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Expansion of travel and tourism industry, government initiatives for MICE segment and small scale school development, development of information and communication technology (ICT), industrial growth and increased globalization of business will encourage the growth of travel risk management services. Market.
Portland, Ore, September 14, 2022 /PRNewswire/ – Allied Market Research published a report entitled “Travel risk management services market By Service Type (Healthcare, Travel Security, Crisis Management, Assistance & Monitoring, Information Security, Others), By Enterprise Size (Small Enterprises, Medium Enterprises, Large Enterprises), By Industry (Pharmaceutical & Healthcare, Agri, Food & Beverage), Hospitality; Business Services & Consulting, IT, Technology & Telecom, Others: Global Opportunity Analysis and Industry Forecast, 2021-2031” According to the report, a global travel risk management services industry has emerged. 96.26 billion dollars In 2021, and it is estimated that it will arrive 223.62 billion dollars In the year It is witnessing a CAGR of 8.1% in 2031 from 2022 to 2031. The report provides detailed analysis of dynamic market trends, top segments, key investment pockets, value chain, regional landscape and competitive landscape.
Drivers and opportunities
Expansion of the travel and tourism industry, government initiatives for the development of the MICE (Meetings, Incentives, Conferences and Events) segment and the SME sector, the development of Information and Communication Technology (ICT), rapid urbanization, industrial growth and increase in globalization of business, international travel risk management Services market is expected to boost growth. However, transportation cost and time constraints hamper the growth of the market. On the other hand, the current trend of online booking as an option of risk management services and lucrative concessions by the governments of developing countries will provide new opportunities in the market in the coming years to attract foreign investment.
Covid-19 Status:
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The Covid-19 pandemic has hampered the growth of the global travel risk management services market. In 2020, the demand for travel risk management services has decreased significantly.
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The pandemic has resulted in the cancellation of all MICE events worldwide, affecting the market.
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On the contrary, as the epidemic situation improved, travel risk management service companies began to resume their services, thus helping the market to recover.
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The crisis management segment will grow at a very fast pace during the review period
Based on service type, the travel security segment accounted for nearly one-fourth of the global travel risk management services market by 2021 due to growing business travel needs of people in various industries such as manufacturing, retail, IT, and more. Others. However, the crisis management segment is estimated to witness a rapid CAGR of 9.1% from 2022 to 2031 due to the increasing number of travelers due to natural or financial crisis.
The large enterprises are segmented to hold the lion’s share during the forecast period.
Based on the size of the enterprise, the segment of large enterprises It will account for more than two-fifths of the global travel risk management services market by 2021, and is expected to witness significant growth during the forecast period as large enterprises offer specialized services. Recreational activities and others. However, the small enterprises segment is likely to show the highest CAGR of 8.8% by 2031 due to the increasing focus of small firms on adopting new services and technologies to expand their businesses.
Asia-Pacific To dominate the revenue in 2031
Depending on the region, Asia-Pacific In the year It will hold the largest market share in 2021, accounting for nearly two-fifths of the global travel risk management services market, and is likely to lead the way throughout the forecast period. This is due to the increasing interest of international players to take advantage of the opportunities. India And China. However, LAMEA is expected to exhibit the fastest CAGR of 9.5% during the forecast period, 2022-2031. The development is a government initiative to liberalize business licenses and encourage private investment and foreign direct investment in the region. In addition, initiatives to develop MICE events have increased the frequency of business trips in LAMEA.
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Major Market Players:
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BCD group
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Carlson, Inc.
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Everbridge
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FocusPoint International, Inc.
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Global Rescue LLC
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Helix
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Kroll, LLC
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Millbank Solutions
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Collinson Group Ltd
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Tokyo Marine Holdings, Inc.
The report analyzes these key players in the global travel risk management services market. These players have adopted strategies such as expansion, new product introduction, partnerships and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio and growth of each market player.
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We are in professional corporate relationship with various companies and this helps us to produce accurate research data tables and market data which ensures utmost accuracy in our market forecasting. Pawan Kumar, CEO of Allied Market Research, plays an important role in encouraging and empowering everyone associated with the company to maintain high quality data and help clients achieve success in every way. Each and every information presented in our published reports is extracted through key interviews with key executives of the respective domain companies. Our secondary data acquisition method includes in-depth online and offline research and discussion with knowledgeable experts and analysts in the industry.
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