(MENAFN - Straits Research) Introduction

Safes and vaults are storage systems that protect all precious items, such as cash, jewelry, firearms, documents, and other things, from high-risk situations. They are constructed of thick metal plates that are difficult to cut or damage when subjected to force or external pressure. They're mainly utilized to protect against fire, moisture, chemicals, extreme weather, theft, burglary, robbery, and other types of infiltration and illegal access. They can secure and protect cash, weapons, and ammunition, as well as sensitive documents, critical records, medical files, and other objects. Banks typically employ them for their customers, and they come in various shapes and sizes. Furthermore, they are controlled by passwords, passcodes, or number pins.

The primary reasons driving the growth of the global safes and vaults market are an increase in worries about the safety of critical physical assets, an increase in perceived threat levels, the development of retail and commercial banks, and an increase in security awareness.

Market DynamicsImplementation of Digitalized Technologies to Drive the Global Safes and Vaults Market

Face recognition, fingerprints, biometric sensors, data encryption, wireless charging, and other technologies have rapidly adopted the banking business. Furthermore, as consumer demands, lifestyles, and expectations for safes and vault services change, banks are increasingly implementing technologies to move toward internet or digitalized banking. Furthermore, the banking industry's business model has drastically changed to achieve customer loyalty by implementing more integrated high-security safes and vault services. As a result, banks have boosted the adoption and use of technologies in the existing vaults model to deliver convenience and efficient services while lowering operational costs. The safes and vaults market is growing as a result of these factors. Banks are mainly shifting toward online or digitalized financial services among consumers by deploying technologies.

Furthermore, the banking industry's business model has drastically changed to achieve customer loyalty by implementing more integrated high-security safes and vault services. As a result, banks have boosted the adoption and use of technologies in the existing vaults model to deliver convenience and efficient services while lowering operational costs. The safes and vaults market is growing as a result of these factors.

Untapped Potential of Emerging Economies to Provide Opportunities for the Global Safes and Vaults Market

Banks can extend their operations in developing nations by investing in technologically superior safes and vaults to accommodate the growth of digital vault preferences. Biometric sensors receive alerts of unauthorized entry, fingerprints, and mobile authenticated passwords, as well as changing demographics and a rise in consumerism and openness to new technologies, such as biometric sensors receive alerts of unauthorized entry and mobile authenticated passwords, provide lucrative opportunities for banks across Asia-Pacific. Furthermore, digital vaults are still in their infancy in nations like Australia, China, India, Singapore, and South Korea. As a result, in the coming years, safes and vault services providers will focus on these locations to develop and extend their operations.

Regional Insights

Region-wise, the global safes and vaults market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Asia-Pacific is the dominant and fastest-growing region. It is estimated to grow at a CAGR of 10.1% during the forecast period. The Asia-Pacific safes and vaults market is analyzed across countries such as China, Japan, India, Australia, South Korea, and the rest of Asia-Pacific. It is considered the fastest-growing region globally, owing to increased adoption of cash management safes and significant players in countries such as China, India, and Japan. Moreover, the increase in popularity of technological products due to advanced features, such as biometric sensors, compact structure, lightweight, and high strength, is anticipated to boost the Asia-Pacific safes and vaults market in the coming years.

North America is the second largest region. It is estimated to reach an expected USD 2995 million by 2030 at a CAGR of 6.8%. It includes countries such as the U.S. and Canada. North America is one of the highest revenue contributors for safety systems, owing to the rise in the presence of retail outlets, which has contributed to the market's growth. In North America, safes and vaults have been one of the driving factors for the economy for nearly a century. In addition, with an unprecedented spread of the COVID-19 pandemic, an increase in the need for the safety of valuable assets from rising thefts and natural disasters, such as earthquakes, floods, and manmade hazards, is expected to drive the demand for safes and vaults in the U.S. Rise in investment in the R&D sector along with technological advancement in advanced safes technologies is expected to drive the market growth during the forecast period.

Europe is the third-largest region. The market in Europe is analyzed across Germany, the UK, France, Italy, Spain, Russia, and the rest of Europe. In addition, increased demand for hotel and home safes, the trend of negative interest rates, European security standards, and the presence of advanced safe and vaults products contribute to the market's growth. In addition, the need for better risk management, safety solutions, and increased penetration rate of highly advanced safes among manufacturing plants, logistics centers, power plants, prisons, casinos, and others to store confidential data and money has facilitated the adoption of safes and vaults in this region.

Key Highlights

• The global safes and vaults market size was valued at USD 8.43 billion in 2024 and is projected to reach from USD 9.13 billion in 2025 to USD 17.28 billion by 2033, growing at a CAGR of 8.3% during the forecast period (2025-2033).
• In terms of type, the global safes and vaults market is fragmented into cash management safes, gun safes & vaults, depository safes, vault & vault doors, media safes, and others. The cash management safes segment was the highest contributor to the market and is estimated to expand at a CAGR of 7% during the forecast period. End-user acceptance of end-of-the-day deposit management solutions that save time for counting money, cash touch points, and administrative expenses; and more excellent protection from theft and armed robbery are why cash management safes are becoming more popular. One of the primary drivers of this segment's growth in the safes and vaults market is the expansion of the retail business.
• Based on end-user, the global safes and vaults market is categorized into the banking sector and non-banking sector. The banking sector segment is the dominant segment. It is projected to grow at a CAGR of 7.3% during the forecast period. Due to the growing need for technologically advanced security solutions and the rapid adoption of safes & vaults among commercial and small financing banks to preserve their assets, ATMs, biometric safes & vaults, and other goods are becoming more popular in the banking and fintech industries. Furthermore, banks are offering new features to attract a more significant number of consumers and preserve their essential assets and money. Many banks are implementing various types of safes and vaults, propelling the market forward.

Competitive Players

CARADONNA

American Security Products Co.

Alpha Safe & Vault Inc.

Diebold Nixdorf Incorporated

Godrej & Boyce Manufacturing Co. Limited

Gunnebo AB

Kumahira Co. Ltd.

KASO Safeguard Safes

Shinjin Safes.

Recent Developments

• May 2022 - Godrej & Boyce, the Godrej Group's flagship company, revealed that its Godrej RenTRUST division aims for a 23 percent year-over-year increase in providing rental solutions for complicated material handling demands. The company's revenue has surpassed the pre-pandemic period and is rapidly increasing. With its vocal-for-local-operation policy, Godrej RenTRUST is the only Indian rental solutions provider that manufactures and distributes Indian-origin material handling equipment to its clients, supporting the government's push for 'Aatmanirbhar Bharat.'
• May 2022- Vynamic(R) Digital Receipt, a sustainable solution to reduce the number of thermal paper receipts, has been launched by Diebold Nixdorf (NYSE: DBD), a world leader in enabling linked commerce for the retail and financial industries. Consumers can obtain digital receipts through QR codes at the point of sale (POS) without having to register or through their retailer's app, ensuring they have them whenever they need them. Retailers may easily add accessible promotions and incentives to boost consumer loyalty while saving money and lowering environmental effects.

Segmentation

By Type

Cash Management Safes

Depository Safes

Gun Safes & Vaults

Vault & Vault Doors

Media Safes

Others

By End-User

Banking Sector

Non-Banking Sector

By Application

Commercial

Residential

By Distribution Channel

Online

Offline

MENAFN11112024004597010339ID1108871854

COMTEX_459693084/2604/2024-11-11T13:39:14