Safes and Vaults Market size to grow by USD 1,616.54 million from 2022 to 2027|Increase in commercial bank branches to drive market growth - Technavio

NEW YORK, July 3, 2023 /PRNewswire/ -- The safes and vaults market size is expected to grow by USD 1,616.54 million from 2022 to 2027, progressing at a CAGR of over 5.74%, as per the latest Technavio market research report. APAC is estimated to account for 36% of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. The safes and vaults market in APAC is expected to expand steadily during the forecast period. The population of APAC nations is anticipated to grow significantly, especially in nations like China and India in the next two decades. To accommodate the growing population, banks, financial institutions, and e-commerce businesses are concentrating on enhancing their operational networks in the region. For instance, in India, there were 1.36% more commercial bank branches per 100,000 adults in 2020 than there were in 2018. The installation of ATMs in the area has been prompted by this bank expansion. These factors will drive the growth of the regional market during the forecast period. ATMs have a vault that protects the parts that grant access to the ATM and these vaults have locks, cash dispensing and depositing systems, and security systems. Further, depending on the laws each ATM vault's specifications and designs change, as the needs of ATM operators, and the product lines offered by manufacturers. In response to the rising demand for ATM installation multiple companies that manufacture ATM safes have expanded their existence in the region. Also, the growth of the e-commerce industry is encouraged by the increasing per capita income in the region. Such initiatives by e-commerce companies are expected to boost the growth of the market in APAC during the forecast period. For more insights on the market share of various regions- Download a sample report in MINUTES

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Safes and Vaults Market: Increase in commercial bank branches to drive growth

An increase in commercial bank branches is notably driving the safes and vaults market growth. Between 2020 and 2021, the population of the world increased by 31.2 million. Global urbanization is increasing as a result of the growing population and the creation of jobs and income opportunities in cities. With the global increase in population and urbanization, banks are being inspired to expand their presence in urban areas. Further, many banks are opening their branches in rural and sub-urban areas due to the substantial population that resides there. For instance, in 2020, an increase in the number of commercial bank branches per 100,000 adults across the world, such as in India, Combos, and Egypt, increased by 0.2 million, 0.4 million, and 1.8 million branches in the country. A large number of bank branches offer their clients locker services. Thus, the growth in bank branches around the world will drive the demand for lockers. Also, banks, especially those in developed nations, will invest in advanced, new-generation lockers to ensure the highest level of security. Therefore, these factors are expected to further drive the growth of the global market during the forecast period.

Safes And Vaults Market: Incorporation Of Advanced Technologies In Safes And Vaults 

Automation in safes and vaults is an emerging trend shaping the safes and vaults market growth. Various automation technologies are rapidly advancing in the industrial, healthcare, and other sectors all across the globe. The adoption of automation technologies is mainly influenced by the decline of human effort and the advancement of inaccuracy. Manufacturers of safes and vaults are also incorporating automated solutions into their products to provide more security and convenience. For instance, ICICI was a leader in the adoption of automation in safes and vaults in the Indian banking industry. Since December 2015, through its robot-managed locker service, the bank has been providing smart vaults to its clients. The technology lowers the need for human interaction when customers access their vaults or safes by using radio frequency identification (RFID) scanning and robotic arms to retrieve the lockers. This increases customer convenience. Therefore, the adoption of such automation technologies will fuel the demand for safes and vaults, which will drive the growth of the market during the forecast period.

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Some of the key Safes And Vaults Market Players:

The safes and vaults market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market. Some of the vendors are mentioned below:

Acme Safe Co., ALPHA INDUSTRIES (PVT) LTD., 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., Godrej and Boyce Manufacturing Co. Ltd., Gunnebo AB, Hayman Safe Co. Inc., INKAS Group of Companies, ISM, Kumahira Co. Ltd., Falcon Safe Marketing Sdn Bhd, and Access Security Products Ltd.

Safes And Vaults Market: Segmentation Analysis

This market research report segments the safes and vaults market by End-user (Banking and Non-banking), Product (Cash management safes, Depository safes, Vaults and vault doors, Gun safes and vaults, and Others), and Geography (APAC, Europe, North America, Middle East and Africa, and South America).

• The banking segment will contribute a major share of the market, as the number of commercial bank branches and ATMs across the globe is increasing. With the expanding global population and the rising number of people with bank accounts worldwide, the number of bank branches and ATM installations is being driven. It is anticipated that there will be an increase in the number of commercial banks during the forecast period due to baby boomers' preference for conventional methods. Generally, banks use cash management safes because they make on-demand cash deposits and withdrawals possible. Also, cash management safes are included with ATMs. Thus, it is expected that an increasing number of high-net-worth individuals will increase demand for sophisticated deposit vaults in the banking industry, which will increase the growth of the banking segment of the global market during the forecast period.

