Global Corporate Travel Security Market to Grow at a 4.4% CAGR from 2023 to 2031, Reaching US$ 15.3 billion: TMR Report

Wilmington, Delaware, United States, July 20, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global corporate travel security market is anticipated to grow at a 4.4% CAGR from 2023 to 2031. A market valuation of US$ 15.3 billion is expected by the end of the forecast period.

The rise in corporate travelers has sparked a surge in investments aimed at safeguarding employee well-being during their journeys. This growing trend has prompted increased attention and resources towards travel safety solutions.

Technological advancements have played a crucial role in enhancing travel safety, offering a range of features including real-time tracking, emergency communication systems, risk assessment tools, and crisis response capabilities. As a result, the mounting concerns regarding employee travel safety have become a significant driving force behind the progress of market. The surge in business travel, both domestically and internationally, drives the demand for corporate travel security services.

Globalization has prompted organizations to expand their business in foreign markets, necessitating frequent business trips to enhance competitiveness and profitability. Additionally, the rising number of female workers highlights the importance of prioritizing employee welfare and safety during business travel, as women's security while traveling remains a global concern.

Geopolitical tensions, terrorism, and cross-border challenges have spurred growth in the market. The blending of business and leisure trips is a rising trend, enabling employees to explore different cultures. The expanding travel and tourism industry, along with increasing awareness of travel safety, are key factors fueling the demand for travel security.

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Market Snapshot:

Key Takeaways from the Market Report

• The global corporate travel security market is expected to be worth US$ 10.86 billion as of 2023.
• From 2023 to 2031, the market is estimated to grow with a CAGR of 4.4%.
• By type, on-call emergency services are expected to generate sales with a CAGR of 4.7% during the forecast period.
• By end-use, the demand for corporate travel security in IT is expected to rise with a CAGR of 5% during the forecast period.
• As per TMR projections, the demand for corporate travel security in United States is expected to grow at a CAGR of 4.6% throughout the forecast period.
  

Corporate Travel Security Market: Growth Drivers & Trends

• The expansion of businesses into global markets drives growth in the market. As companies establish operations in different countries, there is an increased demand for robust travel security measures.
• High-profile incidents like terrorist attacks, natural disasters, and health emergencies have raised awareness about the risks of business travel, driving the demand for corporate travel security services.
• Incorporation of AI-driven technologies improves the efficiency and effectiveness of corporate travel security systems which is expected to drive market growth.
• The widespread adoption of robotic technology, reducing human-to-human interaction and its application in the travel and tourism sector, drives the global expansion of the corporate travel market.
• The growing preference for bleisure (business and leisure) among employees has increased the demand for corporate travel security.
  

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Corporate Travel Security Market: Regional Analysis

• North America is projected to dominate the market by accumulating over 39.6% market share in 2023. The demand for corporate travel security services in the region is expected to rise with a CAGR of 4.5% during the forecast period. The growth is attributed to increased adoption of corporate travel security programs and a growing emphasis on employee safety and well-being.
• The market in Asia Pacific is expected to grow with a CAGR of 4.3% during the forecast period. The business expansion and the growing population of working women in Asia Pacific are driving market growth in the region. Firms prioritize employee safety, and technological integration offers various solutions to mitigate service failure risks and enhance safety during corporate travel. The Asia-Pacific region is witnessing substantial growth due to the expanding business landscape and rising investments in travel security measures.

Corporate Travel Security Market: Prominent Players

The global market for corporate travel security is characterized by several regional and global entities. Some key corporate travel security providers profiled by TMR include:

• TravelPerk
• FocusPoint International
• CWT
• Corporate Travel Management
• Charles Taylor
• MAX Security
• Global Guardian
• International SOS
• Control Risk Group Holdings Ltd.
• GardaWorld Corporation
• Global Rescue
  

Prominent developments in the corporate travel security market domain by key players are as follows:

• In July 2023, Altovita, a corporate accommodation platform, broadened its network with a curated accommodation platform, encompassing 7 million units in 35,000 global locations.

• In May 2023, Navan, a corporate travel agency, introduced AVA, an AI chatbot designed to aid in travel arrangements.

• EaseMyTrip unveiled a self-booking tool for corporates in November 2022. This tool acts as a centralized platform for global travel requirements, automating the entire process.
  

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Corporate Travel Security Market- Key Segments

By Type

• On-call Emergency Services
• Evacuation Services
• Medical Repatriation
• 24-hour Medical Helpline
• Executive & Personal Protection (Executive Private Protection, Executive Security Drivers)
• Ground Transportation
• Secure Aviation
• Others (Meetings & Events, Low Profile Security Operations, etc.)

By Consumer Group

• Men
• Women

By End-Use

• IT/ITES
• Banking & Financial Services
• Aerospace, Defense, & Security
• Engineering & Construction
• Oil, Gas, & Mining
• Others (Retail, Chemical, etc.)

By Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
  

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