Expansion of the travel & tourism industry, surge in government initiatives for the development of MICE segment & SME sector, growth of information and communication technology (ICT), industrial growth, and increase in globalization of business drive the growth of the travel risk management services market.
PORTLAND, Ore., Sept. 14, 2022 /PRNewswire/ — Allied Market Research published a report, titled, “Travel Risk Management Services Market by Service type (Health Security, Travel Security, Crisis Management, Assistance and Tracking, Data Security, Others), by Enterprize Size (Small Enterprises, Medium Enterprises, Large Enterprises), by Industry (Pharmaceutical and Healthcare, Agri, Food and Beverage, Hospitality, Business Services and Consulting, IT, Technology and Telecom, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031.” According to the report, the global travel risk management services industry generated $96.26billion in 2021, and is estimated to reach $223.62 billion by 2031, witnessing a CAGR of 8.1% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Drivers and Opportunities
Expansion of the travel & tourism industry, surge in government initiatives for the development of MICE (meetings, incentives, conferences, and events) segment & SME sector, growth of information and communication technology (ICT), rapid urbanization, industrial growth, and increase in globalization of business are expected to fuel the growth of the global travel risk management services market. However, transportation cost and time barriers hinder the market growth. On the other hand, current trend of online booking option of risk management services and lucrative offers made by the governments of developing nations to attract foreign investment present new opportunities in the market in the coming years.
The COVID-19 pandemic hampered the growth of the global travel risk management services market. The demand for travel risk management services was significantly reduced in 2020.
The pandemic resulted in cancellations of almost all the MICE events across the globe which impacted the market globally.
Conversely, with the pandemic situation getting better, travel risk management service companies began resuming their services, thereby helping the market to recover.
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The crisis management segment to grow at the fastest pace during the forecast period
Based on service type, the travel security segment contributed to the highest share of nearly one-fourth of the global travel risk management services market in 2021 due to the growing business travel needs of people in different industries such as manufacturing, retail, IT, and others. However, the crisis management segment is projected to witness the fastest CAGR of 9.1% from 2022 to 2031, owing to the increasing concern of travelers regarding the natural or financial crisis.
The large enterprises segment to maintain its lion’s share during the forecast period
Based on enterprise size, the large enterprises segment held the largest share of more than two-fifths of the global travel risk management services market in 2021, and is expected to maintain a prominent growth during the forecast period, as large enterprises offer unique services, leisure activities, and others. However, the small enterprises segment is likely to exhibit the highest CAGR of 8.8% in 2031, owing to the increase in focus of small organizations toward adoption of new services and technologies to expand their businesses.
Asia-Pacific to dominate in terms of revenue by 2031
Based on region, Asia-Pacific held 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 trail throughout the forecast period. This is attributed to the increasing interest of international players in tapping opportunities in India and China. However, LAMEA is anticipated to manifest the fastest CAGR of 9.5% during the forecast period, 2022-2031. The growth is driven by liberalization to access trade license and government initiatives to encourage private investment & FDIs in the region. Moreover, initiatives to develop the MICE events fueled the frequency of business travels in LAMEA.
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Leading Market Players:
FocusPoint International, Inc.
Global Rescue LLC
The Collinson Group Limited
Tokio Marine Holdings, Inc.
The report analyzes these key players of the global travel risk management services market. These players have adopted various strategies such as expansion, new product launches, 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 developments by every market player.
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