Safes and Vaults Market Expected to Reach $6,907 Million by 2023 - Global Industry Analysis and Forecast
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The global safes and vaults market was valued at $4,727 million in 2016, and is projected to reach $6,907 million by 2023, growing at a CAGR of 6.0% from 2017 to 2023. The non-banking sector segment is anticipated to grow at the highest rate during the forecast period.
Europe generated the highest revenue in 2016 due to adequate the presence of retail industry and banking sector for the adoption of safes and vaults. The Asia-Pacific safes and vaults market is expected to grow at the highest rate during the forecast period, owing to the remarkable economic growth in Southeast Asia, India, & other economies and growth in the trend of advanced safety needs to protect valuable assets in highly cash-intensive environments.
The cash management safes segment contributed the highest share in 2016. This segment accounted for $2,090 million in 2016, and is projected to grow at the CAGR of 5.1% during the forecast period. However, the safes and vaults market for media safes is projected to grow at the highest rate of 7.9%. The banking sector segment accounted for the highest revenue share in 2016, while the non-banking sector segment is anticipated to grow at the highest rate of 6.8%.
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Technological innovation in product offerings, increased ATM installation base, rise in crime rates, increase in application areas among end users, supportive and evolving infrastructural security needs among developing and developed economies, and heavy venture capital investments in R&D activities to develop solutions with enhanced capabilities drive the market. In addition, government organizations and companies enhance their building security infrastructure due to rise in number of criminal incidences. This in turn boosts the growth of the safes and vaults market.
Safes and vaults form an integral part of physical security solutions. These products are able to create safe environment to cater to the high-risk situation specific needs of customers, which allows it to become one of the most popular industry solution worldwide. Further, the unprecedented growth in the banking and retail market predominantly drives the safes and vaults market for protection of valuable assets in the physical security ecosystem. The global safes and vaults market is estimated to witness significant growth in Asia-Pacific and LAMEA, on account of rise in demand for technologically advanced products in countries, such as India, China, Germany, and Japan. The safes and vaults market share is projected to grow at a CAGR of 6.0% from 2017 to 2023, owing to increase in demand for application-specific products in the developed and the developing regions.
There is an increase in the adoption of safes and vaults in the retail industry due to presence of cash intensive environment, which has high demand for cash management safes. The safes and vaults market is influenced by the rise in demand for technologically advanced products, constant need to improve infrastructural security, and growth associated with non-banking sector. However, increase in penetration of digital transaction solutions limits the market growth.
India is the most attractive market in Asia-Pacific and is estimated to increase at a significant rate, owing to the surge in development across end-use sectors, and the increase in adoption of advanced technology to develop innovative products. For instance, according to, India Brand Equity Foundation, retail industry in India is expected to achieve US$ 1.6 trillion market by 2026.
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Key players in the safes and vaults market are involved in the introduction of new features and capabilities, to enhance their existing product portfolio. This is anticipated to increase the product penetration and enable key providers to establish themselves in the emerging markets. For instance, in May 2017, Odon Inc. introduced the illumiSAFE and the illumiSAFE mini which is a personal safe disguised in the form of a lamp. These safes are one of the most technologically advanced personal safes available in the market. It features activation by smart phone or RFID key, wireless and off-site connectivity and other advanced capabilities.
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We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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