Traveler Security Services Market Trends and Forecast by 2025 | COVID-19 Analysis

Market Highlights

Global Traveler Security Market is expected to reach USD 1,422.7 Million by the end of 2024 at a CAGR of 9.8% during the forecast period. In this report, Market Research Future (MRFR) includes the segmentation and market dynamics to offer a better glimpse of the market in the coming years.

Major factors responsible for the growth of the traveler security market are the rise in business travel spending, the growing need among enterprises to provide a safe and secure travel experience to their employees, and an increase in the number of international travelers. Owing to huge spending on corporate and individual travel, travel security services have become a rapidly growing trend across industry verticals. A number of large and small & medium enterprises are getting inclined toward outsourcing their travel security services for employee safety. Most of the companies operating in the travel security services market offer risk management, real-time information, memos, alert, country-wise reports, and emergency services such as 24/7 call support, SOS alert function, GPS location sharing, PNR tracking, and many more. Since these travel security providers offer comprehensive and detailed services, enterprises tend to outsource them. Outsourcing such services help enterprises to avoid hassles during the course of travel. Also, since these service providers have a complete understanding of regional laws, culture, and other dynamics (since they have a strong network across the globe), they provide more efficient security services as compared to the services offered inhouse. These advantages have therefore led to the outsourcing of travel security services, thereby driving the overall market.

Segmentation:

Global Traveler Security Market has been segmented based on service Type, Organization Size, Industry, and Regions.

By service type, the global traveler security services market has been segmented into risk consulting, contingency and crisis management planning, emergency response, legal compliance, investigations, privacy and fraud preventions, threat assessment, and others. Risk consulting services include consulting services offered by the traveler security services providers that include program and consulting services to take precautionary measures against assault, robbery, theft, safeguarding values abroad, anti-kidnapping measures, and geographic risks, among others. Contingency and crisis management planning services include risk reduction services, contingency planning services, and crisis handling services. Emergency response services include 24/7 assistance (over call or in-person) in case of any emergency (medical-related, security-related, travel-related, and civil unrest, among others). Legal compliance services include services related to tax compliances, immigration consulting, travel security service, international standards advice to corporate travelers, and procedural guidelines for travel security. Security traveler providers assign risk management professionals who provide investigative solutions to their clients. These services include fraud prevention & investigation services, investigation in criminal cases, civil litigation, and employment proceedings, among others. Threat assessment services include a comprehensive analysis of the threats on each itinerary. Threats are classified into a number of areas such as health, safety and security, local laws, and culture. Other key services offered by providers include medical-related services, training services, and rescue services.

By organization size, the global traveler security services market has been segmented into small & medium enterprises and large enterprises. The large enterprise's segment consists of enterprises with a workforce of more than 1,000.  For various conferences, business deals, vendor meets, and research purposes, employees working in large enterprises travel abroad frequently. Also, management in large enterprises are focusing on their employees’ safety and security, and therefore, spending on various third-party travel security services. SMEs are enterprises with a workforce of lesser than 1,000 employees. For business expansion, small and medium enterprises are sending their employees across regions, which in turn is increasing the frequency of corporate travel among small and medium enterprises. Also, these enterprises are looking for their party security services; this is increasing the demand for traveler security services. However, due to budget constraints, specifically in small enterprises, the adoption of third-party security services is limited.

By industry, the global traveler security services market has been segmented into government and public sectors, families, and corporate. These industries are increasingly looking for security services in order to provide safe traveling experiences to their employees. Also, due to cross border business expansion, international conferences, and supplier meets, the frequency of corporate travelers has increased, thereby increasing the demand for various travel security services. The corporate segment accounted for the largest market share of 68.1% in 2018, with a market value of USD 571.2 million; it is expected to register the highest CAGR of 10.1% during the forecast period. The government & public sector segment was the second-largest market in 2018, valued at USD 211.7 million; it is projected to exhibit a CAGR of 9.1%.

Regional Analysis

Geographically, the COVID-19 analysis of traveler security market has been categorized into four regions, namely North America, Europe, the Asia-Pacific, the Middle East & Africa, and South America.

North America led the traveler security services market in 2018, whereas Asia-Pacific is expected to be the fastest-growing market in the traveler security services market during the forecast period. Europe is expected to be at the second spot for the traveler security services market in terms of market share during the forecast period.

North America accounted for the largest market share of 37.9% in 2018, with a market value of USD 317.6 million; the market is expected to register a CAGR of 7.2% during the forecast period. Europe was the second-largest market in 2018, valued at USD 283.4 million; it is projected to register the highest CAGR of 9.1% during the forecast period.

Key Players

The Key Players in the market are TigerSwan, SOS Security LLC, GardaWorld, Drum Cussac, Solace Global Limited, American International Group, Inc., Northcott Global Solutions Ltd, Sicuritalia Group Holding SpA, Integrated Security Services, Inc., Pinkerton Consulting & Investigations, Inc., TRACK24, Anvil Group, Global Rescue LLC and Sicuro Group LLC among others.