The Global Travel Risk Management Services Market size is expected to reach $188.9 billion by 2030, rising at a market growth of 8.1% CAGR during the forecast period.
North America has numerous travel risk management service providers, ranging from large multinational corporations to specialized firms catering to specific industries or niches. These providers offer a wide range of services to meet clients' diverse needs. Therefore, the North America region would register more than 28% share of the market by 2030. The region has significant business travel due to its robust economy and global business ties. Travel risk management services ensure the safety and security of employees traveling for work attending meetings, conferences, and other business-related activities. Some of the factors impacting the market are rising awareness of travel risks, increasing frequency of natural disasters, and complex regulatory environment.
Increasing awareness of various travel risks, including health-related issues (e.g., pandemics), security threats, natural disasters, and political instability, has prompted organizations to prioritize traveler safety. High-profile events, including natural disasters, terrorist attacks, political unrest, and health crises like the COVID-19 pandemic have garnered extensive media coverage. These events have heightened public and organizational awareness of the risks associated with travel. Travelers and organizations are increasingly proactive in seeking solutions to mitigate and manage these risks, resulting in the growth of the market. Additionally, Travel risk management services specialize in assessing and mitigating travel-related risks, including those posed by natural disasters. They provide organizations valuable insights and recommendations to minimize exposure to such risks. These services help organizations develop and implement emergency evacuation plans for travelers in disaster-prone areas. This includes identifying safe evacuation routes and assembly points. The increasing frequency of natural disasters underscores the importance of these services. Organizations recognize the need to proactively address the risks associated with natural disasters to protect their employees, maintain business continuity, and demonstrate their commitment to duty of care. As natural disasters continue to pose challenges, the demand for comprehensive travel risk management solutions is expected to grow.
However, Organizations can face legal liabilities if they do not adequately fulfill their duty of care obligations. Understanding the legal implications of travel risk management is crucial. Regulatory authorities require organizations to monitor and report on their travel risk management practices. This involves tracking traveler data, risk assessments, and incident responses. These regulatory challenges require a thorough understanding of the legal requirements in different jurisdictions, proactive compliance measures, and ongoing monitoring of regulatory developments. The complex regulatory environment poses significant challenges to the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include FocusPoint International, Inc., BCD Group, Collinson International Limited, Tokio Marine Holdings, Inc., CWT Global B.V, Global Rescue LLC, Everbridge, Inc, Kroll, LLC, Chubb Limited, and Healix Group of companies.
North America has numerous travel risk management service providers, ranging from large multinational corporations to specialized firms catering to specific industries or niches. These providers offer a wide range of services to meet clients' diverse needs. Therefore, the North America region would register more than 28% share of the market by 2030. The region has significant business travel due to its robust economy and global business ties. Travel risk management services ensure the safety and security of employees traveling for work attending meetings, conferences, and other business-related activities. Some of the factors impacting the market are rising awareness of travel risks, increasing frequency of natural disasters, and complex regulatory environment.
Increasing awareness of various travel risks, including health-related issues (e.g., pandemics), security threats, natural disasters, and political instability, has prompted organizations to prioritize traveler safety. High-profile events, including natural disasters, terrorist attacks, political unrest, and health crises like the COVID-19 pandemic have garnered extensive media coverage. These events have heightened public and organizational awareness of the risks associated with travel. Travelers and organizations are increasingly proactive in seeking solutions to mitigate and manage these risks, resulting in the growth of the market. Additionally, Travel risk management services specialize in assessing and mitigating travel-related risks, including those posed by natural disasters. They provide organizations valuable insights and recommendations to minimize exposure to such risks. These services help organizations develop and implement emergency evacuation plans for travelers in disaster-prone areas. This includes identifying safe evacuation routes and assembly points. The increasing frequency of natural disasters underscores the importance of these services. Organizations recognize the need to proactively address the risks associated with natural disasters to protect their employees, maintain business continuity, and demonstrate their commitment to duty of care. As natural disasters continue to pose challenges, the demand for comprehensive travel risk management solutions is expected to grow.
However, Organizations can face legal liabilities if they do not adequately fulfill their duty of care obligations. Understanding the legal implications of travel risk management is crucial. Regulatory authorities require organizations to monitor and report on their travel risk management practices. This involves tracking traveler data, risk assessments, and incident responses. These regulatory challenges require a thorough understanding of the legal requirements in different jurisdictions, proactive compliance measures, and ongoing monitoring of regulatory developments. The complex regulatory environment poses significant challenges to the market.
Service Type Outlook
By service type, the market is categorized into travel security, crisis management, assistance & tracking, data security, health security, and others. In 2022, the travel security segment held the highest revenue share in the market. Travel risk management services often include tracking and monitoring capabilities. This involves using technology to monitor travelers' whereabouts and provide real-time updates on their locations. This allows organizations to know the whereabouts of their employees and respond quickly in case of emergencies. Providers offer comprehensive risk assessment services that analyze various factors, including destination safety, political stability, health risks, and crime rates. They use this information to provide travelers and organizations with intelligence reports and threat assessments.Enterprise Size Outlook
Based on enterprise size, the market is classified into small enterprises, medium enterprises, and large enterprises. The medium enterprises segment acquired a substantial revenue share in the market in 2022. Medium-sized enterprises represent a growing and dynamic segment of the market. Their increasing global presence and business travel needs drive demand for travel risk management services. Medium-sized enterprises are a significant and growing customer segment in the travel risk management services market. Their demand for comprehensive, cost-effective, and customizable solutions contributes to this industry's continued expansion and development. As SMEs expand their global footprint, their reliance on travel risk management services is expected to increase.Industry Outlook
On the basis of industry, the market is divided into pharmaceutical & healthcare, agri, food & beverage, hospitality, business services & consulting, IT, technology & telecom, and others. In 2022, the pharmaceutical and healthcare segment garnered a promising growth rate in the tra market. Pharmaceutical companies and healthcare organizations often have global operations, with employees and representatives traveling globally for various purposes, such as research, clinical trials, business meetings, and medical conferences. This extensive travel activity increases the demand for travel risk management services.Regional Outlook
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific region led the market by generating the highest revenue share. The Asia Pacific region is one of the fastest-growing economic regions globally, with many countries experiencing rapid development. This growth has led to increased business travel, both domestically and globally. The Asia-Pacific region is a well-liked travel destination globally. Travelers, including tourists and business travelers, seek safety and security during their visits, fueling the demand for risk management services. The Asia Pacific region has embraced technological advancements, including mobile apps, GPS tracking, and communication platforms, which enhance traveler safety and communication.The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include FocusPoint International, Inc., BCD Group, Collinson International Limited, Tokio Marine Holdings, Inc., CWT Global B.V, Global Rescue LLC, Everbridge, Inc, Kroll, LLC, Chubb Limited, and Healix Group of companies.
Strategies deployed in the Market
- Jul-2023: BCD Travel revealed GetGoing, an all-in-one platform. The new platform is designed for companies searching for a digital self-service solution to handle all facets of business travel, supported by assistance from travel. With the launch of GetGoing, the company aims to offer a self-service option backed by a team of travel industry professionals to the quickly expanding small and midsize market.
- May-2023: Healix unveiled an online tool, Healix Travel Safe. In order to ensure that safety precautions are followed in accordance with a global best practice standard, Healix's Travel Safe makes sure that all aspects are thoroughly analyzed for hazards and security.
- Jun-2022: FocusPoint International revealed the CAP Tripside Assistance (CAP) service plan for the consumer travel market. CAP offers urgent help to travelers who are stuck, experiencing a crisis, or who are only facing the threat of a crisis, together with advanced domestic and international travel assistance.
- Feb-2022: Collinson entered into partnership with AETOS, a leading unified security and safety solutions provider, and Crisis24, a leading provider of integrated risk management, crisis response, consulting, and global protective solutions firm. Through this partnership, the company aims to offer risk mitigation services and support to its clients, enabling them to efficiently assess, mitigate, and manage risks in the face of a constantly changing threat environment.
- Dec-2021: Tokio Marine Insurance Vietnam Co., Ltd. ("TMIV"), the Vietnamese subsidiary of Tokio Marine Holdings, Inc. unveiled TM Care, an insurance app for Japanese companies operating in Vietnam. The new software offers paperless, cashless, and contactless insurance policy processing to Vietnamese-based employees of Japanese corporations by utilizing Tokio Marine Group's expertise in online insurance sales in Japan.
- Jul-2021: FocusPoint International Inc. partnered with Globalstar, Inc., an America-based satellite communications company that operates a low Earth orbit (LEO) satellite constellation. With this partnership, the company would provide a comprehensive solution that keeps Globalstar and SPOT customers connected and secured from medical emergencies and security situations that can happen nearby or halfway around the world through the Global Overwatch & Rescue Plan.
- Jun-2021: Tokio Marine Holdings entered into a partnership with RMS, a Catastrophe risk solutions company. With this partnership, the company aims to utilize RMS models, data, and applications, as well as the RMS cloud platform, Risk Intelligence.
- Aug-2019: Everbridge, Inc. completed the acquisition of NC4, a leading global provider of threat intelligence solutions. Through this partnership, the company aims to enhance its offering from incident identification to response, mitigation, or ultimately, avoidance and prevention.
- Aug-2019: BCD Travel took over Adelman Travel Group, a full-service travel management company in North America. Through this acquisition, the company aims to expand its business, and its global network, and to assist companies in utilizing the newest technology for their travel programs.
- Jun-2019: Collinson formed a partnership with Travel Risk & Incident Prevention (TRIP) Group, a Travel Risk Management community. With this partnership, the company aims to provide solutions that precisely suit the needs of our clients and sometimes even go above and beyond their duty of care duties.
Scope of the Study
Market Segments Covered in the Report:
By Service Type- Travel Security
- Crisis Management
- Data Security
- Health Security
- Assistance & Tracking
- Others
- Large Enterprises
- Medium Enterprises
- Small Enterprises
- Agri, Food & Beverage
- Pharmaceutical & Healthcare
- Hospitality
- Business Services & Consulting
- IT, Technology & Telecom
- Others
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- FocusPoint International, Inc.
- BCD Group
- Collinson International Limited
- Tokio Marine Holdings, Inc.
- CWT Global B.V
- Global Rescue LLC
- Everbridge, Inc
- Kroll, LLC
- Chubb Limited
- Healix Group of companies
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Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 5. Global Travel Risk Management Services Market by Service Type
Chapter 6. Global Travel Risk Management Services Market by Enterprise Size
Chapter 7. Global Travel Risk Management Services Market by Industry
Chapter 8. Global Travel Risk Management Services Market by Region
Chapter 9. Company Profiles
Companies Mentioned
- FocusPoint International, Inc.
- BCD Group
- Collinson International Limited
- Tokio Marine Holdings, Inc.
- CWT Global B.V
- Global Rescue LLC
- Everbridge, Inc
- Kroll, LLC
- Chubb Limited
- Healix Group of companies
Methodology
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