Safes and Vaults Market size to grow by USD 1,616.54 million from 2022 to 2027

NEW YORK, July 3, 2023 /PRNewswire/ -- The safes and vaults market size is expected to grow by USD 1,616.54 million from 2022 to 2027, progressing at a CAGR of over 5.74%, as per the latest Technavio market research report. APAC is estimated to account for 36% of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. The safes and vaults market in APAC is expected to expand steadily during the forecast period. The population of APAC nations is anticipated to grow significantly, especially in nations like China and India in the next two decades. To accommodate the growing population, banks, financial institutions, and e-commerce businesses are concentrating on enhancing their operational networks in the region. For instance, in India, there were 1.36% more commercial bank branches per 100,000 adults in 2020 than there were in 2018. The installation of ATMs in the area has been prompted by this bank expansion. These factors will drive the growth of the regional market during the forecast period. ATMs have a vault that protects the parts that grant access to the ATM and these vaults have locks, cash dispensing and depositing systems, and security systems. Further, depending on the laws each ATM vault's specifications and designs change, as the needs of ATM operators, and the product lines offered by manufacturers. In response to the rising demand for ATM installation multiple companies that manufacture ATM safes have expanded their existence in the region. Also, the growth of the e-commerce industry is encouraged by the increasing per capita income in the region. Such initiatives by e-commerce companies are expected to boost the growth of the market in APAC during the forecast period. For more insights on the market share of various regions- Download a sample report in MINUTES

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Safes and Vaults Market: Increase in commercial bank branches to drive growth

An increase in commercial bank branches is notably driving the safes and vaults market growth. Between 2020 and 2021, the population of the world increased by 31.2 million. Global urbanization is increasing as a result of the growing population and the creation of jobs and income opportunities in cities. With the global increase in population and urbanization, banks are being inspired to expand their presence in urban areas. Further, many banks are opening their branches in rural and sub-urban areas due to the substantial population that resides there. For instance, in 2020, an increase in the number of commercial bank branches per 100,000 adults across the world, such as in India, Combos, and Egypt, increased by 0.2 million, 0.4 million, and 1.8 million branches in the country. A large number of bank branches offer their clients locker services. Thus, the growth in bank branches around the world will drive the demand for lockers. Also, banks, especially those in developed nations, will invest in advanced, new-generation lockers to ensure the highest level of security. Therefore, these factors are expected to further drive the growth of the global market during the forecast period.

Safes And Vaults Market: Incorporation Of Advanced Technologies In Safes And Vaults

Automation in safes and vaults is an emerging trend shaping the safes and vaults market growth. Various automation technologies are rapidly advancing in the industrial, healthcare, and other sectors all across the globe. The adoption of automation technologies is mainly influenced by the decline of human effort and the advancement of inaccuracy. Manufacturers of safes and vaults are also incorporating automated solutions into their products to provide more security and convenience. For instance, ICICI was a leader in the adoption of automation in safes and vaults in the Indian banking industry. Since December 2015, through its robot-managed locker service, the bank has been providing smart vaults to its clients. The technology lowers the need for human interaction when customers access their vaults or safes by using radio frequency identification (RFID) scanning and robotic arms to retrieve the lockers. This increases customer convenience. Therefore, the adoption of such automation technologies will fuel the demand for safes and vaults, which will drive the growth of the market during the forecast period.

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Some of the key Safes And Vaults Market Players:

The safes and vaults market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market. Some of the vendors are mentioned below:

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: Segmentation Analysis

This market research report segments the safes and vaults market 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).

The banking segment will contribute a major share of the market, as the number of commercial bank branches and ATMs across the globe is increasing. With the expanding global population and the rising number of people with bank accounts worldwide, the number of bank branches and ATM installations is being driven. It is anticipated that there will be an increase in the number of commercial banks during the forecast period due to baby boomers' preference for conventional methods. Generally, banks use cash management safes because they make on-demand cash deposits and withdrawals possible. Also, cash management safes are included with ATMs. Thus, it is expected that an increasing number of high-net-worth individuals will increase demand for sophisticated deposit vaults in the banking industry, which will increase the growth of the banking segment of the global market during the forecast period.

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Safes And Vaults Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 5.74%

Market growth 2023-2027

USD 1,616.54 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

4.9

Regional analysis

APAC, Europe, North America, Middle East and Africa, and South America

Performing market contribution

APAC at 36%

Key countries

US, China, Japan, Germany, and the UK

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of contents

1 Executive Summary

1.1 Market Overview

2 Market Landscape

2.1 Market ecosystem

3 Market Sizing

3.1 Market definition

3.2 Market segment analysis

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

4.1 Global safes and vaults market 2017 - 2021

4.2 End-user Segment Analysis 2017 - 2021

4.3 Product Segment Analysis 2017 - 2021

4.4 Geography Segment Analysis 2017 - 2021

4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

5.1 Five forces summary

5.2 Bargaining power of buyers

5.3 Bargaining power of suppliers

5.4 Threat of new entrants

5.5 Threat of substitutes

5.6 Threat of rivalry

5.7 Market condition

6 Market Segmentation by End-user

6.1 Market segments

6.2 Comparison by End-user

6.3 Banking - Market size and forecast 2022-2027

6.4 Non-banking - Market size and forecast 2022-2027

6.5 Market opportunity by End-user

7 Market Segmentation by Product

7.1 Market segments

7.2 Comparison by Product

7.3 Cash management safes - Market size and forecast 2022-2027

7.4 Depository safes - Market size and forecast 2022-2027

7.5 Vaults and vault doors - Market size and forecast 2022-2027

7.6 Gun safes and vaults - Market size and forecast 2022-2027

7.7 Others - Market size and forecast 2022-2027

7.8 Market opportunity by Product

8 Customer Landscape

8.1 Customer landscape overview

9 Geographic Landscape

9.1 Geographic segmentation

9.2 Geographic comparison

9.3 APAC - Market size and forecast 2022-2027

9.4 Europe - Market size and forecast 2022-2027

9.5 North America - Market size and forecast 2022-2027

9.6 Middle East and Africa - Market size and forecast 2022-2027

9.7 South America - Market size and forecast 2022-2027

9.8 US - Market size and forecast 2022-2027

9.9 China - Market size and forecast 2022-2027

9.10 Germany - Market size and forecast 2022-2027

9.11 Japan - Market size and forecast 2022-2027

9.12 UK - Market size and forecast 2022-2027

9.13 Market opportunity by geography

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

11.3 Landscape disruption

11.4 Industry risks

12 Vendor Analysis

12.1 Vendors covered

12.2 Market positioning of vendors

12.3 Access Security Products Ltd.

12.4 Acme Safe Co.

12.5 Alpha Safe and Vault Inc.

12.6 American Rebel Holdings Inc.

12.7 American Security

12.8 BJARSTAL sarl

12.9 Blue Dot Safes Inc.

12.10 Bode Panzer GmbH

12.11 Brown Safe Manufacturing Inc.

12.12 Diebold Nixdorf Inc.

12.13 Godrej and Boyce Manufacturing Co. Ltd.

12.14 Gunnebo AB

12.15 Hayman Safe Co. Inc.

12.16 INKAS Group of Companies

12.17 Kumahira Co. Ltd.

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist

13.3 Currency conversion rates for US$

13.4 Research methodology

13.5 List of abbreviations

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 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.

ContactsTechnavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]: www.technavio.com

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