PUBLISHER: Allied Market Research | PRODUCT CODE: 1140070
PUBLISHER: Allied Market Research | PRODUCT CODE: 1140070
The global travel risk management services market was valued at $96,262.8 million in 2021, and is estimated to reach $2,23,617.7 million by 2031 with a CAGR of 8.1% from 2022 to 2031.
Travel risk management service is a division of regular business tourism in which people travel for a business-oriented purpose and purchase risk management services by the providers during their business tours. It includes health security, travel security, crisis management, data security, and other travel related risk management services. Global travel & tourism industry is one of the largest industries with global economic contribution of more than $9000 billion. According to World Travel and Tourism Council (WTTC), the global travel & tourism sector contributed to around $9.2 trillion to the global GDP (Gross Domestic Product) in 2019. The business travel segment witnesses the highest growth rate in this industry, as employees working in multinational organizations are often required to travel across various countries for business purposes, which supports the growth of global travel risk management services market.
Numerous companies operating in the global business travel market are trying to provide well-managed and cost-effective programs to the customers with the rise in demand for business travel management services. The growth of the global travel risk management services market is driven by the expansion of the business travel & tourism industry, surge in government initiatives for the development of meetings, incentives, conferences, and events (MICE) segment & small and medium-sized enterprises (SMEs) sector, and increase in globalization of businesses. However, surge in adoption of advanced technology such as tour trackers, risk management software, video conferencing, and others are few of the major factors supporting the market growth. Conversely, increase in infrastructural investment and rapid growth in the travel retail market are anticipated to provide lucrative opportunities for the travel risk management services market globally.
The travel risk management services market is segmented on the basis of service type, enterprise size, industry, and region. By service type, it is categorized into health security, travel security, crisis management, assistance & tracking, data security, and others. By enterprise size, it is segmented into small enterprise, medium enterprise, and large enterprise. On the basis of industry, it is bifurcated in to pharmaceutical and healthcare, agri, food, & beverages, hospitality, business services & consultant, technology & telecom, and others. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Argentina, and Rest of LAMEA).
The key players operating in the travel risk management services market include BCD Group, Carlson, Inc., Everbridge, FocusPoint International, Inc., Global Rescue LLC, Healix, Kroll, LLC., Millbank Solutions, The Collinson Group Limited, and Tokio Marine Holdings, Inc.
Key Market Segments
By Service type
By Enterprize Size
By Industry
By Region