According to IMARC Group’s latest report, titled “Safes and Vaults Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global safes and vaults market reached a value of US$ 3.6 Billion in 2020. Looking forward, IMARC Group expects the global market to continue its moderate growth during 2021-2026.
Safes and vaults refer to secure storage systems, which are built into walls and floors or are freestanding to safeguard valuables under high-risk situations. They are available in electronic, biometric and mechanical variants and are used for cash management and storing deposits, guns and medical products. They consist of thick metallic paneled doors, which are usually damage resistant. They aid in protecting the contents from extreme weather conditions, robbery, unauthorized access and other intrusions. As a result, they are widely used across both commercial and residential sectors to protect critical records, medical files, ammunition, monetary assets and sensitive documents.
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The global safes and vaults market is primarily being driven by the increasing crime rates and instances of robberies, especially in the developing nations. The growing product demand from the medical industry, which utilizes safes and vaults to protect essential drugs and minimize prescription-related thefts, is also contributing to the market growth. They are also used in the banking sector to safeguard the deposits and automated teller machines (ATMs) and prevent burglary. Furthermore, various product innovations, such as the launch of security systems integrated with timely alerts and auto-locking mechanisms for improved protection and real-time updates through smartphone applications, are providing a thrust to the market growth.
Safes and Vaults Market 2021-2026 Segmentation and Competitive Analysis:
The report has segmented the global safes and vaults market on the basis of region, type, function type, application, end user and region.
Breakup by Type:
Breakup by Function Type:
Breakup by Application:
Breakup by End User:
Breakup by Region:
Competitive Landscape With Key Players:
The competitive landscape of the safes and vaults market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
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Key highlights of the report:
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