LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global safes and vaults market in the non-banking sector is expected to grow at a CAGR of almost 5% during the forecast period.
This research report titled ‘Global Safes and Vaults Market in the Non-banking Sector 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The majority of the market share comes from gun stores and retailers and restaurants. The rising number of burglaries in gun stores and restaurants is prompting owners to install vaults and safes in their business places. It is observed that around 540 to 560 number of instances of burglaries were reported at licensed firearms dealers in the US in 2016. There is a rising demand for safes and vaults from APAC, which is also a major driver for the market growth.
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Technavio’s transportation and logistics research analysts categorize the global safes and vaults market in the non-banking sector into the following segments by end-user. They are:
- Gun stores
- Retailers and restaurants
- CIT companies
- Individual owners
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The top three end-user segments for the global safes and vaults market in the non-banking sector are discussed below:
A gun shop or store is a business establishment that sells small arms such as handguns and shotguns. They also provide ammunition and accessories for hunting. Gun safes and vaults restrict unauthorized access and protect firearms and ammunition from burglars and fire.
According to Shakti Jakhar, a lead warehouse and storage research analyst from Technavio, “The rising number of burglaries and theft at gun stores is driving the growth of this segment. In 2016, in the US, there were around 540 to 560 instances of burglaries at licensed firearms dealer stores. The rising instances of robbery will require gun sellers to buy safes and vault for their guns.”
Retailers and restaurants
Retailers and restaurants have many valuable items and cash that need to be securely stored. Owing to the significant amount of cash inflow on a daily basis in retail stores and restaurants, these places face notable amount of risk of being robbed. In Houston, Texas, the US, the burglary rate increased by 25%–30% in 2016 compared with that in 2015.
“Burglars steal not only cash but also other valuable items. In 2016, burglars broke into a restaurant named The Union Kitchen in Houston and took expensive wine bottles with them. In 2016, Tripoli Bistro a restaurant in Masterton, New Zealand, got burgled twice in the same year. This rising number of instances of burglaries in restaurants will boost the sales of safes and vaults in this sector,” adds Shakti.
CIT operators use cash management safes. These safes play an integral role in the cash-intensive sector. Deployment of these safes can eliminate both internal and external theft as they reduce cash touch points. These safes are generally integrated with software to track activities related to these safety units. Whenever these safes are accessed the computing device installed in them collect information on the time of access and the people accessing them. The data collected are saved for future reference to identify the culprit in the case of theft. These systems can also assist in the viewing of the cash levels at a particular time and save audits at the end of the day.
The top vendors highlighted by Technavio’s research analysts in this report are:
- American Security Products
- Godrej & Boyce
- Gunnebo Group
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