Market Research Report
Safes and Vaults Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025
|Published by||IMARC Services Private Limited||Product code||960447|
|Published||Content info||108 Pages
Delivery time: 2-3 business days
|Safes and Vaults Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025|
|Published: September 3, 2020||Content info: 108 Pages||
The global safes and vaults market grew at a CAGR of around 7% during 2014-2019. Safes and vaults refer to secure storage systems that are used for safekeeping valuable commodities under high-risk situations. They are containers manufactured using thick metal panels that are hard to cut or damage by applying force or external pressure. They are primarily used for protection against exposure to fire, moisture and chemicals, extreme weather conditions, theft, burglary, robbery and other forms of intrusion and unauthorized access. They can secure and protect monetary assets, arms and ammunition, sensitive documents, critical records, medial files and other items. Safes and vaults are available in a wide variety of shapes and sizes and are usually opened through passwords, passcodes or numerical pins.
A significant increase in the crime rate and rising concerns regarding the safety of valuable assets among the masses are one of the key factors driving the growth of the market. In line with this, there is an increasing preference for safes and vaults that can be used for cash dispensing, storing media data, and laptops and are resistant to fire, shock and water. Furthermore, widespread product adoption by the healthcare industry is also driving the market growth. Pharmacists and healthcare institutions are increasingly utilizing password-protected safes and vaults to minimize prescription-related thefts and drug burglaries. Additionally, the increasing demand for technologically advanced variants that are integrated with alarms, video monitoring systems, seismic detectors, finger-print scanners and auto-locking mechanisms, is acting as another growth inducing factor. These systems aid in monitoring access to the safes and provide timely alerts in case of unauthorized access in the banking, non-banking and residential sectors. Looking forward, IMARC Group expects the global safes and vaults market to continue its moderate growth during the next five years.