Safes and Vaults Market Expected to Reach $18.7 Billion by 2032

According to a new report published by Allied Market Research, titled, “Safes And Vaults Market By Type (Cash Management Safes, Depository Safes, Gun Safes And Vaults, Vault And Vault Doors, Media Safes, Others) , By End Use (Banking Sector, Non-Banking Sector) : Global Opportunity Analysis And Industry Forecast, 2024-2032" was valued at $8.6 billion in 2023, and is projected to reach $18.7 billion by 2032, growing at a CAGR of 9% from 2024 to 2032.

Safes and vaults are secure storage systems wherein valuable items, such as money, documents, records, and others, can be stored. These are intended to protect the contents from unauthorized use, theft, natural disasters, fire, and others. They usually comprise metal boxes made up of thick metals, making it difficult to break them by force or to protect them from fire breakouts. In addition, these safes and vaults require passcodes, numerical pins, or passwords to open them. 

Moreover, rise in concerns with respect to the safety of valuable physical assets, growth in perceived threat levels, increase in retail and commercial banks, and rise in security awareness are the major factors that drive the growth of the global safes and vaults market. However, penetration of digital transaction solutions hampers the safes and vaults market growth. On the contrary, the growth of smart cities and new technological developments in the safe and vaults industry are expected to provide lucrative opportunities for market expansion during the forecast period.  

On the basis of the type, the cash management safes segment is expected to grow at the highest growth rate during the forecast period. This growth is driven by the increase in need for secure and efficient cash-handling solutions across various industries, including retail, hospitality, banking, and transportation. Businesses are increasingly adopting these safes to mitigate risks associated with cash handling, reduce shrinkage, and improve cash flow management. However, the media safes segment is expected to exhibit the highest growth during the forecast period. This surge is fueled by the increasing importance of protecting sensitive digital media and electronic data from physical threats such as fire, water, and theft. Media safes are specifically designed to safeguard critical data stored in various media formats including hard drives, CDs, DVDs, and USB drives. 

On the basis of region, North America attained the highest growth in 2023. The presence of prominent players such as American Security Products Co., Alpha Safe & Vault, Inc., and others has influenced the growth of the safes and vaults market in North America. Moreover, the rise in government initiatives to strengthen security infrastructure across the region is further expected to drive the demand for safes and vaults solutions.  However, Asia-Pacific is projected to be the fastest-growing segment during the forecast period, owing to the availability of cost-effective digital solutions and the rise in the amount of data generation across organizations. In addition, the proliferation of advanced technologies escalates system safety and reduces delays in smart operations. 

Furthermore, factors such as an increase in perceived threat levels, rise in security awareness, rapid growth of the retail market, increase in financial wealth, higher standard of living, development of physical and economic infrastructure, and demand for technology-driven security systems further fuel the safes and vaults market growth. For instance, in May 2022, May 2022- Diebold Nixdorf launched Vynamic Digital Receipt, a sustainable solution to reduce the number of thermal paper receipts. Consumers can obtain digital receipts through QR codes at the point of sale (POS) without having to register or through their retailer's app. Retailers may easily add accessible promotions and incentives to boost consumer loyalty while saving money and lowering environmental effects. Therefore, numerous strategies adopted by businesses further help to accelerate the global safes and vaults market growth globally. 

KEY FINDINGS OF THE STUDY 

• By type, the cash management safes segment accounted for the largest safes and vaults market share in 2023. 

• By end use, the banking segment accounted for the largest safes and vaults market share in 2023. 

• Region wise, North America generated the highest revenue in 2023. 

The market players operating in the safes and vaults market are American Security Products Co., Alpha Safe & Vault, Inc., CARADONNA, Diebold Nixdorf Incorporated, Godrej & Boyce, Manufacturing Co. Limited, Gunnebo AB, Kumahira Co., Ltd., KASO¸ Safeguard Safes and Shinjin Safes. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the safes and vaults market globally.