Categories: Market Research

Safes And Vaults Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Safes And Vaults Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Safes And Vaults Global Market Report 2024, 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.

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.

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The safes and vaults market covered in this report is segmented –

1) By Type: Cash Management Safes, Depository Safes, Gun Safes & Vaults, Vault & Vault Doors, Media Safes, Other Types

2) By Application: Residential, Commercial

3) By Distribution Channel: Online, Offline

4) By End User: Banking Sector, Non-Banking Sector

Major companies operating in the safes and vault market are adopting a strategic partnership approach to diversify their service offerings, including smart safes for use in heavy-use environments. Strategic partnerships refer to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For instance, in March 2022, American Security, a US-based security systems company, partnered with Operational Security Solutions (OSS), a US-based risk management services company. With this partnership, these companies aim to enhance the security and risk management of open-source software (OSS) use in operational technology (OT) environments and to improve the security and resilience of smart, safe security offerings, helping organizations better protect their assets and infrastructure from potential threats.

The safes and vaults market report table of contents includes: