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The traveler security services market has been experiencing significant growth and evolution, driven by the increasing globalization of travel, rising security concerns, and advancements in technology. One of the prominent trends in this market is the growing demand for comprehensive traveler safety solutions that address the diverse needs of business travelers, tourists, and expatriates alike. Traveler security services encompass a wide range of offerings, including risk assessment, threat intelligence, emergency response, crisis management, and traveler tracking, aimed at mitigating risks, ensuring duty of care, and enhancing peace of mind for travelers and organizations alike.
Moreover, the traveler security services market is witnessing a shift towards digitalization and automation, driven by the adoption of mobile apps, cloud-based platforms, and artificial intelligence (AI) technologies. Mobile travel safety apps provide travelers with real-time alerts, safety tips, emergency assistance, and communication tools to navigate unfamiliar environments, respond to emergencies, and stay connected with employers, family members, or emergency responders. Cloud-based traveler tracking platforms enable organizations to monitor and manage the whereabouts and safety status of their employees or travelers in real-time, facilitating timely intervention and support in case of emergencies or security incidents.
Another notable trend in the traveler security services market is the integration of health and wellness monitoring capabilities into travel safety solutions, in response to the ongoing COVID-19 pandemic and the increasing emphasis on traveler health and hygiene. Traveler security providers are incorporating features such as health screenings, COVID-19 testing, vaccination verification, and contact tracing into their offerings to help organizations assess and mitigate health risks associated with travel, comply with health regulations and travel restrictions, and safeguard the well-being of travelers and local communities alike. By integrating health and safety considerations into travel risk management strategies, organizations can enhance resilience, adaptability, and preparedness in the face of emerging health threats and pandemic-related challenges.
Furthermore, the traveler security services market is experiencing increased demand for customized and localized solutions tailored to the specific requirements and risk profiles of different regions, industries, and traveler demographics. Whether it's providing security escorts for high-risk travel destinations, offering cultural awareness training for expatriates, or deploying medical evacuation services in remote or hazardous environments, traveler security providers are increasingly offering personalized services and localized expertise to address the unique needs and challenges faced by travelers worldwide. By leveraging local knowledge, partnerships, and resources, traveler security providers can deliver timely and effective support to travelers, enhance situational awareness, and mitigate risks in diverse and dynamic travel environments.
Additionally, the traveler security services market is witnessing growing collaboration and integration with other stakeholders in the travel ecosystem, including travel management companies (TMCs), airlines, hotels, insurance providers, and government agencies. By partnering with TMCs and travel suppliers, traveler security providers can integrate safety and security considerations into the travel booking and itinerary management process, enabling travelers to access safety information, assistance services, and emergency support seamlessly throughout their journey. Collaboration with government agencies and local authorities enables traveler security providers to access timely intelligence, regulatory updates, and crisis response resources, enhancing the effectiveness and responsiveness of traveler safety solutions in a rapidly changing global security landscape.
Moreover, the COVID-19 pandemic has accelerated the adoption of traveler security services as organizations seek to mitigate health risks, ensure business continuity, and support duty of care obligations amidst evolving travel restrictions and safety protocols. With the shift towards remote work, virtual collaboration, and essential travel only, organizations are increasingly relying on traveler security providers to assess and manage health risks associated with travel, provide guidance on safe travel practices, and offer support services such as medical assistance, telemedicine, and repatriation in case of emergencies. As travel resumes and borders reopen, traveler security services will continue to play a critical role in ensuring the safety, security, and well-being of travelers in a post-pandemic world.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | Cybersecurity services are likely to be employed by traveler security agencies for gaining the advantage in a data-driven world. \r\nThe use of virtual private networks by employees for communicating with organization heads are recommended in light of increasing spate of online threats. Key Market Drivers The report analyses the economic scenario and factors in drivers, challenges, trends, opportunities, and restraints for estimating market growth and revenue trajectories. It covers macro and micro economic factors and segments the report in the following manner. |
Traveler Security Services Market Highlights:
Traveler Security Services Market Overview
Global Traveler Security Services Market size is projected to reach from USD 0.386 Billion in 2022 to USD 2.189 billion by 2032, according to the latest report by Market Research Future (MRFR). It is expected to exhibit a 21.3% CAGR over the forecast period (2022-2032). Traveler security services are a set of services offered to employees of corporations, government agencies, and enterprises and their families during their travels. Security personnel are vetted by industry veterans and assigned to clients while on travel. The global market is likely to witness steady growth owing to the rise of private jet services and chartered planes employed by high-mile individuals.
COVID-19 Analysis
The COVID-19 pandemic has effectively halted all international travel plans of corporate employees and normal travelers. Relaxation of travel rules can lead to sluggish demand for corporate travel security services. Low amount of corporate travel spending and less workload can hamper the market growth. However, enterprises and companies are employing traveler security service agencies for protecting employees and mitigate risks of travel during the pandemic.
High demand for services for travelers during their arrival and departures as well as adherence to pandemic guidelines pertaining to different nations can provide opportunities for market players. Need for mobile workforces that work in tandem with medical teams for providing assistance to employees are likely to be witnessed in the coming years. Emphasis on pre-trip services and insurance for medical assistance and hospital charges are expected in a COVID-19 scenario.
