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Global Safes and Vaults Market Expected to Reach $6,907 Million by 2023 - Allied Market Research
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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 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%.
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.
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ector
Non-Banking Sector
By Region
North America
U.S.
Canada
Europe
Germany
France
UK
Italy
Spain
Belgium
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Indonesia
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
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Key Market Players
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
Shinjin Safes
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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