Dallas, Texas, Oct. 25, 2022 (GLOBE NEWSWIRE) — The expansion of any market is highly dependent on the role of significant players. The main players in the travel security services market are expected to contribute significantly to the growth of the industry by offering creative and effective solutions to the diverse needs of their customers. For the market to reach a wider audience, the major players are also expected to play a crucial role in promoting it.
The increasing recurrence of terrorist attacks as well as other criminal activities around the world has made travel security a major concern for individuals and organizations in recent years. Organizations are increasingly choosing professional travel security services to keep their staff safe while traveling. These services include a variety of services, including risk consulting, emergency response, legal compliance, investigations, privacy and fraud protection, threat assessment, and more.
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Some of the Important and Key Players of the Global Travel Security Services Market:
- Sicuritalia Holding SpA Group
- Integrated Security Services
- Advice and inquiries Pinkerton
- Drum Cussac
- Overall comfort
- American international group
- Northcott Global Solutions
- SOS Security
They also help organizations reduce business travel risks. Before starting a trip, a group or individual should have a well-thought-out travel safety plan in place. This is because the potential hazards and risks encountered while traveling are constantly changing, making it essential to be informed of the most up-to-date information to reduce them.
The travel security services market is expected to grow from USD 7.5 billion in 2019 to USD 12.8 billion in 2029, growing at a CAGR of 6.8% during the forecast period. This expansion can be attributed to the increase in terrorist attacks and other criminal activities around the world, as well as the consequent increase in demand for travel security services.
Type Analysis of Travel Security Services Market:
- Privacy and Fraud Prevention
- Legal compliance
- Emergency planning and crisis management
- emergency response
- Risk advice
Travel Security Services Market Application Analysis:
- Corporate Institutions
- Government and public sector
- Individual families
The Risk Management Consulting Services industry segment is expected to grow at the Highest CAGR throughout the projection period. This stems from the growing need for organizations to identify the potential hazards associated with business travel, develop methods to manage them and ensure the safety of their staff. The tools and guidance organizations need to recognize, assess and manage travel risk are also provided through risk advisory services.
This includes advice on how to stay out of dangerous areas, travel safely and how to respond in an emergency. Likewise, the crisis and emergency management planning services segment is expected to grow significantly in the projection year as these services help the organization prepare for any unforeseen events that may arise while traveling. business.
Small and medium-sized enterprises (SMEs) are expected to experience the highest growth rate over the projected period. This is because SMEs are increasingly aware of the benefits of expert travel security services to reduce business travel hazards and SMEs are adopting these services at a faster rate.
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During the projected period, the segment serving the public and government sectors is expected to account for the largest market share. This is a result of the increase in terrorist attacks and other criminal activities around the world, which has necessitated the use of expert travel security services to protect the safety of government employees and officials while traveling. .
The expected CAGR for Asia-Pacific over the forecast period would be the highest. This is the result of the increase in terrorist acts and other criminal activities in countries like Bangladesh, Pakistan and India. Therefore, it is predicted that there would be an increase in the need for travel security services in the Asia-Pacific region to ensure the safety of tourists.
A new travel security app called “SmartAsset” was launched in February 2019 by International SOS and Control Risks to provide business travelers with up-to-the-minute information and guidelines. On Android and iOS operating systems, this software can be downloaded.
Prosegur Cash SA, a CIT company operating in Spain, was acquired by Securitas AB in May 2019 for an enterprise value of €1,365 million. With this acquisition, Securitas’ position in the growing cash management industry will be strengthened and will be able to offer its customers a wide range of security solutions.
American supplier of virtual reality (VR) training simulators for law enforcement and military purposes, Advanced Training Systems International LLC (ATSI) was purchased by G4S plc in September 2019. G4S will benefit from this purchase in the Americas by expanding its customer base and diversifying its product offering.
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