- Safes and vaults are security products developed to facilitate the safety of valuable assets during high-risk situations. These products have technologically secure space for protection of ammunition, monetary assets, documents, files, and records. Increase in robbery and burglary incidents boosts the demand for technologically developed security products.
- Economic development in emerging countries has increased income of the people, which, in turn, improves their standard of living. This is expected to boost the demand for safes and vaults across the globe.
Economic Development Drives Global Financial and Banking Sector
- Increase in disposable income and improved standard of living across many emerging economies has resulted in expansion of financial and banking sector.
- Increase in income encourages investment in valuable assets. This is anticipated to drive the safes and vaults market. Additionally, construction of smart homes with advanced security installation is expected to upsurge the global safes and vaults market during the forecast period.
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Increase in Crime Rate and Concern about Safety of Valuable Assets
- Increase in security concern about safety of valuable assets, owing to a boost in incidents of robbery, theft, burglary, and intrusion is expected to drive the market.
- Furthermore, rise in number of natural disasters such as flood is encouraging the demand for safes and vaults.
- Moreover, increase in demand from pharmaceutical industry for safeguarding of drugs due to incidents of drug misuse is a driving factor for the market.
Asia pacific and South America are projected to Grow in the Coming Year
- Geographically, the global safes and vaults market can be divided into five regions: North America (NA), Europe (EU), Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SA).
- North America country-level analysis features the U.S., Canada, and Rest of North America. Analysis and forecast of the safes and vaults market in Europe includes markets across the U.K., Germany, France, and Rest of Europe. Similarly, Asia Pacific includes India, China, Japan, and Rest of Asia Pacific. Middle East & Africa includes the safes and vaults market analysis and forecast of GCC countries, South Africa, and Rest of Middle East & Africa. The South America safes and vaults market is segmented into Brazil, and Rest of South America.
- Asia Pacific and South America regions are anticipated to be emerging markets for safes and vaults during the forecast period, owing to boost in economic development across these regions.
- Increase in security concern is major driver of the safes and vaults market in this region. Moreover, rise in popularity of technologically developed safes and vaults with features such as biometric sensors, compact structure, light weight, and high strength is anticipated to augment the Asia Pacific and South America market in the next few years.
Global Safes and Vaults Market: Competitive Landscape
The global safes and vaults market has many international and local players. Key manufacturers are focusing on expansion of their business across the globe through product development with advanced technology and merger-acquisition strategies
- In April 2019, Diebold Nixdorf announced its partnership with KeyBank, a regional bank headquartered in Cleveland, Ohio, the U.S. which is a financial institution and a subsidiary of KeyCorp, for bringing digital advancement in their financial security products. A few of the key players operating in the global zero waste shampoo market are:
- American Security Products Co.
- Godrej & Boyce Mfg. Co. Ltd.
- Diebold Nixdorf
- Alpha Safe & Vault, Inc.
- Access Security Products Ltd.
- Acme Security Systems
- Gunnebo Group
- Dormakaba Group
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Global Safes and Vaults Market: Research Scope
Global Safes and Vaults Market, by Type
- Home Safes and Vaults
- Jewelry Safes and Vaults
- Gun Safes and Vaults
- Fire Safes and Vaults
- Others (Burglary Safes, Floor Safes etc.)
- Business Safes and Vaults
- Bank Safes and Vaults
- Data Safes and Vaults
- Hotel Safes and Vaults
- Others (Media Safe, Depository Safe etc.)
Global Safes and Vaults Market, by Application
- Residential
- Commercial
Global Safes and Vaults Market, by Distribution Channel
- Online
- Offline
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