Dallas, Texas, Oct. 25, 2022 (GLOBE NEWSWIRE) -- Any market's expansion depends heavily on the role of significant players. The leading players in the travel security services market are anticipated to considerably contribute to the industry's growth by offering creative and efficient solutions to the diverse needs of their clients. For the market to reach a larger audience, it is also anticipated that the main players would play a crucial role in its promotion.
The rising recurrence of terrorist attacks as well as other criminal activity around the world has made travel security a top worry for both individuals and organizations in recent years. Organizations are choosing professional travel security services in greater numbers to secure the security of their personnel while they are travelling. These services include a variety of services including risk counselling, 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 Group Holding SpA
- Integrated Security Services
- Pinkerton Consulting & Investigations
- TigerSwan
- GardaWorld
- Drum Cussac
- Solace Global
- American International Group
- Northcott Global Solutions
- SOS Security
They also assist organizations in reducing the risks connected with business travel. Prior to starting a trip, a group or person must have a well-thought-out travel security plan in place. This is because potential hazards and risks encountered while travelling are always changing, making it essential to be informed of the most recent intelligence to reduce them.
The market for travel security services is predicted to increase from USD 7.5 billion in 2019 to USD 12.8 billion in 2029, with a CAGR of 6.8% over the course of the forecast period. This expansion can be ascribed to the rise in terrorist attacks and other criminal activity around the world, as well as the ensuing rise in demand for travel security services.
Type analysis of travel security services market:
- Privacy & Fraud Preventions
- Legal Compliance
- Contingency and Crisis Management Planning
- Investigations
- Emergency Response
- Risk Consulting
- Others
Applications analysis of travel security services market:
- Corporate Institutions
- Government & Public Sector
- Individual Families
The industry segment for risk consulting services has been anticipated to develop at the highest CAGR throughout the projection period. This is a result of organizations’ increasing need to identify potential dangers connected to business travel, develop methods to manage them, and guarantee the safety of their personnel. The tools and guidance organizations need to recognize, evaluate, and manage the risks related to travel are also provided through risk consulting services.
This includes advising on how to stay out of dangerous areas, how to travel safely, and how to react in an emergency. Similarly, the segment for crisis and contingency management planning services is anticipated to expand significantly over the course of the projection year as these services aid organization’s in being ready for any unanticipated occurrences that might arise while on business trips.
Small and medium-sized businesses (SMEs) are predicted to see the highest Growth rate during the projected period. This is a result of SMEs becoming more aware of the advantages of expert travel security services in lowering the dangers related to business travel as well as SMEs adopting these services at a faster rate.
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During the projected timeframe, it is anticipated that the segment serving the public and government sectors would account for the biggest market share. This is a result of the rise in terrorist attacks and other criminal activities around the world, which has made it necessary to use expert travel security services to safeguard the security of government employees and officials when they are travelling.
The CAGR expected for the Asia Pacific area during the forecast period would be the highest. This is a result of the rise in terrorist acts and other criminal activity in nations like Bangladesh, Pakistan, and India. Consequently, it is anticipated that there would be a rise in the need for travel security services in the Asia Pacific region to secure the safety of tourists.
A new travel security app called "SmartAsset" was released in February 2019 by International SOS and Control Risks to give business travellers up-to-the-minute information and direction. On both the Android and iOS operating systems, this software can be downloaded.
Prosegur Cash S.A., a cash-in-transit business with operations in Spain, was bought by Securitas AB in May 2019 for a EUR 1,365 million enterprise value. With this acquisition, Securitas' position in the expanding cash management sector will be strengthened and it will be able to provide customers with a wide range of security solutions.
A US-based 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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