The global Travel Security Service market worth USD 2.37 Billion by 2030, growing at a CAGR of 9.51%
Owing to the benefits of travel security services provide daily updates and notifications regarding high-risk situations in or close to where you are, such as hazards from terrorism, civil unrest, and extreme weather. Access in-depth security recommendations and current, accurate country intelligence for a variety of nations across the world
Covid-19 Impact & Market Status
Due to lockdowns imposed by the government, plentiful restrictions, and business closures, the COVID-19 pandemic has had a drastic effect on the trades and industries worldwide. The industry providing travel security services has been severely damaged. There are already travel restrictions in place all around the world to curb the spread of COVID-19, which has had a severe impact on the market for travel services. Flight cancellations, travel restrictions, and quarantines are just a few of the effects of the COVID-19 epidemic that have an immediate impact on the market for travel protection services. Businesses are predicted to restart operations when the epidemic is ended, giving the market the chance to recover and once again start to flourish as a result of people's travel plans resumed.
Privacy & Fraud Preventions to Emerge as the Most Lucrative Segment
The market is divided into categories based on type, including Investigations, Emergency Response, Legal Compliance, Risk Consulting, Privacy & Fraud Preventions, and Others. Due to the widespread fraud involving people, corporate executives, businesspeople, and government officials are all concerned about the security of their data and privacy. As a result, the privacy and fraud prevention industries are the most lucrative.
Government & Public Sector to Ensure Revenue Maximization
The market is divided into three application-based groups: corporate institutions, the government & public sector, and individual families. Due to the travel insurance offered to government employees and their direct reports, the government and public sector dominate this industry. The primary drivers of market expansion are the rise in public travel spending and the necessity to protect travelers’ security.
The North America Region to Render Ample Investment Avenues
Due to the rise in terrorist threats and the COVID-19 pandemic precautions implemented at airports, North America now holds the top spot in the market for travel security services. Additionally, after paying, there are those eager to accept these services. Over the projection period of 2022 to 2029, the Middle East and Africa are anticipated to develop significantly due to an uptick in the travel and tourist business, an increase of suppliers for travel security, and the emergence of the corporate sector.
Companies and individuals can benefit from the services of security experts offered by travel security service providers to help them stay secure when travelling. These businesses often hire travel security specialists with experience in federal law enforcement, the military, or intelligence services.
Personal security and safety help is available around-the-clock. Emergency hotline - Because security problems can happen day or night, we provide a 24-hour emergency hotline staffed with security experts who can give prompt guidance or support. Risk tolerance parameters are used in travel security policies to comprehend, monitor, and respond to global risk levels. To ensure the safety of their travel, travel managers must supplement these regulations with detailed plans for what to do in an emergency. The primary goal of security is to deter crimes against people, property, and confidential information. A secure and risk-free atmosphere is provided by security, allowing individuals to go about their everyday activities and business without worry.
The market for travel security services, which is currently estimated to be worth USD 12.8 billion by 2029, is anticipated to expand at a CAGR of 6.8% from 2022 to 2029. Over the course of the projection period, it is anticipated that increased usage of cyber security would have an impact on the market for travel security services. It is also projected that the market for travel security services would expand due to the development in globalization and workers of multinational corporations' propensity to visit other countries to take advantage of business possibilities. Additionally, the enormous need for healthcare, legal obligations, and an increase in business class visitors are all anticipated to have a beneficial influence on the market's expansion.
A significant need for travel security services is also anticipated to be generated by the increasing demands for services for passengers on their arrival and departure, as well as by adherence to pandemic standards. The pandemic has impacted the market quite a bit but is now leading the way forward as the dependence on technology has risen to a much higher than precited level. As mentioned above, the need for cyber security is going up at a faster rate as well, owing to the numerous online scams and security concerns.
The vital market players in the travel security service market are TigerSwan, American International Group, GardaWorld, Sicuritalia Group Holding SpA, Integrated Security Services, Pinkerton Consulting & Investigations, SOS Security, Drum Cussac, Solace Global, and Northcott Global Solutions. These are the global market players and leaders in the travel security market. These key market players are focusing on both, organic and inorganic, growth policies and approaches. Organic being the ones such as new product launch, patent registrations and approval, and product/ idea approvals. At the same time the mergers, acquisitions and collaborations, the inorganic factors, take place too. The coming together of both these factors has led to the immense growth in the travel security service market and has brought tons of revenue to these players. Also, the same factors are contributing to the onset of opportunities in the market for the newcomers too.
Latest Innovations in the Travel Security Service Market: A Snapshot
- A framework agreement was reached with Gatwick Airport by Stanley Robotics, whose autonomous parking robots may be found in Lyon-Saint Exupery Airport. The driverless robot will gently pull up the automobile and carry it for storage in a secure parking lot during the trial. Passengers just leave their car in a parking station near Gatwick Airport's South Terminal entrance. Additionally, the system will be linked to real-time flight data so that the robot can simply return the car to the parking lot at the appointed time. After that, the customer gets an SMS letting them know the car is ready and waiting for them. The implementation of the valet robot technology is rapid, and little building is required. It can optimize space to generate up to 50% more parking places. Additionally, it offers to travel a quick and streamlined experience.
Travel Security Service Market Scope
|Revenue forecast in 2030
|USD 2.37 Billion
|CAGR of 9.51 % during 2020-2030
|Component, Product, End Users, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|TigerSwan, American International Group, GardaWorld, Sicuritalia Group Holding SpA, Integrated Security Services, Pinkerton Consulting & Investigations, SOS Security, Drum Cussac, Solace Global, and Northcott Global Solutions
Key Segments of the Travel Security Service Market
Type Overview (USD Billion)
- Privacy & Fraud Preventions
- Legal Compliance
- Contingency and Crisis Management Planning
- Emergency Response
- Risk Consulting
Application Overview (USD Billion)
- Corporate Institutions
- Government & Public Sector
- Individual Families
Regional Overview (USD Billion)
- North America
- Rest of Europe
- Rest of Asia-Pacific
- South America
- Rest of South America
- Middle East and South Africa