Safes And Vaults Market size to increase by USD 1.61 billion from 2022 to 2027; Increase in commercial bank branches to drive the growth- Technavio

NEW YORK, Nov. 21, 2023 /PRNewswire/ -- The safes and vaults market size is expected to grow by USD 1.61 billion between 2022 and 2027. However, the growth momentum of the market will accelerate at a CAGR of 5.74% during the forecast period. The market is segmented by end-user (Banking and Non-banking), product (Cash management safes, Depository safes, Vaults and vault doors, Gun safes and vaults, and Others), and geography (APAC, Europe, North America, Middle East and Africa, and South America).

An increase in commercial bank branches is notably driving market growth. With the global increase in population and urbanization, banks are being encouraged to expand their presence in urban areas. Further, many banks are opening their branches in rural and sub-urban areas owing to the significant population that resides there. Thus, the growth in bank branches globally will boost the demand for lockers. Also, banks, especially those in advanced nations, will invest in advantageous, new-generation lockers to guarantee the highest level of security. Therefore, such factors are expected to drive market growth during the forecast period. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View PDF Sample 

Key Highlights:

• The report recognizes the following as some of the key players in the safes and vaults market: Acme Safe Co., ALPHA INDUSTRIES (PVT) LTD., Alpha Safe and Vault Inc., American Rebel Holdings Inc., American Security, BJARSTAL sarl, Blue Dot Safes Inc., Bode Panzer GmbH, Brown Safe Manufacturing Inc., Bumilsafe Mfg. Co., CMI Safe Co., Diebold Nixdorf Inc., Godrej and Boyce Manufacturing Co. Ltd., Gunnebo AB, Hayman Safe Co. Inc., INKAS Group of Companies, ISM, Kumahira Co. Ltd., Falcon Safe Marketing Sdn Bhd, and Access Security Products Ltd.
• Safes and Vaults Market is fragmented in nature.
• Market to observe 4.9% YOY growth in 2023.

Market Dynamics:

Trend 

• Automation in safes and vaults is an emerging trend shaping the market growth. 
• Globally, various automation technologies are rapidly advancing in the industrial, healthcare, and other sectors.
• The emergence of automation technologies is largely influenced by the reduction of human effort and the improvement of inaccuracy.
• Manufacturers of safes and vaults are also incorporating automated solutions into their products to provide more security and convenience, m

 Challenges

• The high cost of safes and vaults and the low rate of repurchase are major challenges hindering the market growth. 
• Manufacturing companies are integrating advanced technologies like alarm systems, sophisticated locks, and surveillance systems in their products to expand the safety and security provided by safes and vaults.
• Although integrating such technologies enhances the security provided by these products. 

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report

Keg Segments:

• The banking segment is estimated to witness significant growth during the forecast period. The number of bank branches and ATM installations is being driven by the expanding global population and the growing number of people with bank accounts globally. 

 Get a glance at the market contribution of the segments, Request a Sample Report

Related Reports:

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The personal safety alarms market size is estimated to grow at a CAGR of 8.9% between 2022 and 2027. The market size is forecast to increase by USD 84.7 million.  

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by End-user

Market Segmentation by Product

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio