Growing focus on safety continues to fuel demand for security bags globally.
DUBAI, UAE / ACCESSWIRE / October 19, 2020 / Future Market Insights: The security bags market is expected to rise at a CAGR of 7.9% through 2027. Due to the propelling demand for security products in courier and logistics service, security bags market players are likely to expand product portfolio for a better market footprint. Growing digitalization continues to reduce opportunities for market players.
'Robust growth in courier and logistics service has led to a surge in demand for security bags and also helped the manufacturers build an interesting portfolio. The need for security products in banking sector acts as a major driving factor,' says the FMI Analyst.
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Security Bags Market- Key Highlights
- According to research analysts at FMI, cash/coin segment is expected to expand at a CAGR of 8.9 % through 2027.
- Global Security Bags Market is estimated to reach US$ 700 million by the end of 2027
- Cash/coin segment is set to cover 70% of the market share holding a parallel competition with strap bag segment.
- Courier and logistics service is giving a brighter look to the market altogether. Key players are continuously focussing on developing product portfolio.
Security Bags Market- Driving Factors
- Sustained demand from banking and pharmaceutical sector will drive growth
- Growing demand for card and dice bags in casinos continues to drive growth
Security Bags Market- Key Restraints
- Advanced technology and digitalization continues to pose threat to the market
- High cost remains a deterrent, especially during COVID-19 time, as consumer confidence is lower
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COVID-19 Impact on Security Bags Market
Demand for security bags has witnessed a decline owing to COVID-19 induced sluggishness. As industries run with restrictions and reduced staff, overall output has fallen, which has led to a ripple impact on security bags demand. FMI opines a steady recovery to commence from second half of 2021.
Key manufacturers are working on incorporating innovative techniques and enhancing product distribution and portfolio. For instance, adopting better technologies and focusing on mergers and acquisitions continues to be a key strategy for market growth.
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SOURCE: Future Market Insights
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