PUNE, India, June 23, 2023 /PRNewswire/ -- According to a recent market study published by Growth Market Reports, titled, "Global Safe Deposit Box Services Market Segments - by Payment Type (Monthly, Quarterly, Bi-Annually, Annually), by Box Size (Small, Medium, Large), by Application (Personal, Commercial), and Region: Size, Share, Trends and Opportunity Analysis, 2023-2031", the market size was USD 9.6 Bn in 2022 and is expected to surpass USD 11.8 Bn expanding at a CAGR of 2.4% by the end of 2031. Increasing awareness about the safety and security of valuables is projected to propel the market in the coming years.
Key Market Players Profiled in the Report
- JP Morgan Chase & Co.
- Bank of America Corporation
- Wells Fargo
- BANK OF CHINA (HONG KONG) LIMITED
- China Construction Bank (Asia) Corporation Limited
- Diebold Nixdorf Incorporated
- China Minsheng Banking Corp., Ltd
- KUWAIT FINANCE HOUSE
- SNB
- First Abu Dhabi Bank PJSC
- MySafe
- HAB Bank
- SQN Banking Systems
- Valley State Bank
- Liberty Bank
- Bank of Coushatta
- Huron Valley State Bank
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The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics. It provides an in-depth analysis of the market segments, which include payment type, box size, applications, and competitor analysis.
This report also includes a complete analysis of industry players and covers their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping market players to expand their market share.
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Regional Highlights:
On the basis of region, the global safe deposit box services market is classified as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific is anticipated to dominate the global market, as India and China-based banks are providing discounts on safe deposit boxes. Moreover, growing concerns to keep belongings safe among the older population are likely to fuel the regional market.
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Key Takeaways from the Study:
- Safe deposit box service is a bank locker service provided by banks that safeguard valuables at a bank. It is much safer than home safes.
- Safe deposit box service has storage facilities, which allow customers to rent out their safe deposit boxes to take care of belongings including personal and corporate belongings.
- Increasing rate of robbery is likely to boost the demand for safe deposit box for storing valuable items.
- Rising insurance policies from financial organizations to cover loss related to safe deposit boxes are expected to drive the market in the coming years.
- Technological advancements, such as biometrics and keyless systems to enhance security are expected to create lucrative opportunities in the safe deposit box service market.
- The annual payment type segment is projected to expand at a considerable CAGR during the forecast period, due to the growing need for long-term storage of belongings that are not used regularly.
- The small box segment is anticipated to hold a major share of the market, as it allows customization according to the customer's needs and can be used on a daily basis.
- The personal segment is expected to dominate the market during the projected period, owing to increasing security concerns regarding the theft of personal belongings.
Read 216 Pages Research Report with Detailed TOC on "Safe Deposit Box Services Market Segments - by Payment Type (Monthly, Quarterly, Bi-Annually, Annually), by Box Size (Small, Medium, Large), by Application (Personal, Commercial), and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast, 2023 - 2031"
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Key Segments Covered
Payment Type
- Monthly
- Quarterly
- Bi-Annually
- Annually
Box Size
- Small
- Medium
- Large
Application
- Personal
- Commercial
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Other Related Reports:
- Global Banking, Financial Services and Insurance (BFSI) Security Market by Information Security (Services [Managed Security Services, Integration & Maintenance Services, and Consulting & Training Services] and Software [Firewall, Identity Access Management, Security & Vulnerability Management, Unified Threat Management, Antivirus & Antimalware, Data Loss Protection, Disaster Recovery, and Encryption]), Physical Security (Services [Managed Security Services, Integration & Maintenance Services, and Consulting & Training Services] and Software [Access Control, Intrusion & Fire Detection, Physical Security Information Management, and Video Surveillance]), End-users (Insurance Companies and Banking), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 - 2028
- Global Domestic Safety Locker Market by Type (Electronic Safety Lockers, Non-electronic Safety Lockers), By Application (Home, Office, Others) And By Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast From 2022 To 2030
- Global Safety Locker Market by Distribution Channel (Online Shops, Brand Owned Retail Unit), by Application (Commercial, Household), by Type (Electronic safety lockers, Non-electronic safety lockers) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028
- Global Professional Safe Boxes Market by Type (Mechanical Safe, Electric Safe), By Application (Commercial Use, Home Use) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast From 2022 To 2030
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