Information Technology
Safes and Vaults Market to Reach $18.7 Billion, Globally, by 2032 at 9% CAGR: Allied Market Research
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125 – Tables
59 – Charts
350 – Pages
The global safe and vaults market is experiencing growth due to rise in concerns with respect to the safety of valuable physical assets, growth in perceived threat levels, and surge in security awareness. However, penetration of digital transaction solution acts as restraint for the safe and vaults market. In addition, growth of smart cities and new technological developments in the safe and vaults industry is projected to provide ample opportunities for the market development during the forecast period.
2024–2032"
2023"
$8.6 billion "
$18.7 billion "
9.0%"
350"
Type, End-use and Region."
Rising concerns with respect to the safety of valuable physical assets", "Growth in perceived threat levels", "Rise in security awareness".
Growth of smart cities", "New technological developments in the safe and vaults industry"
Penetration of digital transaction solution"
Based on type, the cash management safes segment held the highest market share in 2023. The adoption of cash management safes is on a continuous rise among end users, owing to the rapidly evolving infrastructure safety structure, increased application areas; increased number of cash-intensive environment facilities; increased acceptance of end-of-the-day deposit management solutions that facilitate reduction in time for counting money, cash touch points, administrative expenses; and enhanced protection from theft and armed robbery.
Based on the end use, the banking segment held the highest market share in 2023. As banks require robust safes and vaults to securely store large amounts of cash, which makes them primary consumers of high-security storage solutions.
Based on region, North America held the highest market share in terms of revenue in 2023, and is expected to maintain the leading position in terms of revenue throughout the forecast timeframe. The market is expected to expand significantly in the coming years with the increasing adoption of digital technologies in several sectors.
Players: -
The report provides a detailed analysis of these key players in the global safe and vaults market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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