LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global safes and vaults market in the banking sector to grow at a CAGR of over 6% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global safes and vaults market in the banking sector for 2017-2021. Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
Safes and vaults are durable in nature. Thus, repeated purchase is possible only if there is a long-term contract between the suppliers and buyers. The low chance of repeated purchase increases the total cost and maintenance cost for the vendor. Moreover, this acts as a significant threat for new entrants.
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Technavio analysts highlight the following three trends that are contributing to the growth of the global safes and vaults market in the banking sector:
- Introduction of smart vaults
- Expansion of intelligent locking solutions and customizations from products to solutions
- Onsite assembled vault doors
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Introduction of smart vaults
Smart vaults are operated through robotic technology that minimizes human intervention while operating the locker. The advanced RFID-enabled mechanism scans the request and retrieves the locker using the robotic arm from the robust and secure vault. The locker is made available at a kiosk.
Sharan Raj, a lead warehouse and storage research analyst at Technavio, says, “The smart vault is equipped with intelligent security systems. The access to the locker room is secured by biometric authentication and debit card. The locker has multi-level security checks with the unbreakable lock system, ATM pin authentication, debit card swipe, and an option of using an additional personal lock.”
Expansion of intelligent locking solutions and customizations from products to solutions
The evolution of safes and vaults into intelligent, connected devices, which are increasingly embedded in broader systems, is radically reshaping companies and the competition. Smart, intelligent locking solutions, and customizations control a growing array of the safes and vaults segment, transmitting data about their use back to the manufacturer.
“Intelligent, networked safes and vaults autonomously coordinate and optimize work. Safes and vaults incorporated with intelligent locking solutions stream data about the location, operation, and environment to their makers. These safes and vaults can also receive the available software upgrades that enhance their performance,” adds Sharan.
Onsite assembled vault doors
Onsite assembled vault doors offer modern design capabilities to meet requirements of existing and new buildings that need a secured area to protect cash, high-risk items, valuables, or confidential documents. The onsite assembled vault door is adaptable for most site specifications, from those with difficult access, space constraints, old buildings to rooms with floor-load limitations and unusual dimensions.
The vault panels are prefabricated to fit a detailed area plan with the required specifications. The specially-made vault door elements are then delivered to the site and assembled. Innovative panel corners make the installations easier and faster as they do not require welding.
- ASSA ABLOY
- Diebold Nixdorf
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