Hardware

Intelligent vending machine market to surpass $8B by 2031

The intelligent vending machine market value is set to reach $8.2 billion by 2031 according to a report from Transparency Market Research.

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March 1, 2024

The intelligent vending machine market value is set to reach $8.2 billion by 2031 according to a report from Transparency Market Research.

Growth from the 2022 market valuation of $4.9 billion in 2022 is attributed to increased consumer demand for convenience and contactless payments, the rise of IoT and AI technology, growth of urbanization, and increased demand for healthy options.

Challenges to this growth cited in the report include higher cost of entry for smart vending as opposed to traditional vending machines, along with security concerns and lack of standardized technology and regulations in the market.