The global travel risk management services market was valued at $96,262.8 million in 2021, and is estimated to reach $2,23,617.7 million by 2031 with a CAGR of 8.1% from 2022 to 2031.
Travel risk management service is a division of regular business tourism in which people travel for a business-oriented purpose and purchase risk management services by the providers during their business tours. It includes health security, travel security, crisis management, data security, and other travel related risk management services. Global travel & tourism industry is one of the largest industries with global economic contribution of more than $9000 billion. According to World Travel and Tourism Council (WTTC), the global travel & tourism sector contributed to around $9.2 trillion to the global GDP (Gross Domestic Product) in 2019. The business travel segment witnesses the highest growth rate in this industry, as employees working in multinational organizations are often required to travel across various countries for business purposes, which supports the growth of global travel risk management services market.
Numerous companies operating in the global business travel market are trying to provide well-managed and cost-effective programs to the customers with the rise in demand for business travel management services. The growth of the global travel risk management services market is driven by the expansion of the business travel & tourism industry, surge in government initiatives for the development of meetings, incentives, conferences, and events (MICE) segment & small and medium-sized enterprises (SMEs) sector, and increase in globalization of businesses. However, surge in adoption of advanced technology such as tour trackers, risk management software, video conferencing, and others are few of the major factors supporting the market growth. Conversely, increase in infrastructural investment and rapid growth in the travel retail market are anticipated to provide lucrative opportunities for the travel risk management services market globally.
The travel risk management services market is segmented on the basis of service type, enterprise size, industry, and region. 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).
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 service is a division of regular business tourism in which people travel for a business-oriented purpose and purchase risk management services by the providers during their business tours. It includes health security, travel security, crisis management, data security, and other travel related risk management services. Global travel & tourism industry is one of the largest industries with global economic contribution of more than $9000 billion. According to World Travel and Tourism Council (WTTC), the global travel & tourism sector contributed to around $9.2 trillion to the global GDP (Gross Domestic Product) in 2019. The business travel segment witnesses the highest growth rate in this industry, as employees working in multinational organizations are often required to travel across various countries for business purposes, which supports the growth of global travel risk management services market.
Numerous companies operating in the global business travel market are trying to provide well-managed and cost-effective programs to the customers with the rise in demand for business travel management services. The growth of the global travel risk management services market is driven by the expansion of the business travel & tourism industry, surge in government initiatives for the development of meetings, incentives, conferences, and events (MICE) segment & small and medium-sized enterprises (SMEs) sector, and increase in globalization of businesses. However, surge in adoption of advanced technology such as tour trackers, risk management software, video conferencing, and others are few of the major factors supporting the market growth. Conversely, increase in infrastructural investment and rapid growth in the travel retail market are anticipated to provide lucrative opportunities for the travel risk management services market globally.
The travel risk management services market is segmented on the basis of service type, enterprise size, industry, and region. 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).
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.
Key Market Segments
By Service type
- Travel Security
- Crisis Management
- Assistance and Tracking
- Data Security
- Others
- Health Security
By Enterprize Size
- Small Enterprises
- Medium Enterprises
- Large Enterprises
By Industry
- Pharmaceutical and Healthcare
- Agri, Food and Beverage
- Hospitality
- Business Services and Consulting
- IT, Technology and Telecom
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Argentina
- Rest of LAMEA
Key Market Players
- bcd group
- Carlson, Inc.
- Everbridge, Inc.
- FocusPoint International, Inc.
- Global Rescue LLC
- healix
- Kroll, LLC.