Market Dynamics
- Drivers
Globalization
The increasing globalization and penchant of employees of international organizations and conglomerates for traveling to other nations for capitalizing on business opportunities can drive the global traveler security services market growth. Advances in technology, as well as digital information, can drive the market demand significantly. Huge demand for healthcare, legal responsibilities, and rise of business class travelers can fare well for the market. The use of artificial intelligence by security agencies for alleviating the workload of personnel and providing useful information to travelers can bolster market demand. Assessment of employees and their replacement in cases of emergencies are expected to attract organizations towards these services. Various acts enforced by governments for preventing travel are assessed and monitored by these agencies with a plan formulated to assist clients.
- Opportunities
Growing Use of Cybersecurity
Cybersecurity services are likely to be employed by traveler security agencies for gaining the advantage in a data-driven world. The use of virtual private networks by employees for communicating with organization heads are recommended in light of increasing spate of online threats. Mitigation of risks by planning for public relation issues as well as procurement of new phones for clients that can pose low risks pertaining to the region can bode well for the market. Proactive measures for protecting clients against online theft will benefit security agencies. Testing services are conducted by security agencies for testing the firewalls and antimalware services employed by corporate organizations.
- Restraints
High Service Costs and Security Vulnerabilites
High costs of services offered by traveler security firms can restrain the market growth. The humongous costs of travel packages as well as operational costs can deter clients from approaching these services and impede market growth. Moreover, vulnerabilities detected in mobile applications and websites of security services can negatively impact the market. Exploitation of access control to gain sensitive data of personnel and their travel data can pose severe trust issues for the industry. Access control combined with unauthorized access to documentation can be harmful for security providers.
Segment Analysis
- By Service Type
Emergency Response to Garner Huge Demand
The emergency response service is likely to garner huge demand in the global traveler security services market. This is attributed to the global pandemic that can require additional personnel to cater to citizens arriving from international destinations. The need for freeing up public law enforcement officials and new COVID-19 measures enforced by governments to curb the spread of the disease can bolster the segment demand over the forecast period.
- By Organization Size
Large Enterprises to Command Large Market Share
Large enterprises can command a large market share over the assessment period owing to huge sets of travelers belonging to the corporate sector and large number of business deals and conferences. Concern over employee safety and security can boost the segment demand. Inadequate security measures as well as low protection over digital assets can lead to enterprises turning to traveler security agencies for their services.
- By Industry
Corporate Segment to Dominate
The corporate segment is expected to dominate the global market and exhibit 10.1% CAGR over the forecast period. This is attributed to expansion plans of companies and new opportunities available in developing and under-developing economies. Security provided to employees of large companies during travel can drive the segment demand in the global market.
Regional Analysis
North America to be Leading Region in Global Market
North America is purported to be the leading region of the global traveler security services market over the forecast period. It accounted for 37.8% market share in 2018 with value pegged at USD 317.6 million. Passengers in Canada and the U.S. are opting for traveler security owing to increased security measures deployed at airports. Corporate travelers are employing these services for secure enplanement and deplaning. Rise of terrorist attacks and the COVID-19 pandemic measures enforced at airports have persuaded passengers for opting of these services.
Competitive Landscape
The global traveler security services market is highly competitive with players adding digital services to their arsenal and adopting artificial intelligence to aid them in their effort. Vendors are offering advanced consultancy services for mitigation and risk management solutions and competing on the basis of reliability and pricing.
Key Companies Covered in the Report
- Pinkerton Consulting & Investigations, Inc. (India)
- SOS Security LLC (U.S.)
- Sicuritalia Group Holding SpA (Italy)
- GardaWorld Corporation (Canada)
- Anvil Group (U.K.)
- Integrated Security Services, Inc. (U.S.)
- Northcott Global Solutions Ltd (U.K.)
- Drum Cussac (Canada)
- Sicuro Group LLC (UAE)
- American International Group, Inc. (U.S.)
- Global Rescue LLC (U.S.)
- TigerSwan (U.S.)
- TRACK24 (U.K.)
- Solace Global Limited (U.K.)
are prominent players of the global traveler security services market.
Recent Developments
- G4S has agreed to be acquired by Allied Universal in 2021 for a USD 5 billion deal between two parties. This gives the latter the edge in security services and expands its product offering.
- Anvil Group has launched an in-house medical assistance service, Anvil Assist. It can deliver medical and security assistance for clients irrespective of their location.
Report Scope
The global traveler security services market report by MRFR provides a broad outlook of the travel industry and new laws to be adhered by security service providers to retain their clients. The report analyses the economic scenario and factors in drivers, challenges, trends, opportunities, and restraints for estimating market growth and revenue trajectories. It covers macro and micro economic factors and segments the report in the following manner:
By Services Type
- Threat Assessment
- Legal Compliance
- Risk Consulting
- Emergency Response
- Contingency and Crisis Management Planning
- Privacy and Fraud Preventions
- Others
By Organization Size
- Small and Medium Enterprises
- Large Enterprises
By Industry
- Corporate
- Families
- Government and Public Sectors
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