The constantly changing socio-political scenario across the globe has increased the adoption of travel risk management services by companies to cater the expenses that might occur if their traveling employees encounter with an accident. The push for global expansion has significantly increased annual business tourism. The travel risk management has been a top concern for the organizations ever since an increase in traveling for business assignments has been witnessed, owing to the diversity offered by the business environment. In 2017, U.S. Department of Transportation disclosed that around 405 million American citizens travel annually for business activities. The offerings of travel risk management services market participants encompass crisis management, medical support, security assistance, and other emergencies. There has been an evident escalation in social and political unrest around the world along with natural calamities and epidemics. This recent chain of natural and unanticipated events has disrupted business travel throughout the world. Owing to these reasons, companies expanding overseas and other multinational companies are increasingly adopting travel risk management services to ensure the safety and health of their employees who are commuting and posted away from their home country. This is largely contributed towards the growth of global travel risk management services market.
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The processes in travel risk management are being optimized using technologies such as Artificial Intelligence and machine learning. The automation of travel risk management is anticipated to accelerate with the help of AI. For instance, an Ontario based risk management firm, Sitata, which was established in 2012 with a focus on leisure travelers, is engaged in providing an AI-based risk management services to the enterprises for monitoring health and safety threats at the travel destination and alerting the traveler. The advance alert will aid the travelers and their organization to undertake preventive measures against potential calamities. Hence, the growing adoption of these services, integrated with advanced technology is anticipated to proliferate the growth of global travel risk management services market over the forecast period.
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The detailed research study provides the qualitative and quantitative analysis of global travel risk management services market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply-side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
Key Findings of the Report:
- In terms of revenue, global travel risk management services market was valued at US$ 1,398.13 Mn in 2018 and is expected to grow at a CAGR of 9.1% over the forecast period owing to increasing importance of security among business travelers.
- On the basis of services, trip authorization segment is expected to witness highest CAGR over the forecast period owing to changing regulations of the countries.
- Some of the players operating in global travel risk management services market are BCD Travel, Collinson Group Ltd, Control Risks, Drum Cassac, FocusPoint International, Inc., GBT Travel Services UK Limited, Healix, Carlson Wagonlit Travel Inc., iJET International, Inc., Kroll Inc, Millbank Solutions, NC4, Anvil Group, and Ovation Travel Group amongst others.
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Global Travel Risk Management Services Market
- By Services
- Trip Authorization
- Essential Tracking and Alerts
- Interactive Communications
- High Risk Tracking and Response
- Advisory Services
- By End User
- Medium size enterprises
- Large Enterprises
- By Region
- North America
- Rest of North America
- The UK
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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