The report forecasts the global safes and vaults market to grow at a CAGR of 5.52% during the period 2016-2020.
Commenting on the report, an analyst from the research team said: A trend which is playing a role in boosting market growth is digitization of safes and vaults. There has been a major shift in the adoption patterns of safes with increasing popularity of digital electronic safes and vaults in comparison to manual key-operated ones. The inefficiencies related with manual safes are eliminated with the use of digitized ones. These safes have properties such as motorized shooting bolts for extra protection, low battery indicators, non-volatile memory, digital locking mechanisms, and password protected locking. They also have options such as mechanical overrides, LED displays, and touchscreen operated and remote controlled.
According to the report, a key growth driver is demand from the banking sector. There is a strong demand for safety vaults and safes from the banking sector for the storage of valuables. To make vaults more immune to burglar attacks, they are constantly being fitted with an array of alarms and anti-theft devices. These devices have characteristics such as low maintenance, emergency ventilators, integrate light switches with electrical boxes, and ventilators.
What will the market size be in 2020 and what will the growth rate be?
What are the key market trends?
What is driving this market?
What are the challenges to market growth?
Who are the key vendors in this market space?
What are the market opportunities and threats faced by the key vendors?
What are the strengths and weaknesses of the key vendors?