Security

Safes, vaults market to grow by $1.57B

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November 27, 2024

The safes and vault market is expected to grow by $1.57 billion from 2024 to 2028, according to research from Technavio. It will also see a compound annual growth rate of 5.34%, according to a press release.

One of the more primary drivers of growth in this industry is the demand for cash security, along with other valuable documents and items. Other key trends driving this growth is demand from the healthcare industry, neo bank adoption, secure data storage from retailers, growth of cash recyclers and automatic locks and more.

Other findings in the report include:

• Cashless society is holding back the industry.
• Cash management safes are including counterfeit detection.
• Biometrics, facial recognition and robotics are being integrated into the safes.