technological advancements, is a significant market for connected vending machines, supported by government initiatives and private sector collaborations. Key industry players are actively engaging in strategic partnerships and innovations to maintain a competitive edge, further propelling the market's growth.

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Connected Vending Machine Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.2.1 Bargaining Power of Buyers

      2. 1.2.2 Bargaining Power of Suppliers

      3. 1.2.3 Threat of New Entrants

      4. 1.2.4 Threat of Substitutes

      5. 1.2.5 Intensity of Competitive Rivalry

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Assessment of the Impact of COVID-19 on the Market

    5. 1.5 Key Metrices

      1. 1.5.1 User Penetration Rate

      2. 1.5.2 Average Revenue Per User

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Machine Type

      1. 2.1.1 Wall-mounted

      2. 2.1.2 Tabletop

      3. 2.1.3 Standalone

    2. 2.2 By Product Type

      1. 2.2.1 Beverages

      2. 2.2.2 Snacks

      3. 2.2.3 Food

      4. 2.2.4 Confections

      5. 2.2.5 Other Product Types

    3. 2.3 By Application

      1. 2.3.1 Airport

      2. 2.3.2 Railway Station

      3. 2.3.3 Offices

      4. 2.3.4 Educational institutes

      5. 2.3.5 Other Applications

    4. 2.4 By Geography***

      1. 2.4.1 North America

      2. 2.4.2 Europe

      3. 2.4.3 Asia

      4. 2.4.4 Australia and New Zealand

      5. 2.4.5 Latin America

    5. 2.5 Middle East and Africa

Connected Vending Machine Market Size FAQs

The Connected Vending Machine Market is projected to register a CAGR of 15.60% during the forecast period (2024-2029)

Azkoyen Group, Fuji Electric Co., Ltd., Evoca Group, Jofemar and Bianchi Vending Group S.p.A are the major companies operating in the Connected Vending Machine Market.

Connected Vending Machine Market Report Snapshots

Connected Vending Machine Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)