Global Safes and Vaults Market Expected to Reach $6,907 Million by 2023 - Allied Market Research

PORTLAND, Oregon and PUNE, India, March 16, 2018 /PRNewswire/ --

According to a new report published by Allied Market Research, titled, Safes and vaults Market by Type, and End-User: Global Opportunity Analysis and Industry Forecast, 2016-2023, the global safes and vaults market was valued at $4,727 million in 2016, and is projected to reach $6,907 million by 2023, growing at a CAGR of 6.0% from 2017 to 2023. The non-banking sector segment is anticipated to grow at the highest rate during the forecast period.

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Europe generated the highest revenue in 2016 due to adequate the presence of retail industry and banking sector for the adoption of safes and vaults. The Asia-Pacific safes and vaults market is expected to grow at the highest rate during the forecast period, owing to the remarkable economic growth in Southeast Asia, India, & other economies and growth in trend of advanced safety needs to protect valuable assets in highly cash intensive environments.

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The cash management safes segment contributed the highest share in 2016. This segment accounted for $2,090 million in 2016, and is projected to grow at the CAGR of 5.1% during the forecast period. However, the safes and vaults market for media safes is projected to grow at the highest rate of 7.9%. The banking sector segment accounted for the highest revenue share in 2016, while the non-banking sector segment is anticipated to grow at the highest rate of 6.8%.

Technological innovation in product offerings, increased ATM installation base, rise in crime rates, increase in application areas among end users, supportive and evolving infrastructural security needs among developing and developed economies, and heavy venture capital investments in R&D activities to develop solutions with enhanced capabilities drive the market. In addition, government organizations and companies enhance their building security infrastructure due to rise in number of criminal incidences. This in turn boosts the growth of the safes and vaults market.