Technavio reported in 2020 that the global growth for the vending machine market is set to increase to a market value of USD$10 billion by 2024; with an estimated CAGR of 17% for the period 2019-2023 but a predicted growth rate of over 26% for 2023. The encouraging growth for the vending machines is partly due to the availability of a wide range of payment solutions for the exchange of goods; as well as the flexibility of items sold via these machines that is no longer limited to just food, drinks or snacks.
Another factor that encourages the growth for the market is the implementation of AI, or Artificial Intelligence. AI, utilises computer systems to perform tasks typically once requiring human intelligence — from visual perception to speech recognition to decision-making; of which will allow for larger use of the traditional vending machines. AI also allows for automated retail to work, especially so for vending machines, which is highly crucial in these days of Covid-19 and the pandemic.