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Table of contents

1 Executive Summary

• 1.1 Market Overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Product
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022 

• 3.4 Market outlook: Forecast for 2022-2027
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global safes and vaults market 2017 - 2021
• Exhibit 18: Historic Market Size – Data Table on Global safes and vaults market 2017 - 2021 ($ million)

• 4.2 End-user Segment Analysis 2017 - 2021
• Exhibit 19: Historic Market Size – End-user Segment 2017 - 2021 ($ million)

• 4.3 Product Segment Analysis 2017 - 2021
• Exhibit 20: Historic Market Size – Product Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by End-user

• 6.1 Market segments 
• Exhibit 30: Chart on End-user - Market share 2022-2027 (%)
• Exhibit 31: Data Table on End-user - Market share 2022-2027 (%)

• 6.2 Comparison by End-user 
• Exhibit 32: Chart on Comparison by End-user
• Exhibit 33: Data Table on Comparison by End-user

• 6.3 Banking - Market size and forecast 2022-2027
• Exhibit 34: Chart on Banking - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Banking - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Banking - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Banking - Year-over-year growth 2022-2027 (%)

• 6.4 Non-banking - Market size and forecast 2022-2027
• Exhibit 38: Chart on Non-banking - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Non-banking - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Non-banking - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Non-banking - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by End-user 
• Exhibit 42: Market opportunity by End-user ($ million)
• Exhibit 43: Data Table on Market opportunity by End-user ($ million)

7 Market Segmentation by Product

• 7.1 Market segments 
• Exhibit 44: Chart on Product - Market share 2022-2027 (%)
• Exhibit 45: Data Table on Product - Market share 2022-2027 (%)

• 7.2 Comparison by Product 
• Exhibit 46: Chart on Comparison by Product
• Exhibit 47: Data Table on Comparison by Product

• 7.3 Cash management safes - Market size and forecast 2022-2027 
• Exhibit 48: Chart on Cash management safes - Market size and forecast 2022-2027 ($ million)
• Exhibit 49: Data Table on Cash management safes - Market size and forecast 2022-2027 ($ million)
• Exhibit 50: Chart on Cash management safes - Year-over-year growth 2022-2027 (%)
• Exhibit 51: Data Table on Cash management safes - Year-over-year growth 2022-2027 (%)

• 7.4 Depository safes - Market size and forecast 2022-2027
• Exhibit 52: Chart on Depository safes - Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Data Table on Depository safes - Market size and forecast 2022-2027 ($ million)
• Exhibit 54: Chart on Depository safes - Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on Depository safes - Year-over-year growth 2022-2027 (%)

• 7.5 Vaults and vault doors - Market size and forecast 2022-2027 
• Exhibit 56: Chart on Vaults and vault doors - Market size and forecast 2022-2027 ($ million)
• Exhibit 57: Data Table on Vaults and vault doors - Market size and forecast 2022-2027 ($ million)
• Exhibit 58: Chart on Vaults and vault doors - Year-over-year growth 2022-2027 (%)
• Exhibit 59: Data Table on Vaults and vault doors - Year-over-year growth 2022-2027 (%)

• 7.6 Gun safes and vaults - Market size and forecast 2022-2027 
• Exhibit 60: Chart on Gun safes and vaults - Market size and forecast 2022-2027 ($ million)
• Exhibit 61: Data Table on Gun safes and vaults - Market size and forecast 2022-2027 ($ million)
• Exhibit 62: Chart on Gun safes and vaults - Year-over-year growth 2022-2027 (%)
• Exhibit 63: Data Table on Gun safes and vaults - Year-over-year growth 2022-2027 (%)

• 7.7 Others - Market size and forecast 2022-2027
• Exhibit 64: Chart on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 65: Data Table on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 66: Chart on Others - Year-over-year growth 2022-2027 (%)
• Exhibit 67: Data Table on Others - Year-over-year growth 2022-2027 (%)

• 7.8 Market opportunity by Product 
• Exhibit 68: Market opportunity by Product ($ million)
• Exhibit 69: Data Table on Market opportunity by Product ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 70: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 71: Chart on Market share by geography 2022-2027 (%)
• Exhibit 72: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 73: Chart on Geographic comparison
• Exhibit 74: Data Table on Geographic comparison

• 9.3 APAC - Market size and forecast 2022-2027
• Exhibit 75: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 76: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 77: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027
• Exhibit 79: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 80: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 81: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 North America - Market size and forecast 2022-2027
• Exhibit 83: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 84: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 85: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.6 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 87: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 88: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 89: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.7 South America - Market size and forecast 2022-2027
• Exhibit 91: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 92: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 93: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.8 US - Market size and forecast 2022-2027
• Exhibit 95: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 96: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 97: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.9 China - Market size and forecast 2022-2027
• Exhibit 99: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 100: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 101: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.10 Germany - Market size and forecast 2022-2027
• Exhibit 103: Chart on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 104: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 105: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 106: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.11 Japan - Market size and forecast 2022-2027
• Exhibit 107: Chart on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 108: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 109: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 110: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.12 UK - Market size and forecast 2022-2027
• Exhibit 111: Chart on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 112: Data Table on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 113: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 114: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 115: Market opportunity by geography ($ million)
• Exhibit 116: Data Tables on Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers 

