According to a recent market study published by Growth Market Reports, titled, "Global Safe Deposit Box Services Market by Payment Type, Box Size, Application and by Regions: Size, Share, Trends and Opportunity Analysis, 2021-2030", the market was valued at USD 9,402.4 Million in 2021 and is expected to grow at a healthy growth rate of 2.3% by the year 2030. The global safe deposit box services market is expected to grow during the forecast period due to increasing cases of theft and robberies. Furthermore, there are many security measures has to be taken or to overcome for a safe deposit box to be accessible. In contrast, breaking into a home is much simpler.

The global Safe Deposit Box Services Market has been segmented based on Payment type, Box Size, application, and region. In terms of payment type, the Safe Deposit Box Services market is categorized as Monthly, Quarterly, Bi-Annually, and Annually. Based on Box Size, the market is categorized as Small, Medium, and Large. By Application, the market is categorized as Personal, Commercial. By region, the global Safe Deposit Box Services market is segmented as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA).

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Rising demand for robust security is expected to fuel the demand for safe deposit boxes in the coming years. Financial organizations such as banks and credit unions are offering customers/ members a safe deposit locker for storing valuable items. Customers across the globe prefer using safe deposit boxes to store valuables, due to the rising crime rates. According to the report published by the US Department of Justice, the rate of trespassing & robbery increased from 4.1 to 5.1 per 1,000 households. Banks and credit unions are registering high growth, due to the rising number of customers.

As per Growth Market Reports industry analyst Divjot Singh, the spread of the COVID-19 pandemic has had a serious impact on the society and overall economy of the world. The impact of COVID-19 is growing by the day and affecting the supply chain of the industries. The coronavirus pandemic is increasing uncertainty among consumers buying behavior, thus slowing the supply chain, increasing panic among customers, and reducing business confidence. The BFSI sector is a major part of the economy. Financial institutions are mostly affected due to the coronavirus pandemic. In order to prevent the crisis, banks navigated complicated government support measures, from sustaining cash and liquidity to readjusting operations. Furthermore, banks deliver a crucial social good to economic operators and individuals in this crisis, as shown by the quick steps regulators took to relax limitations on liquidity and capital.

Key Takeaways from the Study:

  • The players include 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.
  • In terms of Payment Types, the global Safe Deposit Box Services market is fragmented into monthly, quarterly, bi-annually, and annually. The annually payment type segment is anticipated to have a significant share in the market this is due to the rising adoption of annual plans where the need for storing belongings whether it is personal or commercial documents or accessories and not regularly used and there are no proper security storage facilities at homes and commercial places available. These are some of the major reasons for the adoption of annual payment plans.
  • In terms of Application, the global Safe Deposit Box Services market is fragmented into Personal and Commercial. Personal usage in the application segment is expected to see a credible market share due to consumers having large quantities of wealth in jewelry and is anticipated to expand at a considerable CAGR during the forecast period.
  • In terms of Box Size, the global Safe Deposit Box Services market is fragmented into Small, Medium, and Large. The small size safe deposit boxes are anticipated to have a significant share in the market, the growth is attributed to the growing income among people and rising security concerns such as data leakage or breaches and theft of personal or corporate belongings are rising day-to-day and usage of small-sized Safe Deposit Box Services when the belongings are less to store.
  • The Safe Deposit Box Services market in Asia-Pacific is expected to grow significantly during the forest period owing to a large number of customers investing in precious metals and gems in the region is increasing the demand for instant access to secure storage and automation & technological advancements in safe deposit boxes drive the market in the region. Innovations such as multi-faceted security and around-the-clock monitoring of CCTV cameras are boosting the safe deposit services market in the Asia Pacific

Report Scope

Report Metric

Details

Market Value in 2021

USD 9,402.4 Million

Market Growth Rate (from 2022 to 2030)

2.3%

Historical Data

2015-2020

Base Year

2021

Forecast Period

2022 – 2030

Market Segments

Payment Type, Box Size, Application, and Regions.

Region Scope

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA)

Key Companies Profiled

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

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail tailor-made purchase options to meet your research requirements.

Target Audience

  • Demand Side: High-Net-worth Individuals, Small-Business owners, Frequent Travelers, Homeowners, and Legal Professionals.
  • Regulatory Side: Anti-Money Laundering Directive (AMLD), Know Your Customer (KYC),
  • Federal Reserve Board., Federal Deposit Insurance Corporation (FDIC), and Others.