Traveler Security Services Market Opportunities and Competitive Landscape | COVID-19 Analysis

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

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.

Growth Boosters and Key Deterrents

Large-scale investments by high tech companies along with the escalating adoption rate of AI and automation can help the traveler security services market maintain its robustness in the face of the pandemic crisis. The traveler security market 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.

The global market is extremely competitive, where the players are battling it out to seize a larger share in the global market. Companies are competing armed with advanced digital services, reliability, better pricing and services. Vendors are offering advanced consultancy for enhanced mitigation and risk management solutions to not only survive but thrive in a fiercely competitive market. More and more companies are adopting marketing hacks that can help them boost their position worldwide, some of which include product launch, agreements, collaborations and more. To cite a reference, in 2019, Drum Cussac entered a partnership with Collinson, a leader in traveler assistance, and developed a 24/7/365 integrated travel risk management solution. This solution helps organizations ensure excellent experience of the employees that are traveling abroad.

A latest trend in the market is that a majority of large as well as small and medium enterprises have begun to outsource their travel security services to ensure employee safety. A number of companies in the travel security services industry offer country-wise reports, real-time information, risk management, alert, memos coupled with emergency services like SOS alert function, 24/7 call support, PNR tracking, GPS location sharing, and many more. These services are in great demand among travellers who want to feel secure and safe while travelling in unknown locations and want to have a comfortable experience.

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Segmentation:

Primary segments depending on which the traveler security services 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 Study

The COVID-19 analysis of traveler security services market includes North America, APAC or Asia Pacific, Europe, South America and MEA Middle East & Africa.

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 market. 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

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.

Key Developments

May 2020

The Japanese Foreign Ministry will make available the email-based security information services called Tabi-Regi for travelers that are overseas. With better user convenience, it is expected that more people will be encouraged to make foreign trips and use this service.