Global Travel Security Market Size By Offering Type (Corporate, Personal), By Geographic Scope And Forecast

Travel Security Market Size And Forecast

Travel Security Market size was valued at USD 28,655.23 Million in 2022 and is projected to reach USD 55,451.34 Million by 2030, growing at a CAGR of 8.59% from 2023 to 2030.

The travel security industry has been influenced by globalization and the growing travel industry across the globe. Furthermore, as medical tourism has grown in popularity, there is a growing need for travel security services that are specifically tailored to meet the special security needs of healthcare travelers. The Global Travel Security Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Travel Security Market Definition

Travel security refers to a variety of security services offered to companies and individuals to secure their safety while traveling domestically or internationally. Vendors of travel security services offer their customers safe, personalized solutions for accommodation, and travel-related activities both domestically and abroad. In addition to this, clients can take advantage of a number of additional services, including an on-call emergency response service, medical repatriation, a 24-hour medical helpline, evacuation services, executive and personal protection, and others.

The primary objective of travel security is to minimize the risks and threats that travelers can experience, such as theft, terrorism, natural disasters, medical emergencies, and political instability. It involves a thorough strategy that includes risk assessment, crisis management, emergency preparedness, and preventive measures. Destination, level of knowledge and preparation prior to departure, and condition of health all have a role in the hazards and risks of travel. Therefore, it is essential to learn as much as possible about the destination so that travelers can cope well, avoid health and safety issues, and not offend local traditions.

Global Travel Security Market Overview

The global travel security market is expected to witness substantial growth during the forecast period. The travel security industry has been influenced by globalization and the growing travel industry across the globe. For instance, according to World Travel & Tourism Council, in 2022, the Travel & Tourism sector contributed 7.6% to global GDP; an increase of 22% from 2021. Travel has significantly increased due to globalization, with individuals, executives, and employees routinely traveling international borders for both professional and leisure reasons. As a result, it is anticipated that demand for travel security will increase over the forecast period due to the requirement to safeguard travelers and maintain business continuity.

Travelers are more aware of potential threats when on the road as a result of recent high-profile security incidents and natural disasters receiving considerable media coverage. Individual travelers are consequently becoming more proactive in seeking out travel security information, following safety precautions, and implementing preventative measures while on their journeys.

However, the high costs of services offered by traveler security firms can impede market growth. Clients may be discouraged from using these services and the market’s growth may be hampered by the enormous costs of travel packages and operational expenses. Additionally, security service websites and mobile applications that have vulnerabilities can have a negative effect on the industry.

Furthermore, as medical tourism has grown in popularity, there is a growing need for travel security services that are specifically tailored to meet the special security needs of healthcare travelers. Traveling abroad for specialized medical procedures, surgeries, or treatments is known as medical tourism. Individuals may not have access to these services locally or may not find them to be more cost-effective.

Global Travel Security MarketSegmentation Analysis

The Global Travel Security Market is segmented on the basis of Offering Type And Geography.

Travel Security Market, By Offering Type

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Based on offering type, corporate accounted for the largest market share of 61.99% in 2022, with a market value of USD 17,762.32 Million, and is projected to grow at a CAGR of 8.07% during the forecast period. Personal was the second-largest market in 2022, valued at USD 10,892.90 Million in 2022; it is projected to grow at the highest CAGR of 9.40%.

Travel Security Market, By Geography

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On the basis of regional analysis, the Global Travel Security Market is classified into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America accounted for the largest market share of 35.35% in 2022, with a market value of USD 10,128.65 Million, and is projected to grow at a CAGR of 8.09% during the forecast period. Asia Pacific was the second-largest market in 2022, valued at USD 8,836.45 Million in 2022; it is projected to grow at the highest CAGR of 9.83%.

Key Players

The “Global Travel Security Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are International SOS, Europ Assistance, Global Rescue, MAX Security, Charles Taylor, Control Risks Group Holdings Ltd., Global Guardian, GardaWorld Corporation, Northcott Global Solutions, and Everbridge, Inc. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players• The current as well as future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes an in-depth analysis of the market from various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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