According to Berg Insight, currently, approximately 28 percent of the world's 15 million vending machines are connected, and it is anticipated to reach 8.9 million units by 2024. Consumers are increasingly favoring the convenience, security, and operational efficiency offered by digital payment methods, making these connected vending machines a strategic response to evolving preferences.
In 2019, the global count of connected vending machines was estimated at 4.2 million units, with North America leading the way at approximately 2.0 million, while Europe and the Rest of the World each accounted for 1.1 million connected machines. Beyond North America and Europe, significant numbers of connected vending machines are primarily concentrated in Japan, China, and Australia. The high relevance of IoT in vending machines is underscored by 1NCE's expanding customer base within this sector and the broader retail industry.
IoT-enabled Vending Machines Manufacturers
The global market for connected vending solutions is served by a diverse array of providers, many of which are specialized technology companies.
Crane Connectivity Solutions
Italian IVS Group
IoT Applications within Vending Machines
The IoT applications across Vending Machine sector can include the following:
|IoT enables cashless payment options, allowing customers to use credit/debit cards, mobile wallets, or contactless methods for convenience and security.
|IoT facilitates real-time tracking of inventory, ensuring products are well-stocked and reducing the risk of running out of popular items.
|IoT-based systems can adjust pricing dynamically based on factors such as demand, time of day, or inventory levels, optimizing revenue.
|Machine Health Monitoring
|IoT devices monitor the health of vending machines, detecting and alerting operators to issues like malfunctioning components.
|IoT enables contactless product dispensing, reducing the need for physical touch and enhancing hygiene.
|IoT systems can predict maintenance needs and schedule servicing, reducing downtime and increasing machine longevity.