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Cantaloupe Inc., which specializes in payments technology for vending machines and self-service marketplaces, holds a commanding 15.5% share of the world’s 5.8 million vending machines connected to payments technology, according to a report from research firm Research and Markets.
In total, Malvern, Pa.-based Cantaloupe links to more than 900,000 vending machines for payments. The company handles more than $2 billion in transactions annually.
The global number of connected vending machines—machines linked to payments platforms—will grow 16.4% annually on average, to reach 12.3 million by 2027, up from 5.8 million in 2022, the report says. As a result, more than 75% of the world’s vending machines will be connected to payments technology by 2027. There are about 15 million vending machines deployed globally.
One driver behind the growth in connected machines is the increasing demand for cashless payments, especially in the wake of the Covid 19 pandemic, the report says.
North America is the largest single market for connected vending machines, with an estimated 2.1 million machines. In Europe, the number of connected vending machines totals an estimated 1.5 million.
While Cantaloupe is the dominant player in payments for the vending-machine market, other suppliers such as Nayax Ltd., Ingenico, and Televend are carving out a share of the market as well, the report says. Televend, which primarily operates vending machines in Europe, is eyeing an expansion into North America and Japan, the report adds.
