The global safe and vaults market is growing due to several factors such as rise in concerns with respect to the safety of valuable physical assets, growth in perceived threat levels, and rise in security awareness.
WILMINGTON, Del., Sept. 3, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Safes and Vaults Market by Type (Cash Management Safes, Depository Safes, Gun Safes and Vaults, Vault and Vault Doors, Media Safes and Others), and End Use (Banking Sector and Non-Banking Sector): Global Opportunity Analysis and Industry Forecast, 2024-2032″. According to the report, the safes and vaults market was valued at $8.6 billion in 2023, and is estimated to reach $18.7 billion by 2032, growing at a CAGR of 9% from 2024 to 2032.
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125 – Tables
59 – Charts
350 – Pages
Prime determinants of growth
The global safe and vaults market is experiencing growth due to rise in concerns with respect to the safety of valuable physical assets, growth in perceived threat levels, and surge in security awareness. However, penetration of digital transaction solution acts as restraint for the safe and vaults market. In addition, growth of smart cities and new technological developments in the safe and vaults industry is projected to provide ample opportunities for the market development during the forecast period.
Report coverage & details:
Forecast Period: “2024–2032”
Base Year: “2023”
Market Size in 2023: “$8.6 billion“
Market Size in 2032: “$18.7 billion“
CAGR: “9.0%”
No. of Pages in Report: “350”
Segments Covered: “Type, End-use and Region.”
Drivers: “Rising concerns with respect to the safety of valuable physical assets”, “Growth in perceived threat levels”, “Rise in security awareness”.
Opportunities: “Growth of smart cities”, “New technological developments in the safe and vaults industry”
Restraint: “Penetration of digital transaction solution”
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The cash management safes segment is expected to experience fastest growth throughout the forecast period
Based on type, the cash management safes segment held the highest market share in 2023. The adoption of cash management safes is on a continuous rise among end users, owing to the rapidly evolving infrastructure safety structure, increased application areas; increased number of cash-intensive environment facilities; increased acceptance of end-of-the-day deposit management solutions that facilitate reduction in time for counting money, cash touch points, administrative expenses; and enhanced protection from theft and armed robbery.
The banking segment is expected to experience fastest growth throughout the forecast period
Based on the end use, the banking segment held the highest market share in 2023. As banks require robust safes and vaults to securely store large amounts of cash, which makes them primary consumers of high-security storage solutions.
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North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2023, and is expected to maintain the leading position in terms of revenue throughout the forecast timeframe. The market is expected to expand significantly in the coming years with the increasing adoption of digital technologies in several sectors.
Players: –
American Security Products Co.Alpha Safe & Vault, Inc.CARADONNADiebold Nixdorf IncorporatedGodrej & BoyceManufacturing Co. LimitedGunnebo ABKumahira Co., Ltd.KASO Safeguard SafesShinjin Safes.
The report provides a detailed analysis of these key players in the global safe and vaults market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Recent Industry Development:
In April 2024, Ethisphere partnered with Vault Platform. The aim of this partnership is to provide guidance and how-to investigations content to enable organizations to better address corporate misconduct investigations and case management.In May 2024, Vault Hill partnered with AfriLabs, to boost the new era of technological empowerment, driving innovation and digital transformation across Africa and the Middle East.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the safes and vaults Market segments, current trends, estimations, and dynamics of the safes and vaults market analysis from 2023 to 2032 to identify the prevailing safes and vaults market opportunities.The market research is offered along with information related to key drivers, restraints, and opportunities.Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.In-depth analysis of the safes and vaults industry segmentation assists to determine the prevailing market opportunities.Major countries in each region are mapped according to their revenue contribution to the global safes and vaults Market Statistics.Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.The report includes the analysis of the regional as well as global safes and vaults market opportunity, key players, market segments, application areas, and market growth strategies.
Safes and Vaults Market Key Segments:
By Type
Cash Management SafesDepository SafesGun Safes and VaultsVault and Vault DoorsMedia SafesOthers
By End Use
Banking SectorNon-Banking Sector
By Region
North America (U.S., Canada)Europe (UK, Germany, France, Italy, Spain, Rest of Europe)Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)Latin America (Argentina, Brazil, Mexico, Rest of Latin America)MEA (Saudi Arabia, South Africa, UAE, Rest of MEA)
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