- Millbank Solutions
- The Collinson Group Limited
- Tokio Marine Holdings, Inc.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: TRAVEL RISK MANAGEMENT SERVICES MARKET, BY SERVICE TYPE
CHAPTER 5: TRAVEL RISK MANAGEMENT SERVICES MARKET, BY ENTERPRIZE SIZE
CHAPTER 6: TRAVEL RISK MANAGEMENT SERVICES MARKET, BY INDUSTRY
CHAPTER 7: TRAVEL RISK MANAGEMENT SERVICES MARKET, BY REGION
CHAPTER 8: COMPANY LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, titled, “Travel Risk Management Services Market," the travel risk management services market was valued at $96.26 billion in 2021, and is estimated to reach $223.62 billion by 2031, growing at a CAGR of 8.1% from 2022 to 2031.Travel risk management services industry is gaining a huge popularity as the business professionals and executives are planning more business tours globally to ensure their business’s health and growth. Providing security and seeking for data safety are few of the travel risk management services market trends. The professionals and their organizations are performing robust efforts to secure their employees business tours and company’s security in the modern landscape of business risks. Business travel or business tourism refers to the activity of travelling or journey that is done for various business purposes such as meetings, negotiate deals, networking, trade shows, and exhibitions. Business travel is done mainly for building partnerships, joint ventures, meeting suppliers and customers, maintaining relation between companies, and promotion of product or service. The development and growth of various online travel agencies (OTA) such as booking.com, KAYAK, and Expedia, are contributing toward the growth of the global business travel market by providing relevant services and risk management solutions. Moreover, the global travel risk management services market growth is driven by the expansion of the travel & tourism industry, surge in government initiatives for the development of MICE (meetings, incentives, conferences, and events) segment & SME sector, and increase in globalization of business.
The trending factors responsible for fueling the demand for travel risk management services market size include weather uncertainty, cyber frauds, accidental risks, health risk of the employees during the tour, and others. The buyers are becoming more concerned regarding their employees and business risks and opting for adequate and best deals on travel risk management services in the market.
According to the Global Business Travel Association (GBTA), the global business travel spending plummeted 52% in 2020 and the losses are 10 times larger than the Great Recession of 2008. The business travel spending fell by around 60% in North America, in Europe by 78%, and in Asia-Pacific by 48% in 2020. The overall global business travel spending fell by around 52% resulting in huge revenue losses to the players operating in the business travel market. The government tried to bring in COVID-19 measures to revive the falling business travel industry. For example, the Health Ministry of Singapore announced to increase capacity limits for MICE events to 750 people from 250 people in April 2020. This move was appreciated by the Singapore Association of Convention and Exhibition Organizers and Suppliers (Saceos). According to the president of Saceos, it was the most needed step to re-open and restart the MICE industry. However, there were few market players who were much concerned about the increased costs due to the expansion of capacity limits. The impact of COVID-19 on the business travel market was directly related to travel risk management services market demand as the number of international arrivals decreased in the pandemic.
Other significant factors that promote the growth of the Travel Risk Management Services Market share are change in preferences of business leaders to seek bleisure trips, rapid urbanization, and industrial growth. The current trend of online booking option of risk management services have increased the convenience of the business travelers, which is further anticipated to boost the market growth. Moreover, infrastructural development and expansion of retail business fuel the growth of the industry.
Key Findings of the Study
- On the basis of service type, the crisis management segment is projected to witness the highest CAGR of 9.1%, in revenue terms, during the forecast period.
- On the basis of enterprise size, the small enterprise is expected to grow at a CAGR of 8.8% during the forecast period.
- On the basis of industry, business services and consulting is expected to grow at a highest CAGR of 10.0% during the forecast period.
- On the basis of region, the US was the largest country in North America, in terms of revenue generation for travel risk management services market in 2021.
Companies Mentioned
- Bcd Group
- Carlson, Inc.
- Everbridge, Inc.
- Focuspoint International, Inc.
- Global Rescue LLC
- Healix
- Kroll, LLC.
- Millbank Solutions
- The Collinson Group Limited
- Tokio Marine Holdings, Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 271 |
| Published | August 2022 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 96262.8 million |
| Forecasted Market Value ( USD | $ 223617.7 million |
| Compound Annual Growth Rate | 8.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
