Safes and vaults: Key market research findings
- Growing demand from the banking sector
- Digitization of safes and vaults
- Leading players include American Security Products, Diebold, Godrej & Boyce, Gunnebo, and Kaba Group
Technavio’s market research analysts predict the global safes and vaults market to grow at a CAGR of more than 5% between 2016 and 2020. There is a strong demand for safety vaults and safes from the banking sector for the storage of valuables. These devices have features such as low maintenance, emergency ventilators, integrate light switches with electrical boxes, and ventilators which will increase their adoption in banks during the forecast period. At present, APAC dominates the market and accounted for more than 36% of the overall market share in 2015. Much of this region’s growth can be attributed to the rising demand for safes and vaults from banks, individuals, and public administration bodies in several Southeast Asian countries and Australia.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Digital safes and vaults offer more benefits over manually operated safes and vaults, such as quick access and battery indicator. These safes have properties such as motorized shooting bolts for extra protection, low battery indicators, non-volatile memory, digital locking mechanisms, and password protected locking. They also have options such as mechanical overrides, LED displays, and touchscreen operated and remote controlled,” says Sharan Raj, Lead Analyst, Transportation & Logistics, Technavio Research
Factors like the surging demand for safes with embedded biometric technology are anticipate to impel market growth during the forecast period. Biometric identification is used to restrict access to automatic safes, especially when items such as guns have to be stored safely. Biometric safes are becoming very popular among banks and pharmaceutical companies as they are highly reliable. Continuing technological advances and product enhancements in the field of biometrics will have a positive impact on market growth over the forecast period.
The global safes and vaults market is very competitive and is characterized by rapid technological advances. In this market, the global suppliers are making it difficult for local providers to compete on the basis of price and product features. An increase in product innovations, technological advances, and mergers will intensify the level of competition in the market. The global players will grow inorganically during the forecast period by acquiring regional and local companies.
A more detailed analysis is available in the Technavio report, Global Safes and Vaults Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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