Traveler Security Service Market Worth, Revenue, Share, Industry Segmentation | Valuates Reports

Travel Security Service Market

Key drivers of the traveler security services market include the rapid expansion of globalization leading to increased business travel to new locations for more profitable opportunities. The rising number of international travelers opt for customized solutions to ensure their safety and security. This will fuel the growth of the traveler security services market during the forecast period. The increasing need for enterprises to provide a secure travel experience to their employees will boost the market's growth. The covid 19 pandemic will provide lucrative opportunities for growth in the coming years.

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Trends Influencing the Global Travel Security Service Market

Business Travel

The highly globalized environment has led to the emergence of business travel. Travelers are frequenting different countries in order to foster existing business relationships and create new ones. In-person connections are far better than virtual modes of communication for cracking new business deals. However, business traveling comes with its own set of challenges. Trips to far-flung or unknown destinations always create risks that are least expected. International relations between countries have become complicated giving rise to geopolitical unrest, strikes, and campaigns. In such cases, travelers face the most risk. Extreme weather events due to climate change lead to delays in flight schedules and onboard interruptions. As tourism and sharing economy gain precedence many tourists and business passengers are facing backlash from local communities in the form of protests, ant-tourist graffiti, overtourism accusations, and outright hostility. Female corporate travelers face bigger threats than men when they are on the road. Hotels, businesses, and conference centers come with their own public wifi network and connectivity options. This exposes them to a range of cybersecurity threats like malware, hacking, unauthorized access to confidential data, etc. Such factors will boost the growth of the traveler security services market during the forecast period.

The growing number of international travelers

International tourism is booming. Rapid economic growth and rising disposable income are contributing immensely to the global tourism industry. Rapid digitization has bought the world closer than before. People are traveling to exotic off-beat destinations. Tour operators, hotels, and destination operators are offering attractive travel packages. Hence securing the safety of travelers is a must to sustain the expanding industry. A range of security services is being provided by key players including Risk consulting, Legal Compliance, Investigations, Privacy and Fraud prevention, and Threat Assessment. Functions involve round-the-clock security operations, contingency or evacuation support, travel security, corporate investigation, tactical monitoring, and security briefs. Then there are audits, reviews, strategic consulting, and crisis management to maintain seamless business continuity. These widescale deployments will drive the growth of the traveler security services market in the coming years.

Need to ensure the safety of employees

Multinationals and small companies are becoming global. This requires the need for corporate travel for employees. Employers face the burden of ensuring security by gauging the potential risks and dangers prior to business trips. Hence companies are investing in the duty of care policies. A pain-free and smooth trip increase staff retention rate, and employee productivity and boosts the overall well-being of the company in the long term. Enterprises are outsourcing their corporate travel safety procedures to third-party specialized vendors. These operators are highly skilled in travel risk management. This frees up the time of the employer and leads to efficient resource allocation. Political instability and mass protests are real dangers. Up-to-date clear information is required before the actual travel for mitigating any untoward incident. Providing medical support and proper sanitation facilities is of utmost importance. Maintaining the importance of the well-being of employees is a must as frequent flying can take a toll on the mental and physical health of workers. Furthermore, accommodation security, female traveler safety, itinerary tracking, and risk training are essential. These factors will boost the growth of the traveler security services market in the subsequent years.

Covid 19 Impact

The pandemic has completely upended the way we travel in the present times. As new normal sets in newer risks have evolved for travelers. A thorough risk assessment is a must in this highly uncertain world. Checking the guidelines and status of travel restrictions in different countries is necessary as updates keep on changing. Visas, vaccination certificates, and any additional documentation have to be kept safely. Regular communication through smartphones allows for tracking and supporting expatriates. Moreover, 24/7 emergency tools have emerged for the safety and security of travelers in any part of the world. This will in turn fuel the growth of the traveler security services market during the forecast period.

Travel Security Service Market Share

Based on type, the segmentations include risk consulting, legal compliance, investigations, privacy and fraud prevention, threat assessment, and others. Risk consulting is the identification, monitoring, and providing solutions on how to avoid risks during travel. Legal compliance deals with travel policies if companies that employees need to strictly adhere to. Privacy and fraud prevention deals with online data theft, fraud activities related to fake ticket purchases, and wrongful submission of documents. Investigations deal with the process of scrutinizing safety procedures to avoid any unexpected situation.

Based on application, the segmentations include government and public sectors, families, and corporates.

Based on region, North America is expected to dominate in the traveler security services market share due to the growing number of terror attacks and rising cases of covid 19.

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By Type
• Risk Consulting
• Legal Compliance
• Investigations
• Privacy and Fraud Preventions
• Threat Assessment
• Others

By Application
• Government and Public Sectors
• Families
• Corporates

By Company
• TigerSwan
• SOS Security
• GardaWorld
• AS Solution
• Solace
• Northcott Global Solutions
• Sicuritalia Group Holding
• Integrated Security Services
• Pinkerton Consulting and Investigations
• TRACK24
• Anvil Group
• Global Rescue
• Sicuro Group

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