Safes and Vaults Market Size

Global Safes and Vaults Market size was valued at USD 6.9 billion in 2023 and is poised to grow from USD 7.38 billion in 2024 to USD 12.58 billion by 2032, growing at a CAGR of 6.9% during the forecast period (2025-2032).

The key drivers of the global safes and vaults market growth are a rise in concern regarding the security of critical physical assets, a rise in perceived threat levels, retail and commercial bank growth, and an increase in security awareness.

Moreover, the financial services sector has been the quickest among all sectors to adopt facial recognition, fingerprints, biometric sensors, data encryption, wireless charging, and others. Apart from that, since there are changing needs, lifestyles, and expectations towards safes and vault services from customers, banks are mainly shifting towards internet or computerized banking by embracing technologies. Furthermore, the model of bank business has largely changed in order to achieve customer loyalty by investing in more converged and security-hi safes and vault services. Therefore, to acquire convenience & cost-saving services and reduce operational expenses, the banks have accelerated the deployment & use of technology in the model of prevailing vaults.

Additionally, the high incidence of criminal activities has increased people's and institutions' concern regarding the protection of their valuable assets during such times. Cash-based industries, such as the retail industry, have witnessed increased demand for cash management safes. The Asia-Pacific, Latin America, and the Caribbean (LAMEA) emerging economies have strong retail growth potential, which is anticipated to propel market growth throughout the forecast period. According to the India Brand Equity Foundation, India's retail sector is anticipated to reach USD 1.6 trillion by 2026.

How is AI Reinventing Safe and Vault Security?

Through the implementation of intelligent, responsive security features, artificial intelligence (AI) is transforming the safes and vaults industry. For greater authentication, AI-enabled safes implement behavioral biometrics, voice verification, and facial recognition. These products provide an anticipatory solution against theft by monitoring consumption patterns, detecting anomalies, and issuing real-time alerts. AI also facilitates easier integration with IoT networks, which provide smart alarms and remote monitoring. The demand for high-security AI-based safes across the financial, commercial, and residential sectors is being fueled by this technological trend.

• For instance, in July 2024, INKAS Safe Manufacturing launched an in-home vault door system that allows homeowners to transform spaces into safe havens equipped with AI-driven surveillance. Such developments are part of a larger trend in the industry toward AI-driven, modular security systems for residences and businesses.