Latest News- Safes and Vaults Market in Non-banking Market: Cash management safes is expected to lead the Type segment during 2024-2028

The Safes and Vaults Market in Non-banking Market is being driven by Increase in crime rate and concern about safety

The Safes and Vaults Market in Non-banking Market is expected to grow at a CAGR of 7.43% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1.24 billion. The non-banking sector's global safes and vaults market has experienced substantial technological innovations, driven by escalating security concerns and the need to safeguard valuable assets. Biometric security is a significant advancement in this domain, with companies increasingly adopting fingerprint and iris recognition systems for access control. This technology offers a highly secure solution, mitigating the risks associated with lost or stolen keys or passwords. Other trends include remote monitoring, RFID technology, and modular designs, enhancing security, convenience, and flexibility for businesses. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Cash management safes
  • Depository safes
  • Others
• End-user
  • Commercial
  • Residential
• Geography
  • North America
    • US
  • Europe
    • Germany
    • UK
    • France
  • APAC
    • China
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increase in crime rate and concern about safety
• Growing demand for data security
• Need for specialized safes and vaults tailored to specific industry needs

However, the market also witnesses some limitations, which are as follows:

• Stringent regulations and industry standards regarding safety
• Increased cost of safes and vaults
• Availability of advanced key duplication technologies

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Market Scope in Safes and Vaults Market in Non-banking Market Research Report

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Research Analysis Overview

In the non-banking sector, safes and vaults play a crucial role in securing cash, valuable items, documents, records, and devices from illegal access, theft, and disasters such as fire. Commercial banks, retail sectors, e-commerce channels, neo banks, and branchless banks rely on these security measures. Safes come in various forms, including home safes, and employ safety features like keys, codes, and biometric identification through fingerprint scanners to prevent unauthorized access. Smart safes and biometric fingerprint scanners offer advanced security against theft and unauthorized key duplication. However, it is essential to follow strict security procedures to mitigate risks, including fire safety and protection against disasters.

Market Research Overview

The non-banking safes and vaults market, as part of Technavio's global diversified support services market, caters to businesses and governments primarily offering labor-oriented services. This market encompasses companies providing storage solutions for cash, valuable items, documents, and records. The demand for safes and vaults is driven by increasing crime rates, disasters, and the need for advanced security measures such as biometric identification, codes, and keys. Companies in this sector offer protection against illegal access and disasters, including fire. The global commercial services and supplies market, which includes commercial printing, environmental and facilities services, office services and supplies, security and alarm services, and diversified support services, is projected to grow due to the combined revenue generated by these industries.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/