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There has been an increase in the corporate travel worldwide as the companies are taking their business in the oversea markets. Business travel enables corporates to tap new opportunities, expand their global footprint, and track new trends in the market. As corporate traveling is increasing, the corporate travel security market is also witnessing an overhaul. Companies have now realized the importance of their legal and moral obligation toward the safety of the employees during business travel. A large number of businesses are now trying to provide security to their employees while they are on business travel. Key aspects included in this program are risk evaluation, travel policy, communication, training, travel tacking, and crisis response. The global corporate travel market is segmented into industry and service type.
COVID-19 Scenario Analysis:
The Covid-19 outbreak has put a grinding halt on business travels.
Lockdown has ensured everyone stays at home and works from home itself.
Even after the flights resume, business travel is expected to be at a halt for medium to long duration of time.
Global companies will be more conscious of travel spends especially when technology can provide them other alternatives.
Less corporate travel activities imply less workload for corporate travel security companies, which would limit the market growth.
Over the past few years, corporate travel security has become a trend that is evolving at a rapid pace. As business travelers face various security issues during their travel, global business travel security has gained significant recognition over the years. Advancement in technology is the major factor that contributes toward the growth of the market. Furthermore, in the upcoming years, digital technology is expected to provide the business travelers with all the information they might require. High service costs are expected to restrain the growth of the travel security market.
Significant rise in the business travelers, be it males or females, technological advancements, and realization of legal responsibilities are the key drivers of the corporate travel security market.
The rise in competition is seen clearly as large-scale companies with a strong global presence have already established such programs. While medium scale companies have also started paying attention to corporate travel security programs.
Artificial Intelligence is seen as an extensive opportunity in this market. As needs of the corporate travelers can be understood with the help of AI requirements and they can be offered with the desired information.
Major trends in the global corporate travel market:
There is a rise in the number of women working in the corporate sector, which increases their participation in business meets organized in a foreign land, enforcing the government to frame rules and regulations protecting the employees and their safety concerns.
Nowadays, employees prefer bleisure, which is a mix of business and leisure. This trend has increased the need for corporate travel security.
An increase in globalization means the companies now tend to move to a foreign land to enhance their profitability and competitiveness. Thus, increasing the need for security while traveling.
A rise in awareness among people about safety travel is changing the behavior and preferences of the consumers.
Technology is progressing at a fast pace day by day. Thus investing in AI gives reliable and safe options for the companies to ensure the travel safety of their employees.
Key Benefits of the Report:
This study presents the analytical depiction of the global corporate travel security industry along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global corporate travel security market share.
The current market is quantitatively analyzed to highlight the global corporate travel security market growth scenario.
Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
The report provides a detailed global corporate travel security market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions Answered in the Corporate Travel Security Market Research Report:
What are the leading market players active in the corporate travel security market?
What the current trends will influence the market in the next few years?
What are the driving factors, restraints, and opportunities in the market?
What future projections would help in taking further strategic steps?
Key Market Segments
Key Market Players