Traveler Security Services Industry Scenario:
T Market Research Future (MRFR) expects the Traveler Security Services Industry 2020 to procure a valuation of USD 1,422.7 Million by 2027-end. MRFR also anticipates that the market can progress at a rate of 9.8% between 2020 and 2027, which is the assessment period. We will provide covid-19 impact Analysis with the report.
he sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Traveler Security Services Industry. The growth sectors of the Traveler Security Services Industry are identified with precision for a better growth perspective.
Large-scale investments by high tech companies along with the escalating adoption rate of AI and automation can help the Traveler Security Services Industry maintain its robustness in the face of the pandemic crisis. The Traveler Security Services Industry is also positively influenced by the surge in business travel spending, mounting number of international travelers, and the rising focus of enterprises on providing a secure and safe travel experience to employees.
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- The service types in the Traveler Security Services Industry 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.
North America is in the lead, having captured the biggest share of 37.9% and a value estimated at USD 317.6 million in 2018. North America is also presumed to achieve a growth rate of 7.2% over the next couple of years. Europe, on the other hand, got the second position in the market and was worth USD 283.4 million in 2018. The regional market can advance at a rate of 9.1% during the conjectured period.
In the past few decades, North America has observed a sharp boost in the number of business travelers as well as women business travelers, which favors the Traveler Security Services Industry. Frequent technology-based innovations and companies increasingly understanding their legal responsibilities has led to a surge in corporate travel security across the region. A large number of vendors in the region heavily invest in the development of their business infrastructure and operations to boost their profitability which translates to excellent growth for traveler security services industry.
The APAC market growth is largely warranted by the increasing adoption of smart technology to administer travel with modern security solutions. The ability to provide offshore services to global clients while travelling in riots affected or terrorism affected areas with utmost security also induces market growth in the region. The expanding population of female individuals in mid-high level management and the increasing need for them to travel abroad compels corporates to go for traveler security services.
Notable competitors in the traveler security service industry include Pinkerton Consulting & Investigations, SOS Security LLC, GardaWorld, Sicuro Group LLC, American International Group, Inc., TigerSwan, TRACK24, Drum Cussac, Integrated Security Services, Inc., Sicuritalia Group Holding SpA, Northcott Global Solutions Ltd, Anvil Group, Global Rescue LLC, Solace Global Limited to mention a few.
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