Travel Risk Management Services Market Research, 2031
The global travel risk management services market was valued at $96.26 billion in 2021, and is projected to reach $223.62 billion by 2031, growing at a CAGR of 8.1% from 2022 to 2031.
Identification, analysis, and decision-making on the threats to a location or organization are all part of the travel risk management services market. They are methodical, logical approaches to problem solving and making decisions in faith of businesses and business travellers. Travel risk management services are lightweight and simple to set up, making them an essential part of outdoor gear. The report on the travel risk management services market size presents a detailed analysis of the trends, future estimations, and thorough study of the market based on services, industry, traveller, and region.
Globalization is one of the major factors supporting the market growth. Companies are increasingly sending their workers to more international locations for the purpose of business needs. Some locations are far away or in dangerous areas that can affect the business and travellers. The amount of danger in some countries is also becoming harder to assess, especially as it is rising even in places that were once thought to be low-risk. Thus, the companies are looking for effective travel risk management services to avoid unprecedented risks during the travel.
Globalization in business refers to change in a business from a company associated with a single country to one that operates in multiple countries. The leading business organizations such as Toyota Motor Corporation, Mc Donald's, Wal-Mart stores Inc., and Amazon, Inc. are venturing beyond national boundaries to tap more business opportunities and supportingÃ‚ Travel Risk Management Services Market demand.
The travel risk management services industry is supported by the growth of multinational companies and their international movements for their business perspective. The growth of information and communication technology (ICT) in Asian countries has favoured the growth of multinational companies in Asia-Pacific region. Moreover, the availability of different resources and cheap labor in emerging nations such as China, India, Malaysia, and Indonesia have attracted the many foreign companies to operate their business in these regions. The lucrative offers made by the governments of developing nations to attract foreign investment has led to the establishment of multinational enterprises ultimately boosting the business travel. Developing countries such as China, have become a manufacturing hub that accounted for around 28.7% of the global manufacturing output in 2019, as per the data published by United Nations Statistics Division. As a result, Asia-Pacific has become the largest business travel market across the globe. In addition, liberalization in market entry strategies in countries such as India, encourages the global business organizations to expand their market size. To operate global firms, activities such as geocentric or cross-culture employee training, and international marketing have notably increased, which is one of the prime factors that promote the travel risk management services market growth.Ã‚
There are various technological advancements that emerged in the recent years and are being adopted by the business travel service providers. The popular technologies such as artificial intelligence, chat bots, voice search & voice control technology, and internet of things (IoT) are used by the players operating in the market. Voice search, chat bots are used in the websites to provide customers the convenience and ease of booking risk management services.
The travel risk management services market is segmented into Service type, Enterprize Size and Industry.
By service type, it is categorized into health security, travel security, crisis management, assistance & tracking, data security, and others. By enterprise size, it is segmented into small enterprise, medium enterprise, and large enterprise. On the basis of industry, it is bifurcated in to pharmaceutical and healthcare, agri, food, & beverages, hospitality, business services & consultant, technology & telecom, and others. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Argentina, and Rest of LAMEA).
Based on the service type, travel security services holds major share in the year 2021, owing to the increasing travel fradulent activities and increasing concerns of travelers regarding their safety during the tour.
Large enterprises segment is gaining huge popularity among the business travelers, owing to increased facilities in these properties, increased offerings of risk management services and flexibilities among the people.
On the basis of industry, agri, food & baverages segment is dominating the global travel risk management services market share owing to the well established food sectors all across the world and increasing innovations in the industry leads to the higher business tours globally.
Based on the region, Asia-Pacific would exhibit the highest CAGR of 7.3% during 2021-2028, owing to the increasing industrialization, westernization, and rise in business opportunities in the region.
The key players operating in the travel risk management services market include BCD Group, Carlson, Inc., Everbridge, FocusPoint International, Inc., Global Rescue LLC, Healix, Kroll, LLC., Millbank Solutions, The Collinson Group Limited, and Tokio Marine Holdings, Inc.
Travel Risk Management Services Market Report Highlights
By Service type
By Enterprize Size
Key Market Players
The Collinson Group Limited, bcd group, Global Rescue LLC, healix, FocusPoint International, Inc. , Everbridge, Inc., Kroll, LLC., Carlson, Inc., Millbank Solutions, Tokio Marine Holdings, Inc.
The travel risk management services industry has witnessed steady growth even under several turbulence such as global uncertainty, weakened global economy, terrorist attacks, world health issues, and others. This is attributed to the positive impact of business travel, which has a high return on investment, and further increases the interest of top-level management of business organizations across the world to invest heavily in this market. According to the insights of the CXOs, Asia-Pacific region is expected to grow at a significant rate during the Travel Risk Management Services Market Forecast, owing to increase in government initiatives to carry out business activities conveniently. Moreover, economic development is a prime factor in the market, as it plays a major role in managing relationships, investments, supply chains, and logistics, which further influences trade in the domestic & international markets. Rise in trend of online booking & fund transfer has increased the convenience and lowered the cost of service expenses, thereby offering a pleasurable experience to the business travelers to book travel risk management services.