Connected Vending Machine Market Size
| Study Period | 2019 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| CAGR | 15.60% |
| Fastest Growing Market | Americas |
| Largest Market | Asia |
| Market Concentration | Medium |
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 15.6% 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 Market Trends
Retail Sector is expected to grow at a higher pace
- The retail industry has undergone significant transformations in recent years, largely driven by technological advancements and increasing automation. Automation in retail has revolutionized various processes, from supply chain management and inventory tracking to personalized marketing and customer service. One major innovation in the retail sector is the adoption of smart vending machines. These technologically advanced machines offer a range of benefits for both retailers and consumers, driving their popularity and widespread implementation.
- Many companies offering vending machines have started reshaping their product by launching more innovative connected vending machines. For instance, in April 2023, Daalchini Technologies, a food tech startup firm in India, successfully placed IoT-enabled vending machines for retail business at various sites that include schools, colleges, hospitals, and railway stations to provide people with access to fresh, healthy meals.
- Moreover, Smart vending machines are integrated with data analytics capabilities, allowing retailers to collect valuable insights on customer behavior, product preferences, and buying patterns. By leveraging this data, retailers can personalize product offerings to better align with customer demands, optimize inventory management, and design targeted marketing campaigns. This data-driven approach enables retailers to make informed decisions, resulting in improved customer satisfaction and higher sales.
- Implementing connected vending machines has also been a cost-effective solution for retailers. While initial investments may be higher compared to traditional vending machines, the long-term benefits, such as reduced labor costs and increased sales through improved customer engagement, outweigh the upfront expenses. Additionally, these machines can be easily scaled and deployed in various locations, allowing retailers to test new markets and expand their presence efficiently.
- Looking at the growing opportunities. In February 2023, Pulmuone, a South Korean food company, planned to collaborate with US food-tech company Yokai Express in order to launch a connected vending machine that can cook instant meals. Also, the company will be providing a user interface through these interfaces. Customers can browse through product catalogs to view detailed information about the items. This level of interactivity elevates the overall customer experience, leading to increased satisfaction and loyalty.
Asia-Pacific Region to Register High Growth
- Asia-Pacific was already on the rise due to various factors such as urbanization, increased consumer convenience expectations, technological advancements, and the growing popularity of cashless transactions. It is home to some of the world's most densely populated and technologically advanced countries, such as China, Japan, India, Australia, South Korea, and others. With urbanization continuing to accelerate, people's lifestyles have become more fast-paced, leading to an increased demand for quick and convenient access to products on the go. Connected vending machines provide a solution by offering a wide range of products in various locations.
- With the growing demand for connected vending machines in the region, many companies have started launching such Products in the major countries in Asia-Pacific. For instance, in December 2022, Advanced Food Technology launched the Bites & Bytes Smart Vending Machine (SVM) in the Asia region. It offered a variety of menus that include Asian, Japanese, Korean, Taiwanese, Continental, and Middle Eastern.
- Similarly, in June 2023, Changi General Hospital (CGH) launched its first connected pharmaceutical vending machine in Singapore. The vending machine is also in-built with a teleconsultation feature where patients can connect with a CGH pharmacist. The machine offers a wide range of over-the-counter medicines.
- Moreover, the government of India is also promoting the adoption of connected vending machines by collaborating with private companies. The government is leveraging private sector expertise and resources to drive adoption and ensure the successful integration of these machines. For instance, in July 2023, the National Agricultural Cooperative for Marketing Federation (NAFED) collaborated with Wendor. Under this collaboration, Wendor has installed smart vending machines stocked with a variety of millet-based products in key government buildings like Shashtri Bhawan, NITI AYOG, ICAR, MOFPI, Udyog Bhawan, APEDA, and others.
Connected Vending Machine Industry Overview
The connected vending machine market exhibits a moderate level of consolidation, featuring prominent players such as Azkoyen Group, Fuji Electric Co., Ltd., Crane Co., FAS International S.p.A., Bianchi Vending Group S.p.A, Rhea Vendors Group, Jofemar, Westomatic Vending Services Ltd., Evoca Group, and Royal Vendors. These key industry participants are actively implementing strategic approaches, including partnerships, innovations, mergers, and acquisitions, to strengthen their product portfolios and establish a sustainable competitive edge.
In March 2023, Daily Blends, an AI technology company, announced a significant milestone by securing USD 2 million in funding from prominent investors, namely San Francisco-based Hustle Fund and New York-based 2048 Ventures. This infusion of capital will empower the company to launch an AI-powered fresh food vending machine tailored to the Greater Toronto Hamilton area, catering to millions of commuters with high-quality, fresh food options.
Connected Vending Machine Market Leaders
-
Azkoyen Group
-
Fuji Electric Co., Ltd.
-
Evoca Group
-
Jofemar
-
Bianchi Vending Group S.p.A
- *Disclaimer: Major Players sorted in no particular order
Connected Vending Machine Market News
- June 2023: Gem OpenCube Technologies Pvt Ltd unveiled its latest innovation, the Tea and Coffee (WTC) Automatic Vending Machine in Hyderabad. These state-of-the-art WTC machines are entirely automated, offering an extensive range of beverages and snacks, including tea, coffee, water, and various snacks. This machine operates tirelessly 24/7, requiring no human intervention. Designed with user-friendliness in mind, the machine can be effortlessly operated by anyone looking to purchase water bottles, tea, coffee, or biscuits. Moreover, a convenient QR code has been incorporated into the machine to facilitate quick and hassle-free product dispensing.
- January 2023: Thundercomm, a leading provider of IoT products and solutions, made a significant announcement at CSE 2023 with the introduction of its cutting-edge Smart Vending Machine Solution. This groundbreaking launch is poised to revolutionize the customer buying experience by offering enhanced convenience while simultaneously assisting machine operators in optimizing their operational efficiency and curbing costs.
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 |
Connected Vending Machine Market Research Faqs
What is the current Connected Vending Machine Market size?
The Connected Vending Machine Market is projected to register a CAGR of 15.60% during the forecast period (2025-2030)
Who are the key players in Connected Vending Machine Market?
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.
Which is the fastest growing region in Connected Vending Machine Market?
Americas is estimated to grow at the highest CAGR over the forecast period (2025-2030).
Which region has the biggest share in Connected Vending Machine Market?
In 2025, the Asia accounts for the largest market share in Connected Vending Machine Market.
What years does this Connected Vending Machine Market cover?
The report covers the Connected Vending Machine Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Connected Vending Machine Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
Our Best Selling Reports
Connected Vending Machine Industry Report
Statistics for the 2025 Connected Vending Machine market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Connected Vending Machine analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
