Market Highlights
Market Research Future (MRFR) expects the traveler security market 2020 to procure a valuation of USD 1,422.7 Million by 2024-end. MRFR also anticipates that the market can progress at a rate of 9.8% between 2019 and 2024, which is the assessment period. We will provide covid-19 impact Analysis with the report
In this world of global business, international travel has become a part of everyday routine for major companies, and there is a subsequent increase in the related budgets. Parallel to this, the travel security service market is also expanding. The competition within the market is very high because the services are now also employed by small and mid-sized enterprises. The companies, rather than keeping their security staff, are outsourcing the security responsibilities, as this method not only is efficient but also yields better results when the security provider is a professional.
COVID-19 Analysis
The impact analysis on covid-19 by MRFR suggests that post pandemic; a number of industries have collapsed, including travel and tourism. Technological innovations have made travel and tourism affordable and easy, however it will remain fragile till the time a COVID-19 breakthrough is not achieved. The short term impact involves countries imposing limits on travel, which can mean slower market growth for traveller security services. When it comes to the long-term impact of covid-19, the financial strategy of the tourism industry has weakened significantly, resulting in considerable revenue loss. However, there is a glimmer of hope for one aspect of the travel industry, namely the information and communication technology sector. More and more companies are focusing on diversification of the supply chains to boost resilience. AI is finding extensive use for predicting evolving demand, and the increasing prevalence of the remote work strategy across the IT infrastructure can translate to better gains for the ICT industry in the coming years.
Segmentation:
Primary segments depending on which the traveler security market size has been studied include service type, organization size and industry.
The service types in the traveler security services market are privacy and fraud preventions, emergency response, investigations, risk consulting, threat assessment, contingency and crisis management planning, legal compliance, and more.
The organization size-wise market segmentation comprises small & medium enterprises as well as large enterprises. For business deals, conferences, research purposes and vendor meets, employees in large enterprises are constantly travelling, which mandates the need for travel security services. Also, management in these enterprises is largely focused on the employees’ security and safety, spending considerably on third-party travel security services. These factors have led the large enterprises segment to achieve the top position in the market.
The industries where travel security services are widely deployed include government and public sectors, families, and corporate. In 2018, the corporate category seized the largest share of 68.1% and was worth USD 571.2 million. The segment can also record the fastest expansion rate of 10.1% between 2019 and 2024. The second lead was obtained by the government & public sector segment the same year, with a value of USD 211.7 million and projections of it attaining a growth rate of 9.1% in the next few years.
Regional Analysis
The global travel security services market is observed based on four markets, namely, America, Europe, Asia Pacific and The Middle East & Africa.
In the American region, North America is the biggest market for travel security services due to spreading global trade and increasing numbers of international travelers. Europe is the second-largest market and will stay at the same spot during the survey period.
The Asia Pacific market is at the third place. Still, it will emerge as the fastest growing market due to the rapid increase in the number of international travelers and secondly, the narrowing gap between the markets here and present in other parts of the world.
Rest of the markets are still struggling through their economic challenges, are holding a tiny portion of the market and will continue the same pace during the entire survey period.
Recent Industry News
The global travel security services market is growing at considerable speed due to demand for security for corporate, government and family travels, as the number of international travelers is increasing. The companies have increased their budgets for providing security benefits to their employees. These are factors that are responsible for the extensive growth of this market. Competition within the market is also getting narrow with time. North America is the largest market, whereas the Asia Pacific will be the market with the fastest growth rate.
