More online vending machines predicted for 2022
Citing cashless payment as an instigator, Swedish market research firm Berg Insight predicts that by the year 2022, 5.4 billion vending machines will be online.
While interest in internet-connected vending machines began roughly twenty years ago, the market has gained momentum in recent years as vending operators have started to deploy solutions at a larger scale, with clients are now opting for mobile payment choices or using web-based cashless options to pay vendors. The market research group estimates that around 16 per cent of the world’s 16 million vending machines are currently connected.
The Berg Insight report was quoted in observing, “The global installed base of connected vending machines reached an estimated 2.6 million units in 2017. North America is estimated to represent the largest share of around 1.3 million of these machines, whereas the corresponding number for the European market is 0.6 million.”
While some companies opt for in-house solutions, or find the services of cashless payment service providers, the majority of those providing services for connected vendors are technology companies. USA Technologies is the largest provider of connected vending in North America.
Berg Insight forecasts that the number of connected machines worldwide will grow at a compound annual growth rate (CAGR) of 16.2 per cent to reach 5.4 million units by 2022. As a result, the global penetration rate will reach 32.2 per cent at the end of the forecast period.
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