According to the latest report by IMARC Group, titled "Safes and Vaults Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global safes and vaults market size reached US$ 4 Billion in 2021. Safes and vaults are metal-framed hollow cylinders wherein valuable objects, such as money, sensitive documents, and arms and ammunition, are stored to safeguard against high-risk situations. It is a secured storage system that offers resistance to fire, water and chemicals, and protection against burglary, robbery, and unauthorized intrusions. Safes and vaults are unbreakable by an external force and are accessible through passcodes, passwords, and numerical pins for an authorized entry. These systems are widely adopted in the residential and commercial sectors.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Safes and Vaults Market Trends:
A significant rise in the crime rates and increasing concerns regarding the safety of valuable assets are majorly driving the global safes and vaults market growth. In line with this, the rising disposable incomes of consumers and the widespread construction of smart homes installed with upgraded security measures are further propelling the market growth. Additionally, safes and vaults are increasingly being adopted in the healthcare industry to minimize drug burglaries and prescription-related thefts. Moreover, expansion in the banking sector and the rising demand for technologically advanced product variants integrated with various applications and features, such as video monitoring systems, alarms, fingerprint scanners, and auto-locking mechanisms, for cash management and automated teller machine (ATM) systems, are creating a positive outlook for the market. Looking forward, IMARC Group expects the market to exhibit a CAGR of 7.7% during 2022-2027.
- Based on the type, the market has been divided into electronic, biometric, and mechanical. Currently, mechanical represents the leading type in the market.
- On the basis of the function type, the market has been segregated into cash management safes, depository safes, gun safes and vaults, vaults and vault doors, media safes, and others. At present, cash management safes account for the majority of the total market share.
- Based on the application, the market has been bifurcated into residential and commercial. Presently, commercial represents the leading application segment in the market.
- On the basis of the end user, the market has been segmented into banking and non-banking sector. The banking sector represents the leading end user, accounting for the largest market share.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa. Amongst these, Asia Pacific dominates the market.
- The competitive landscape of the market has also been examined, with some of the key players being Access Security Products Ltd., ADT Inc., Alpha Safe & Vault, Inc., American Security Products Co., BJARSTAL, Bode-Panzer GmbH, Diebold Nixdorf, Dormakaba Holding AG, Godrej & Boyce Mfg. Co. Ltd. and Gunnebo Group.
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