ID: MRFR/ICT/7917-CR | March 2020 | Region: Global | 130 pages
Global Traveler Security Services Market size is projected to reach USD 1,422.7 Million by 2024, according to the latest report by Market Research Future (MRFR). It is expected to exhibit a 9.8% CAGR over the forecast period (2019-2024). Traveler security services are a set of services offered to employees of corporations, government agencies, and enterprises and their families during their travels. Security personnel are vetted by industry veterans and assigned to clients while on travel. The global market is likely to witness steady growth owing to the rise of private jet services and chartered planes employed by high-mile individuals.
The COVID-19 pandemic has effectively halted all international travel plans of corporate employees and normal travelers. Relaxation of travel rules can lead to sluggish demand for corporate travel security services. Low amount of corporate travel spending and less workload can hamper the market growth. However, enterprises and companies are employing traveler security service agencies for protecting employees and mitigate risks of travel during the pandemic.
High demand for services for travelers during their arrival and departures as well as adherence to pandemic guidelines pertaining to different nations can provide opportunities for market players. Need for mobile workforces that work in tandem with medical teams for providing assistance to employees are likely to be witnessed in the coming years. Emphasis on pre-trip services and insurance for medical assistance and hospital charges are expected in a COVID-19 scenario.
The increasing globalization and penchant of employees of international organizations and conglomerates for traveling to other nations for capitalizing on business opportunities can drive the global traveler security services market growth. Advances in technology, as well as digital information, can drive the market demand significantly. Huge demand for healthcare, legal responsibilities, and rise of business class travelers can fare well for the market. The use of artificial intelligence by security agencies for alleviating the workload of personnel and providing useful information to travelers can bolster market demand. Assessment of employees and their replacement in cases of emergencies are expected to attract organizations towards these services. Various acts enforced by governments for preventing travel are assessed and monitored by these agencies with a plan formulated to assist clients.
Growing Use of Cybersecurity
Cybersecurity services are likely to be employed by traveler security agencies for gaining the advantage in a data-driven world. The use of virtual private networks by employees for communicating with organization heads are recommended in light of increasing spate of online threats. Mitigation of risks by planning for public relation issues as well as procurement of new phones for clients that can pose low risks pertaining to the region can bode well for the market. Proactive measures for protecting clients against online theft will benefit security agencies. Testing services are conducted by security agencies for testing the firewalls and antimalware services employed by corporate organizations.
High Service Costs and Security Vulnerabilites
High costs of services offered by traveler security firms can restrain the market growth. The humongous costs of travel packages as well as operational costs can deter clients from approaching these services and impede market growth. Moreover, vulnerabilities detected in mobile applications and websites of security services can negatively impact the market. Exploitation of access control to gain sensitive data of personnel and their travel data can pose severe trust issues for the industry. Access control combined with unauthorized access to documentation can be harmful for security providers.
Emergency Response to Garner Huge Demand
The emergency response service is likely to garner huge demand in the global traveler security services market. This is attributed to the global pandemic that can require additional personnel to cater to citizens arriving from international destinations. The need for freeing up public law enforcement officials and new COVID-19 measures enforced by governments to curb the spread of the disease can bolster the segment demand over the forecast period.
Large Enterprises to Command Large Market Share
Large enterprises can command a large market share over the assessment period owing to huge sets of travelers belonging to the corporate sector and large number of business deals and conferences. Concern over employee safety and security can boost the segment demand. Inadequate security measures as well as low protection over digital assets can lead to enterprises turning to traveler security agencies for their services.
Corporate Segment to Dominate
The corporate segment is expected to dominate the global market and exhibit 10.1% CAGR over the forecast period. This is attributed to expansion plans of companies and new opportunities available in developing and under-developing economies. Security provided to employees of large companies during travel can drive the segment demand in the global market.
North America to be Leading Region in Global Market
North America is purported to be the leading region of the global traveler security services market over the forecast period. It accounted for 37.8% market share in 2018 with value pegged at USD 317.6 million. Passengers in Canada and the U.S. are opting for traveler security owing to increased security measures deployed at airports. Corporate travelers are employing these services for secure enplanement and deplaning. Rise of terrorist attacks and the COVID-19 pandemic measures enforced at airports have persuaded passengers for opting of these services.
The global traveler security services market is highly competitive with players adding digital services to their arsenal and adopting artificial intelligence to aid them in their effort. Vendors are offering advanced consultancy services for mitigation and risk management solutions and competing on the basis of reliability and pricing.
Pinkerton Consulting & Investigations, Inc. (India), SOS Security LLC (U.S.), Sicuritalia Group Holding SpA (Italy), GardaWorld Corporation (Canada), Anvil Group (U.K.), Integrated Security Services, Inc. (U.S.), Northcott Global Solutions Ltd (U.K.), Drum Cussac (Canada), Sicuro Group LLC (UAE), American International Group, Inc. (U.S.), Global Rescue LLC (U.S.), TigerSwan (U.S.), TRACK24 (U.K.), and Solace Global Limited (U.K.) are prominent players of the global traveler security services market.
The global traveler security services market report by MRFR provides a broad outlook of the travel industry and new laws to be adhered by security service providers to retain their clients. 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:
By Services Type
By Organization Size
Frequently Asked Questions (FAQ) :
The global traveler security market is estimated to value USD 1,422.7 million by the end of 2024.
The global traveler security market is projected to thrive at a CAGR of 9.8% during the forecast period from 2019 to 2024.
The most established players of the global traveler security market are TigerSwan, SOS Security LLC, GardaWorld, Drum Cussac, Solace Global Limited, American International Group, Inc., Northcott Global Solutions Ltd, Sicuritalia Group Holding SpA, Integrated Security Services, Inc., Pinkerton Consulting & Investigations, Inc., TRACK24, Anvil Group, Global Rescue LLC and Sicuro Group LLC.
As per MRFR, APAC is predicted to be the fastest-growing market. Europe is likely to attain the second position.
The growing business travel spending and the rise in international travelers is likely to augment the global traveler security market size.