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Vending Machine Market Reach $56.96 Billion By 2025 | Many Companies are Partnering with Payment Service companies to Add Cashless Payment Options to Their Devices: Grand View Research, Inc.

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Vending Machine Market Reach $56.96 Billion By 2025 | Many Companies are Partnering with Payment Service companies to Add Cashless Payment Options to Their Devices: Grand View Research, Inc.

November 05
23:00 2020
Vending Machine Market Reach $56.96 Billion By 2025 | Many Companies are Partnering with Payment Service companies to Add Cashless Payment Options to Their Devices: Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to a new report by Grand View Research, Inc the global vending machine market size was valued at USD 30.30 billion in 2018 and is expected to register a CAGR of 9.4% from 2019 to 2025. Growing demand for on-the-go snacks, drinks, etc. due to a hectic lifestyle is boosting product sales. The growth can also be attributed to the machine’s ability to deliver goods quickly making it an extremely convenient option for consumers.

The global vending machine market size is expected to reach USD 56.96 billion by 2025, according to a new report by Grand View Research, Inc. The market is estimated to register a CAGR of 9.4% over the forecast period. Improving standards of living, rising consumer disposable income levels, and demand for on-the-go meals and snacks are among the key factors responsible for market growth. Vending machines offer flexibility in terms of location i.e., indoor or outdoor and payment options and can be operated 24/7, which is also likely to boost their demand in offices and commercial places.

U.S. vending machine market

 

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In addition, rising adoption of Internet-of-Things (IoT) is further projected to spur the market growth. Furthermore, continuous innovations, such as interactive display systems and cashless payment options, are anticipated to boost the product sales. In addition, advanced vending machines offer a number of products apart from hot and cold beverages, snacks, confectioneries, etc. For instance, in 2018, Pizza Deli 24/7 introduced a pizza vending machine that offers pizza in five flavors.

Further key findings from the study suggest:

  • Asia Pacific led the global vending machine market in 2018 and is estimated to expand further at the fastest CAGR of 10.7% from 2019 to 2025

  • Cashless segment is estimated to witness the fastest growth at a CAGR of 10.2% over the forecasted period

  • Some of the key companies in the global market include Azkoyen Group; Cantaloupe Systems; Westomatic Vending Services Ltd.; Royal Vendors, Inc.; Glory Ltd.; and Sanden Holding Corp.

Have Inquiry before buying about this report, our team of analyst will be glad to help!

Global vending machine market

 

Rapidly expanding corporate sector across the globe will also boost the product demand over the forecasted period, as a number of companies are using vending machines to save costs and space and maintain cleanliness. Growing popularity of various cashless payment options across all sectors is also increasing the product sales. Many companies in the market are partnering with several payment service companies to add cashless payment options to their devices. For instance, American Food and Vending formed a partnership with PayRange to install contactless payment mode on its vending machines.

Access complete Vending Machine Market Report By Grand View Research, Inc.

Grand View Research has segmented the global vending machine market on the basis of application, payment mode, and region:

Vending Machine Application Outlook (Revenue, USD Million, 2015 – 2025)

  • Commercial Places

  • Offices

  • Public Places

  • Others

Vending Machine Payment Mode Outlook (Revenue, USD Million, 2015 – 2025)

  • Cash

  • Cashless

Vending Machine Regional Outlook (Revenue, USD Million, 2015 – 2025)

  • North America

    • U.S.

  • Europe

    • Italy

    • U.K.

  • Asia Pacific

    • China

    • Japan

  • Central & South America

    • Brazil

  • Middle East & Africa

    • Saudi Arabia

 

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About Grand View Research

 

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research Guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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