According to a recent report published by Allied Market Research, titled, “Safes and Vaults Market by Type and End User: Opportunity Analysis and Industry Forecast, 2020–2027,” The global safes and vaults market size was valued at $5.82 billion in 2019, and is projected to reach $9.14 billion by 2027, growing at a CAGR of 8.1% from 2020 to 2027.
Safes and vaults are used as storage units developed to facilitate the safety protocol of valuable assets in case of theft situations. These products establish a protective storage environment for money, documents, records, guns, and others during variety of circumstances such as fire, extreme weather condition, theft, burglaries, and others.
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Moreover, increasing acquisitions in the finance sector and escalating stringent regulations regarding the quality and utility of safe & secure vaults are expected to provide opportunity for the safes and vaults market growth. Furthermore, increase in efforts of governments along with rise in investments in smart city projects by a number of developing economies is expected to provide lucrative opportunities for the expansion of the global market and improve the engagement of government with businesses, citizens, and other stakeholders.
Key Findings Of The Study
- By type, the cash management safes segment accounted for the highest safes and vaults market share in 2019.
- On the basis of end user, the banking sector segment generated the highest revenue in 2019.
- Region-wise, Asia-Pacific is anticipated to exhibit substantial growth during the forecast period.
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The key players operating in the global safes and vaults market include American Security Products Co., Alpha Safe & Vault, Inc., CARADONNA, Diebold Nixdorf Incorporated, Godrej & Boyce Manufacturing Co. Limited, Gunnebo AB, Kumahira Co., Ltd. ,KASO Safeguard Safes, and Shinjin Safes. These players have adopted various strategies to increase their market penetration and strengthen their foothold in the safe and vault industry.
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