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There has been an increase in travels owing to important business meetings and leisures. One needs to carry their important belongings with themselves and thus there is a need for safes to store their valuables wherever they go. Travelers became more regular, thus, hotels set up in-room safes for serving their clients. This is provided for the comfort of the client, as well as for the benefit of the hotel, because they want to get visitors in and out of the room every ten minutes. Valuable papers, like passports and other important documents, can be kept in the safes, as well as electronics and jewelry, find their place in hotel room safes.
Public agencies and businesses are upgrading their security systems due to a spike in the amount of criminal cases. The higher the number of travelers there will be the need for hotel and room safes. Improved perception of improved illegal activity helps to stimulate the demand of the safes and vaults industry. However, increased competition between the global giants restrains the market growth.
Based on type, the market for global hotel room safes is segmented into digital and mechanical. On the basis of application, the market is classified into free-standing, built-in and others. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Key Market Driver -
Increased awareness of people related to the benefits of hotel room safes is driving the market.
Key Market Restraint -
The rising competition among the global giants are hindering the market growth.
The global hotel room safes market is fairly fragmented, with number of players operating in the global markets. Some of the key players in the global hotel room safesmarket Global Safe Corporation, Indel B, CONFORTI, Gunnebo AB, ARREGUI, ASSA ABLOY Hospitality (Formerly VingCard Elsafe), JVD, FAS, Dometic Hotel Equipment, Itec, VITRIFRIGO, Minibar Systems, TECHNOMAX, POITOUX, STOCKINGER BESPOKE SAFES and others.
The global hotel room safes market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia-Pacific hotel room safes market is projected to develop at the highest pace during the forecast period, due to its potential economic development in in the emerging economies and the exponential rise of enhanced protection needed to secure important assets in heavily cash-intensive ecosystems. Technical advancement in product lines, growing crime rates, increasing possible applications among end-users, supporting and changing infrastructure security needs among emerging economies, and high risk capital expenditure in Research & development activities to build strategies with additional functionality that drive market growth in North America. Europe has a strong market share. Increased awareness of the benefit of room safes, together with the growing number of travelers in the area, due to their extensive travel locations in these countries, is supposed to deliver several opportunities for the growth potential of the hotel room safes market. The Middle East and the African and Latin faces sluggish growth in the market due to lack of manufacturing base.
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