• 10.2 Market challenges 

• 10.3 Impact of drivers and challenges 
• Exhibit 117: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends 

11 Vendor Landscape

• 11.1 Overview 

• 11.2 Vendor landscape 
• Exhibit 118: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 119: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 120: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 121: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 122: Matrix on vendor position and classification

• 12.3 Access Security Products Ltd. 
• Exhibit 123: Access Security Products Ltd. - Overview
• Exhibit 124: Access Security Products Ltd. - Product / Service
• Exhibit 125: Access Security Products Ltd. - Key offerings

• 12.4 Acme Safe Co. 
• Exhibit 126: Acme Safe Co. - Overview
• Exhibit 127: Acme Safe Co. - Product / Service
• Exhibit 128: Acme Safe Co. - Key offerings

• 12.5 Alpha Safe and Vault Inc. 
• Exhibit 129: Alpha Safe and Vault Inc. - Overview
• Exhibit 130: Alpha Safe and Vault Inc. - Product / Service
• Exhibit 131: Alpha Safe and Vault Inc. - Key offerings

• 12.6 American Rebel Holdings Inc. 
• Exhibit 132: American Rebel Holdings Inc. - Overview
• Exhibit 133: American Rebel Holdings Inc. - Product / Service
• Exhibit 134: American Rebel Holdings Inc. - Key offerings

• 12.7 American Security 
• Exhibit 135: American Security - Overview
• Exhibit 136: American Security - Product / Service
• Exhibit 137: American Security - Key offerings

• 12.8 BJARSTAL sarl 
• Exhibit 138: BJARSTAL sarl - Overview
• Exhibit 139: BJARSTAL sarl - Product / Service
• Exhibit 140: BJARSTAL sarl - Key offerings

• 12.9 Blue Dot Safes Inc. 
• Exhibit 141: Blue Dot Safes Inc. - Overview
• Exhibit 142: Blue Dot Safes Inc. - Product / Service
• Exhibit 143: Blue Dot Safes Inc. - Key offerings

• 12.10 Bode Panzer GmbH 
• Exhibit 144: Bode Panzer GmbH - Overview
• Exhibit 145: Bode Panzer GmbH - Product / Service
• Exhibit 146: Bode Panzer GmbH - Key offerings

• 12.11 Brown Safe Manufacturing Inc. 
• Exhibit 147: Brown Safe Manufacturing Inc. - Overview
• Exhibit 148: Brown Safe Manufacturing Inc. - Product / Service
• Exhibit 149: Brown Safe Manufacturing Inc. - Key offerings

• 12.12 Diebold Nixdorf Inc. 
• Exhibit 150: Diebold Nixdorf Inc. - Overview
• Exhibit 151: Diebold Nixdorf Inc. - Business segments
• Exhibit 152: Diebold Nixdorf Inc. - Key offerings
• Exhibit 153: Diebold Nixdorf Inc. - Segment focus

• 12.13 Godrej and Boyce Manufacturing Co. Ltd.
• Exhibit 154: Godrej and Boyce Manufacturing Co. Ltd. - Overview
• Exhibit 155: Godrej and Boyce Manufacturing Co. Ltd. - Business segments
• Exhibit 156: Godrej and Boyce Manufacturing Co. Ltd. - Key offerings
• Exhibit 157: Godrej and Boyce Manufacturing Co. Ltd. - Segment focus

• 12.14 Gunnebo AB 
• Exhibit 158: Gunnebo AB - Overview
• Exhibit 159: Gunnebo AB - Product / Service
• Exhibit 160: Gunnebo AB - Key offerings

• 12.15 Hayman Safe Co. Inc. 
• Exhibit 161: Hayman Safe Co. Inc. - Overview
• Exhibit 162: Hayman Safe Co. Inc. - Product / Service
• Exhibit 163: Hayman Safe Co. Inc. - Key offerings

• 12.16 INKAS Group of Companies 
• Exhibit 164: INKAS Group of Companies - Overview
• Exhibit 165: INKAS Group of Companies - Product / Service
• Exhibit 166: INKAS Group of Companies - Key offerings

• 12.17 Kumahira Co. Ltd. 
• Exhibit 167: Kumahira Co. Ltd. - Overview
• Exhibit 168: Kumahira Co. Ltd. - Product / Service
• Exhibit 169: Kumahira Co. Ltd. - Key offerings

13 Appendix

• 13.1 Scope of the report 

• 13.2 Inclusions and exclusions checklist
• Exhibit 170: Inclusions checklist
• Exhibit 171: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 172: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 173: Research methodology
• Exhibit 174: Validation techniques employed for market sizing
• Exhibit 175: Information sources

• 13.5 List of abbreviations 
• Exhibit 176: List of abbreviations

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts
Technavio Research
Jesse Maida
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Email: [email protected]
Website: www.technavio.com

SOURCE Technavio

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