Current Travel Risk Management Services Market Scenario on Growth Analysis and Key Players | Reach $223.62 billion by 2031
According to a new report, the travel risk management services market is segmented into service type, company size and analysis by industry region.
5933 NE WIN SIVERS DRIVE, PORTLAND, OR, USA, Sept. 19, 2022 /EINPresswire.com/ — Allied Market Research has released a new report titled “Travel Risk Management Services Market by Service type, by Enterprize Size, by Industry: Global Opportunities Analysis and Industry Forecast, 2021-2031”. Travel Risk Management Services Market was valued at USD 96.26 Billion in 2021 and is projected to reach USD 223.62 Billion by 2031, growing at a CAGR of 8.1% from 2022 to 2031.
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The travel risk management services industry is growing in popularity as professionals and senior executives plan more business travel globally to ensure the health and growth of their business. Ensuring security and seeking data security are just some of the travel risk management services market trends.
The trending factors responsible for fueling the demand for travel risk management services market size include weather uncertainty, cyber fraud, accidental risk, employee health risk during the tour, etc. Buyers are increasingly concerned about their employees and business risks and are opting for adequate and best deals on travel risk management services in the market.
According to the Global Business Travel Association (GBTA), global business travel spending fell 52% in 2020 and losses are 10 times greater than during the Great Recession of 2008. Business travel spending has dropped about 60% in North America, Europe. by 78% and 48% in Asia-Pacific in 2020. Overall spending on business travel worldwide has fallen by around 52%, leading to huge revenue losses for players operating in the market business trips. The government has attempted to introduce COVID-19 measures to revive the declining business travel industry.
For example, the Ministry of Health in Singapore announced the increase in capacity limits for MICE events to 750 people from 250 people in April 2020. This decision was appreciated by the Singapore Association of Congress Organizers and Suppliers and of exhibitions (Saceos). According to the president of Saceos, this was the most necessary step to reopen and restart the MICE industry. However, few market participants were very concerned about the increased costs due to the extension of capacity limits. The impact of COVID-19 on the business travel market was directly related to market demand for travel risk management services as the number of international arrivals declined during the pandemic.
Other significant factors driving the growth of the travel risk management services market share are the changing preferences of business managers to seek leisure travel, rapid urbanization, and industrial growth. The current trend of online booking option of risk management services has increased the convenience of business travelers which is expected to further boost the market growth. Additionally, infrastructure development and retail expansion are fueling the growth of the industry.
The travel risk management services market is segmented into service type, company size, and industry. By type of service, it is classified into health security, travel security, crisis management, assistance and monitoring, data security, etc. By business size, it is segmented into small business, medium business and large business. Based on industry, it is divided into Pharmaceuticals and Healthcare, Agribusiness, Food and Beverage, Hospitality, Business Services and Consulting, Technology and Telecommunications, etc. By region, it is analyzed in North America (United States, Canada and Mexico), Europe (United Kingdom, 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).
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The major players operating in the travel risk management services market are BCD Group, Carlson, Inc., Everbridge, FocusPoint International, Inc., Global Rescue LLC, Healix, Kroll, LLC., Millbank Solutions, The Collinson Group Limited and Tokyo Marine. holdings, inc.
Main results of the study:
○ Based on service type, crisis management segment is expected to witness the highest CAGR of 9.1%, in terms of revenue, during the forecast period.
○ Based on business size, small business is expected to grow at a CAGR of 8.8% over the forecast period.
○ On an industry basis, business services and consulting is expected to grow at a highest CAGR of 10.0% during the forecast period.
○ By region, the United States was the largest country in North America, in terms of revenue generation for the travel risk management services market in 2021.
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