Introduction to Hidden Safes
Hidden safes have a vital role to play in the current scenario, where security remains the prime demand. Hidden safes are secure storage systems where valuable items such as money, documents, records, and others are stored in discrete places. Hidden safes can be installed anywhere in a wall, pillar, sofa, bed and there are many more secret places this safe can be installed. In addition, these hidden safes provide a safe environment to banking and non- banking sectors. High usage and demand make it the most popular product in the market.
Market size and Forecast
The Hidden safe market is anticipated to grow at a CAGR of 6.5% over the forecast period 2020-2028. Hidden safe is widely used to provide safety to valuable assets in case of high-risk situations akin to fire situation, toxic incident, theft, robbery, intrusion, and others, which in turn is anticipated to increase the demand for hidden safes. Moreover, technological modernization in product offerings, rise in demand among end users, increased crime rates, and heavy venture capital investments in R&D activities to develop solutions with enhanced capabilities are also anticipated to raise the demand for hidden safe.
The market of hidden safe is segmented by safe type, function and end user. The safe type segment is further segmented into electronic, fingerprint and mechanical, out of which, the fingerprint sub-segment is anticipated to hold the largest market share in this segment on account of increasing advancements in safe and locker technology, coupled with the growing demand for advanced safes that have user specific security barriers.
On the basis of function, the global hidden safe market is segmented by cash management, depository, guns safe, vaults, gold and others, out of which, the cash management segment is anticipated to hold the largest share. The demand for hidden safes used for cash management is more as it gives complete security and control over the cash handling process. Moreover, it provides excellent security against theft and greatly enhances the cash flow for end user applications.
In the end user segment, banking sector holds the dominating market share and continue to maintain the lead over the forecast period. CLICK TO DOWNLOAD SAMPLE REPORT
Rising Security Concerns
As safety concerns are increasing worldwide amongst individuals, the demand for hidden safes are also increasing. The concern for leaving cash at locations where there are chances of theft is one of the riskiest circumstances an individual can ever face. To avoid such situations, there is a rising demand for hidden safes, which can be utilized for keeping money safely. Additionally, these safes are built with materials that are hard to break. The increasing concern for security and the numerous benefits of hidden safes are some of the factors anticipated to drive the growth of the global hidden safe market.
Need for modernized and compact safes
Companies all around the world are trying to provide the best and secure hidden safes. Increasing demand for hidden safes which are compact and loaded with latest technologies, such as biometric, record of transactions, easy cash management, improved battery backup and advance counterfeit detection technologies amongst others, along with other advanced features provided by the hidden safes are some of the factors anticipated to drive the growth of the global hidden safe market.
High Product Cost
High product cost of hidden safe and the availability of substitutes from many unorganized players are some of the factors anticipated to limit the growth of the global hidden safes market over the forecast period.
Our in-depth analysis of the hidden safe market includes the following segments:
By Safe Type
By End User
On the basis of regional analysis, the hidden safe market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Currently, Asia-Pacific is the top investment pocket for this market as it is anticipated that the market in the region will grow at a CAGR of over 6.5% during the forecast period. However, it is also expected that the major demand for hidden safe will be from China, Japan and India owing to the growing banking and non-banking sectors in these nations.
On the other hand, the market in Middle East and Africa region is estimated to witness a tremendous growth on account of increasing thefts and the safety concerns amongst individuals in the region.
In Europe region, increasing demand advanced safety products is driving the market growth and is expected to grow at a significant CAGR over the forecast period.
The global hidden safe market is further classified on the basis of region as follows:
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