Safes and Vaults Global Market Report 2024

The safes and vaults market size has grown strongly in recent years. It will grow from $6.29 billion in 2023 to $6.78 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth witnessed in the historic period can be attributed to factors such as financial growth, security concerns, regulations in the banking and financial industry, cultural and historical significance, insurance requirements, and the impact of globalization and trade.

The safes and vaults market size is expected to see strong growth in the next few years. It will grow to $9.2 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The anticipated growth in the forecast period can be attributed to factors such as the rise in cybersecurity threats, the expansion of financial services, the development of smart cities and infrastructure, preparedness for crises and emergencies, and the growth of e-commerce and logistics. Major trends expected in the forecast period include the integration of biometric security, the implementation of smart safes with IoT connectivity, the adoption of customized security solutions, the incorporation of anti-tampering technologies, and the development of energy-efficient safe technologies.

The safes and vaults market is expected to grow due to the rising crime rate and concerns about the safety of valuable assets. In 2022, the New York City Police Department reported a 58.7% increase in overall index crime. This surge in criminal activities, particularly in robbery cases, is driving the demand for safes and vaults.

The safes and vaults market is expected to grow due to the rise in cash management practices. Cash management involves efficient control and monitoring of an organization's cash resources, utilizing safes and vaults as secure storage solutions. According to the CMS India Cash Vibrancy Report, organized retail observed an average annual increase of 14.44% in cash collection per retail cash. The increasing focus on cash management and concerns about the safety of valuable assets drive the growth of the safes and vaults market.

Fingerprint-based technologically advanced safes emerge as a key trend in the safes and vault market. These safes utilize biometric fingerprint scanners to store encrypted digital images for secure access. Godrej Security Solutions, in November 2021, launched INTELLI-ACCESS, a locker system adhering to Reserve Bank of India (RBI) guidelines. With keyless entry, thumbprint verification, and smartcard or biometric access, these high-tech safe deposit vaults minimize manual interventions, counterfeiting, and fraud.

In the safes and vault market, leading companies are leveraging a strategic partnership approach to diversify service offerings, including smart safes designed for heavy-use environments. In March 2022, American Security, a US-based security systems company, entered into a partnership with Operational Security Solutions (OSS), a US-based risk management services company. The collaboration aims to enhance security and risk management in open-source software (OSS) use in operational technology (OT) environments, improving the security and resilience of smart, safe security offerings.

In August 2021, Monomoy Capital Partners, an American private investment firm, purchased Liberty Safe and Security Products for $147.5 million. This acquisition aimed to contribute to the growth of Monomoy Capital Partners by expanding its presence in manufacturing, distribution, and consumer products businesses. Liberty Safe and Security Products, based in the US, is involved in the manufacturing and distribution of residential and commercial safes.

Major companies operating in the safes and vaults market report are Chubbsafes, Brink's, Diebold Nixdorf Inc., Gardall, Dormakaba Group, Godrej & Boyce Manufacturing Co. Ltd., American Security Products, Hamilton Safe, SentrySafe, Gunnebo Industries AB, Brown Safe Manufacturing, Allied Fire & Security, Access Security Products Ltd., Alpha Safe & Vault Inc., Bode-Panzer GmbH, Kumahira Co. Ltd., Acme Safe Co., Vaultek Safe Inc., BJARSTAL, Caradonna (France), Kaso, Safeguard Safes, Mosler Safe Company, The American Security (US), Phoenix Safe Company, FireKing Security Group, Sun Welding Safe CO, Major Manufacturing Inc., Shinjin Safes, Stealth Safes, Fichet-Bauche.

North America was the largest region in the safes and vaults market in 2023. The regions covered in the safes and vaults market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the safes and vaults market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of safes and vaults include cash management safes, depository safes, gun safes & vaults, vault & vault doors, media safes, and others. Cash management safes, functioning as miniature banks, are equipped with LCD screens and allow for controlled money tracking. They are used in commercial and residential sectors and distributed through online and offline channels to end-users in the banking and non-banking sectors.

The safes and vaults market research report is one of a series of new reports that provides safes and vaults market statistics, including safes and vaults industry global market size, regional shares, competitors with a safes and vaults market share, detailed safes and vaults market segments, market trends and opportunities, and any further data you may need to thrive in the safes and vaults industry. This safes and vaults market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The safes and vaults market consists of sales of burglary-resistant, fire-resistant, jewelry safes, manual safe, electronic safe, and security safe. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.