Traveler Security Services Market Is Expected to Create A Revenue Pocket Of USD 2.37 Billion, Expanding At 9.51 % CAGR By 2030 - Report By Market Research Future (MRFR)
Growing Need to Manage Business Travel Risks Drives Traveler Security Services Market
New York, US, Jan. 30, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Traveler Security Services Market Analysis By Component, By Service Type, By Organization Size - Forecast 2030” valuation is poised to reach USD 2.37 Billion by 2030, registering a 9.51 % CAGR throughout the forecast period (2020–2030).
Market Analysis
The global traveler security services market is expected to witness significant demand due to increasing business travels. TSA continually pilots self-service checkpoint technology, which would positively impact market revenues. Besides, public health measures by the Constitution and laws promoting safety in domestic and international travel would boost the traveler security services market size. Government initiatives to promote smart city projects and public safety create vast growth opportunities for the traveler security services industry.
Key Players
Eminent market players profiled in the global traveler security services market report include:
- SOS Security LLC (US)
- Pinkerton Consulting & Investigations, Inc.(India)
- Sicuritalia Group Holding SpA (Italy)
- Anvil Group (UK)
- GardaWorld Corporation (Canada)
- Integrated Security Services, Inc. (US)
- Drum Cussac (Canada)
- Northcott Global Solutions Ltd (UK)
- Sicuro Group LLC (UAE)
- Global Rescue LLC (US)
- American International Group, Inc. (US)
- TigerSwan (US)
- Solace Global Limited (UK)
- TRACK24 (UK
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Report Scope:
| Report Metric | Details |
| The Revenue forecast in 2030 | USD 2.37 Billion |
| Growth Rate | CAGR of 9.51% from 2020 to 2030 |
| Base Year | 2019 |
| Forecast Period | 2020-2030 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Billion) |
| Key Market Driver | The report analyses the economic scenario and factors in drivers, challenges, trends, opportunities, and restraints for estimating market growth and revenue trajectories. It covers macro and micro economic factors and segments the report in the following manner. |
COVID-19 safety measures in domestic & international travel push the traveler security services market value. The onset of COVID-19 severely hit the travel sector and accelerated the traveler security services industry. Governments worldwide realized that science-based public health measures are critical to preventing the coronavirus spread by travelers within and those who enter the country from abroad.
Therefore, governments mandated executive orders on promoting COVID-19 safety in domestic and international travel. These initiatives include appropriate actions with applicable laws of executive departments and agencies that have relevant regulatory authority, including the Health and Human Services, Transportation sectors, Homeland Security, Transportation Security Administration (TSA), and Coast Guard at travel infrastructures, such as airports, commercial aircraft, trains, public maritime vessels, including ferries, and intercity bus services.
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Industry Trends
The traveler security services market has witnessed a constant uptick over the past few months. The increasing globalization and business travels by international organizations are major trends impacting the market growth positively. Vast R&D investments by solution and service providers and technological advances offer significant market opportunities. Furthermore, the huge demand for healthcare, legal responsibilities, and the rise of business-class travelers influence the growth of the market.
TSA has been increasingly deploying touchless technology that can match their live photo with the photo on travelers' IDs, automatically authenticate their IDs, and confirm their flight information in near real-time. All these factors boosted the traveler security services market, allowing it to sustain the competition and stay ahead in adopting the latest technologies.
Segments
The traveler security services market forecast is segmented into components, service type, organization size, industry, and region. The component segment is sub-segmented into services and platforms. The service type segment is sub-segmented into risk consulting, contingency & crisis management planning, emergency response, legal compliance, investigations, privacy & fraud prevention, threat assessment, and others.
The organization size segment is sub-segmented into large enterprises and small and medium enterprises (SMEs). The industry segment is sub-segmented into government & public sectors, families, corporate, and others. The region segment is sub-segmented into Europe, the Americas, Asia-Pacific, and rest-of-the-world.
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Regional Analysis
North America is assessed to retain its dominance over the global traveler security services market. The largest market share attributes to increasing numbers of organizations employing these corporate travelers' services. Besides, rising terror attacks and the COVID-19 pandemic measures enforced at airports increase the adoption of these services. Passengers in the US and Canada are increasingly opting for traveler security owing to growing security measures deployed at airports.
Europe stands second in the global traveler security services market. The market is fostered by the rising adoption of technologically advanced public security platforms in the respective markets to improve travelers' safety. Additionally, the rising purchasing power and the penetration of safety devices impact the market growth positively. The Europe traveler security services market is expected to create a substantial revenue pocket during the review period.
Asia Pacific has emerged as a globally profitable market for traveler security service solutions. Factors such as the growing tours and tourism industry and rising numbers of small and medium-sized enterprises (SMEs) in the region boost the market size. The growth of digital technologies in transport infrastructures provides various opportunities, presenting several security concerns.
Furthermore, the proliferation of consumer electronics and the rising uses of electronic devices, alongside the growing demand for wireless technologies from various industries, create substantial market demand. The rising adoption of IoT and wireless networking technology, alongside the advent of 5G networks, triggers the sales of traveler security services.
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Competitive Analysis
The traveler security services market witnesses several strategic partnerships alongside other strategic approaches such as expansion, collaboration, mergers & acquisitions, and service & technology launches. Leading industry players make vast investments in research and development activities and foster their expansion plans.
For instance, on Jan.05, 2023, AIG Travel Guard (AIG Travel), a well-established travel insurance company, announced the development of a business travel assistance app, the AIG Travel Assist app. The app is developed in partnership with GeoSure, providing travelers with the most detailed safety ratings worldwide.
In addition to allowing users to select tracking with an additional layer of security, the new app enables the highest standards of travel security alerting and reporting. While its GPS enables tracking of the user's last known position, travelers can raise an SOS or call Solace's security center directly. The app also helps clients stay safe while traveling without impeding their trip, enabling fast notification of nearby incidents.
Through its app, AIG Travel provides detailed country reports and real-time security alerts, travel health information, such as the necessary vaccinations and Covid-19 requirements, as well as other general travel information, including visa requirements and currency exchange rates.
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