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Safes And Vaults Market Size, Trends, Drivers, Growth Rate And Future Expansion To 2033
Safes And Vaults Market
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According to The Business Research Company's, The safes and vaults market size has grown strongly in recent years. It will grow from $6.29 billion in 2023 to $6.78 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to financial growth, security concerns, banking and financial industry regulations, cultural and historical significance, insurance requirements, globalization and trade.
The safes and vaults market size is expected to see strong growth in the next few years. It will grow to $9.2 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to cybersecurity threats, expansion of financial services, smart cities and infrastructure development, crisis and emergency preparedness, e-commerce and logistics growth. Major trends in the forecast period include biometric security integration, smart safes with IoT connectivity, customized security solutions, anti-tampering technologies, energy-efficient safe technologies.
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Market Drivers and Trends:
The increase in crime rate and concern about the safety of valuable assets are expected to propel the growth of the safes and vaults market. Rising cases of theft and burglaries are concerning the general population for the safety of their assets. For instance, in February 2022, according to the New York City Police Department, New York City's overall index crime increased by 58.7% from 5759 cases in 2021 to 9138 cases in 2022. The robbery cases rose by 56% from 2099 in 2021 to 3762 in 2022. Therefore, an increase in crime rate and concern about the safety of valuable assets are driving the growth of the safes and vaults market.
Fingerprint-based technologically advanced safes are a key trend in the safes and vault market. Fingerprint-based safes consist of a biometric fingerprint scanner, which scans and stores a detailed image of the fingerprint in encrypted digital format. Once the fingerprints are stored, the biometric scanner recognizes each user's fingerprint to provide safe and secured access to assets within the system. For instance, in November 2021, Godrej Security Solutions launched INTELLI-ACCESS, a locker system for banking institutions as per Reserve Bank of India (RBI) guidelines. By lowering reliance on manual interventions, the high-tech safe deposit vaults give consumers the ease of keyless entry, eliminating counterfeiting and fraud. Thumbprint verification validates bio-signature, interactive networking authenticates the actual client, safe quick keyless access removes dangers of illegal access, and unlocking is simple with a smartcard or biometric access.
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Major Key Players of the Market:
Chubbsafes, Brink's, Diebold Nixdorf Inc., Gardall, Dormakaba Group, Godrej & Boyce Manufacturing Co Ltd., American Security Products, Hamilton Safe, SentrySafe, Gunnebo Industries AB, Brown Safe Manufacturing, Allied Fire & Security, Access Security Products Ltd., Alpha Safe & Vault Inc., Bode-Panzer GmbH, Kumahira Co Ltd., Acme Safe Co, Vaultek Safe Inc., BJARSTAL, Caradonna (France), Kaso, Safeguard Safes, Mosler Safe Company, The American Security (US), Phoenix Safe Company, FireKing Security Group, Sun Welding Safe CO, Major Manufacturing Inc., Shinjin Safes, Stealth Safes, Fichet-Bauche
Safes And Vaults Market 2024 Key Insights:
• The safes and vaults market size is expected to see strong growth in the next few years. It will grow to $9.2 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%.
• Safety Concerns Propel Safes And Vaults Market Growth
• Biometric Advancements Take Center Stage In The Safes And Vaults Market
• North America was the largest region in the safes and vaults market in 2023
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