The safes and vaults market share will post an incremental growth of USD 1.79 billion, progressing at a CAGR of 6.5% during the forecast period. The increasing demand from the healthcare industry will offer immense growth opportunities to market vendors. The safes and vaults market is fragmented, and the vendors are deploying growth strategies such as low-pricing strategies and strengthening the local customer base to compete in the market.
Technavio’s report on “Global Safes and Vaults Market by Product, End-user, and Geography - Forecast and Analysis 2022-2026” provides a detailed analysis of the prevalent market forces, trends, and challenges likely to impact the market in focus.
The safes and vaults market is segmented by product (cash management safes, gun safes and vaults, depository safes, vaults and vault doors, and others), end-user (non-banking and banking), and geography (APAC, Europe, North America, Middle East and Africa, and South America).
The growth of the safes and vaults market in the cash management safes segment will be significant during the forecast period. Evolving consumer requirements and the development of advanced software solutions are anticipated to drive technological advances in cash management safes, which will further increase segment growth.
By geographical analysis, rapid population growth, coupled with economic development and increasing income levels in countries such as China and India will drive the safes and vaults market growth in APAC. 36% of the market's growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for safes and vaults in APAC.
The increasing demand from the healthcare industry will directly influence the sales of safes and vaults market. In addition, factors such as the incorporation of advanced technologies in safes and vaults such as biometrics, POS integration, and Internet protocols are major safes and vaults market trends that will positively impact the market growth. However, the increase in cashless transactions will hamper the safes and vaults market growth.
The market is fragmented due to the presence of several players. Some of the major safes and vaults market vendors are Access Security Products Ltd., Allegion Public Ltd. Co., Alpha Safe and Vault Inc., American Rebel Holdings Inc., American Security, BJARSTAL sarl, Blue Dot Safes Inc., Bode Panzer GmbH, Brown Safe Manufacturing Inc., Bumilsafe Mfg. Co., CMI Safe Co., Diebold Nixdorf Inc., dormakaba International Holding AG, Falcon Safe Marketing Sdn Bhd, Gardall Safe Corp., Godrej and Boyce Manufacturing Co. Ltd., Gunnebo AB, Hayman Safe Co. Inc., ISM, Kale Endustri Holding AS, and Kumahira Co. Ltd.
To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions.
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Precise market size estimation during the forecast period 2022-2026.
CAGR of the safes and vaults market forecast during 2022-2026.
Market-level data on units, average selling prices, and values of the safes and vaults market share.
Prediction on the upcoming trends, drivers, and factors that challenge the growth of the safes and vaults market.
Safes and vaults industry growth across APAC, Europe, North America, Middle East and Africa, and South America.
