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The safes and vaults market in non-banking market size is forecast to increase by USD 1.24 billion, at a CAGR of 7.43% between 2023 and 2028. The growth rate of the market depends on several factors, such as the increase in crime rate and concern about safety, growing demand for data security, and need for specialized safes and vaults tailored to specific industry needs.
The report includes a comprehensive outlook on the safes and vaults market in non-banking market offering forecasts for the industry segmented by Type, which comprises cash management safes, depository safes, and others. Additionally, it categorizes End-user into commercial and residential and covers Region, including North America, APAC, Europe, Middle East and Africa, and South America. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
Safes and Vaults Market in Non-banking Market Forecast 2024-2028
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Our researchers studied the data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market.
The world is witnessing an alarming increase in the crime rate, leading to growing concerns about safety. Security threats and targeted attacks have become more sophisticated, posing significant challenges to the transportation and protection of valuable assets. Moreover, limited awareness and training among drivers regarding best practices for safety in high-risk areas or during emergencies further exacerbate the problem. To address these challenges, the non-banking sector and relevant authorities need to collaborate closely in implementing comprehensive security protocols and standards.
However, regular training programs for drivers on situational awareness, emergency response, and self-defence techniques can also significantly improve their safety. Thus, the increase in the crime rate and safety concerns will drive the growth of the global safes and vaults market in non-banking sector during the forecast period.
The global safes and vaults market in non-banking sector has witnessed significant technological advancements in recent years. As concerns over security and asset protection continue to rise, companies have been investing in innovative solutions to safeguard their valuable assets. For instance, remote monitoring and management: With the advent of Internet of Things (IoT) technology, safes and vaults can now be remotely monitored and managed. This allows security personnel to monitor access logs, receive real-time notifications, and remotely control security features, enhancing overall operational efficiency.
Moreover, the integration of biometric security, digital locks, alarm systems, fire and water resistance, and remote monitoring has collectively raised security standards, offering unparalleled protection for valuable assets. As technology continues to evolve, we can expect further innovations in the safes and vaults market to meet the ever-increasing demand for secure storage solutions, which, in turn, will drive the growth of the global safes and vaults market in non-banking sector during the forecast period.
The global safes and vaults market in non-banking sector faces numerous challenges, one of which is the adherence to stringent regulations and industry standards related to security. These regulations are put in place to ensure the protection of valuable assets and confidential information stored in safes and vaults. Such standards aim to enhance security measures and mitigate potential risks. Further, . various stakeholders, including manufacturers, industry associations, and regulatory agencies, need to collaborate and align their approaches to ensure consistent security standards.
in addition, achieving this can be complex, particularly in a fragmented market where different manufacturers may have their proprietary security technologies. Thus, the increasingly stringent regulations and industry standards about security will pose significant challenges to the global safes and vaults market in non-banking sectors during the forecast period.
The market share growth by the cash management safes segment will be significant during the forecast period. The cash management safes segment is an essential component of the overall global safes and vaults market in non-banking sector. Cash management safes are designed to securely store and manage cash, ensuring its protection from theft, tampering, and unauthorized access.
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The cash management safes was the largest segment and was valued at USD 1.23 billion in 2018. The increasing adoption of cash management safes across non-banking sectors can be attributed to the growing emphasis on cash management efficiency, reducing cash-related risks, and enhancing overall business performance. By implementing secure cash handling practices, businesses can minimize losses due to theft or inaccuracies during cash counting and reconciliation. Moreover, the rise in cash-intensive industries, such as retail and hospitality, further drives the demand for cash management safes. Through secure storage, advanced technological features, and streamlined cash handling processes, cash management safes provide businesses with enhanced efficiency and reduced risks, which, in turn, will drive the growth of the cash management safes segment in the global safes and vaults market in non-banking sector during the forecast period.
Based on the end-user, the market has been segmented into commercial and residential. The roadways?segment will account for the largest share of this segment.? The global safes and vaults market in non-banking sector has seen significant growth in recent years, driven by the increasing need for secure storage solutions across various industries. While the banking sector has traditionally been the primary user of safes and vaults, the non-banking sectors have emerged as a lucrative commercial segment within the market. Further, in the healthcare sector, safes and vaults are essential for protecting patient records, prescription medicines, medical equipment, and pharmaceutical supplies. Compliance with privacy regulations, such as the Health Insurance Portability and Accountability Act (HIPAA), requires healthcare institutions to secure sensitive patient information and maintain strict control over access to medications and medical supplies. Thus, the increased benefits for safes and vaults in commercial industries will drive the growth of the commercial segment in the global safes and vaults market in non-banking sector during the forecast period.
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North America is estimated to contribute 35% to the growth by 2028. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the safes and vaults market in non-banking market growth analysis during the forecast period. The safes and vaults market in non-banking sector in North America has witnessed steady growth over the years. This industry primarily caters to sectors such as commercial, retail, hospitality, healthcare, and residential, providing them with secure storage solutions for valuable assets. Further, the residential sector has also witnessed a surge in the demand for safes and vaults. Homeowners are increasingly investing in security solutions to protect their valuable possessions, including jewelry, important documents, and personal mementos.
However, whether it is for protection against burglaries or natural disasters, safes and vaults have become an integral part of modern households. Thus, the growing security concerns, coupled with the expansion of commercial, retail, hospitality, healthcare, and residential sectors, will drive the growth of the regional safes and vaults market in the non-banking sector during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Allegion Public Ltd. Co - The company offers safes and vaults such as cylinders and flowcharts, handles and accessories, and door closers and servo controlled closings.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including Allegion Public Ltd. Co., Alpha Safe and Vault Inc., American Security, BJARSTAL sarl, Bode Panzer GmbH, Bordogna Casseforti, Brown Safe Manufacturing Inc., Bumilsafe Mfg. Co., Cannon Safe, Cennox Inc., CitySafe Inc., Diebold Nixdorf Inc., dormakaba Holding AG, FORMAT Tresorbau GmbH, Gardall Safe Corp., Godrej and Boyce Manufacturing Co. Ltd., Gunnebo AB, Halls Safe Co., and Hamilton Safe
Technavio safes and vaults market in non-banking market research report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The safes and vaults market in non-banking market analysis and report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Safes And Vaults Market In Non-banking Market Scope |
|
Report Coverage |
Details |
Page number |
151 |
Base year |
2023 |
Historic period |
2018-202 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.43% |
Market Growth 2024-2028 |
USD 1.24 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
7.29 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 35% |
Key countries |
US, China, Germany, UK, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Allegion Public Ltd. Co., Alpha Safe and Vault Inc., American Security, BJARSTAL sarl, Bode Panzer GmbH, Bordogna Casseforti, Brown Safe Manufacturing Inc., Bumilsafe Mfg. Co., Cannon Safe, Cennox Inc., CitySafe Inc., Diebold Nixdorf Inc., dormakaba Holding AG, FORMAT Tresorbau GmbH, Gardall Safe Corp., Godrej and Boyce Manufacturing Co. Ltd., Gunnebo AB, Halls Safe Co., and Hamilton Safe |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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