Travel Risk Management Services Market Size Expected to Surpass $223.62 Billion by 2031, Growing At 8.1% CAGR From 2021-2031
๐๐ก๐ ๐ญ๐ซ๐๐ฏ๐๐ฅ ๐ซ๐ข๐ฌ๐ค ๐ฆ๐๐ง๐๐ ๐๐ฆ๐๐ง๐ญ ๐ฌ๐๐ซ๐ฏ๐ข๐๐๐ฌ ๐ฆ๐๐ซ๐ค๐๐ญ ๐ฐ๐๐ฌ ๐ฏ๐๐ฅ๐ฎ๐๐ ๐๐ญ $๐๐.๐๐ ๐๐ข๐ฅ๐ฅ๐ข๐จ๐ง ๐ข๐ง ๐๐๐๐, ๐๐ง๐ ๐ข๐ฌ ๐๐ฌ๐ญ๐ข๐ฆ๐๐ญ๐๐ ๐ญ๐จ ๐ซ๐๐๐๐ก $๐๐๐.๐๐ ๐๐ข๐ฅ๐ฅ๐ข๐จ๐ง ๐๐ฒ ๐๐๐๐, ๐ ๐ซ๐จ๐ฐ๐ข๐ง๐ ๐๐ญ ๐ ๐๐๐๐ ๐จ๐ ๐.๐% ๐๐ซ๐จ๐ฆ ๐๐๐๐ ๐ญ๐จ ๐๐๐๐.Allied Market Research published a new report, titled, "Travel Risk Management Services Market by Service type, by Enterprise Size, by Industry: Global Opportunity Analysis and Industry Forecast, 2021-2031". The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
๐๐๐ญ ๐๐ฑ๐๐ฅ๐ฎ๐ฌ๐ข๐ฏ๐ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ฉ๐จ๐ซ๐ญ: https://www.alliedmarketresearch.com/request-sample/6950
Travel risk management services industry is gaining a huge popularity as the business professionals and executives are planning more business tours globally to ensure their business's health and growth. Providing security and seeking for data safety are few of the travel risk management services market trends. The trending factors responsible for fueling the demand for travel risk management services market size include weather uncertainty, cyber frauds, accidental risks, health risk of the employees during the tour, and others. The buyers are becoming more concerned regarding their employees and business risks and opting for adequate and best deals on travel risk management services in the market.
According to the Global Business Travel Association (GBTA), the global business travel spending plummeted 52% in 2020 and the losses are 10 times larger than the Great Recession of 2008. The business travel spending fell by around 60% in North America, in Europe by 78%, and in Asia-Pacific by 48% in 2020. The overall global business travel spending fell by around 52% resulting in huge revenue losses to the players operating in the business travel market. The government tried to bring in COVID-19 measures to revive the falling business travel industry.
For example, the Health Ministry of Singapore announced to increase capacity limits for MICE events to 750 people from 250 people in April 2020. This move was appreciated by the Singapore Association of Convention and Exhibition Organizers and Suppliers (Saceos). According to the president of Saceos, it was the most needed step to re-open and restart the MICE industry. However, there were few market players who were much concerned about the increased costs due to the expansion of capacity limits. The impact of COVID-19 on the business travel market was directly related to travel risk management services market demand as the number of international arrivals decreased in the pandemic.
Other significant factors that promote the growth of the Travel Risk Management Services Market share are change in preferences of business leaders to seek bleisure trips, rapid urbanization, and industrial growth. The current trend of online booking option of risk management services have increased the convenience of the business travelers, which is further anticipated to boost the market growth. Moreover, infrastructural development and expansion of retail business fuel the growth of the industry.
The travel risk management services market is segmented into Service type, Enterprize Size and Industry. By service type, it is categorized into health security, travel security, crisis management, assistance & tracking, data security, and others. By enterprise size, it is segmented into small enterprise, medium enterprise, and large enterprise. On the basis of industry, it is bifurcated in to pharmaceutical and healthcare, agri, food, & beverages, hospitality, business services & consultant, technology & telecom, and others.
๐๐จ๐ฆ๐ฉ๐ฅ๐๐ญ๐ ๐๐๐ฉ๐จ๐ซ๐ญ ๐ข๐ฌ ๐๐ฏ๐๐ข๐ฅ๐๐๐ฅ๐: https://www.alliedmarketresearch.com/checkout-final/7b24a854d14fae2ef50de2f12fc26741
Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Argentina, and Rest of LAMEA).
The key players operating in the travel risk management services market include BCD Group, Carlson, Inc., Everbridge, FocusPoint International, Inc., Global Rescue LLC, Healix, Kroll, LLC., Millbank Solutions, The Collinson Group Limited, and Tokio Marine Holdings, Inc.
๐๐ฑ๐ฉ๐ฅ๐จ๐ซ๐ข๐ง๐ ๐๐ซ๐จ๐ฐ๐ญ๐ก ๐๐ซ๐จ๐ฌ๐ฉ๐๐๐ญ๐ฌ ๐๐ง๐ ๐๐๐ฆ๐๐ง๐ ๐๐ซ๐๐ง๐๐ฌ ๐ข๐ง ๐ญ๐ก๐ ๐๐ซ๐๐ฏ๐๐ฅ ๐๐ข๐ฌ๐ค ๐๐๐ง๐๐ ๐๐ฆ๐๐ง๐ญ ๐๐๐ซ๐ฏ๐ข๐๐๐ฌ:
๐๐ฅ๐จ๐๐๐ฅ ๐๐ซ๐๐ฏ๐๐ฅ ๐๐ซ๐๐ง๐๐ฌ: Analyze current trends in global travel, including business travel, tourism, and international assignments. Understand factors such as the growth of emerging markets, technological advancements, and changing demographics that impact travel patterns.
๐๐ข๐ฌ๐ค ๐๐ฐ๐๐ซ๐๐ง๐๐ฌ๐ฌ: Increasing awareness of travel risks, including health pandemics, political instability, natural disasters, and terrorism, has heightened the demand for risk management services. Organizations are recognizing the importance of duty of care for their employees and travelers.
๐๐๐ ๐ฎ๐ฅ๐๐ญ๐จ๐ซ๐ฒ ๐๐ง๐ฏ๐ข๐ซ๐จ๐ง๐ฆ๐๐ง๐ญ: Keep abreast of changing regulatory requirements related to travel safety and risk management, such as duty of care obligations, travel advisories, and data protection laws. Compliance with these regulations is a key driver for organizations investing in risk management services.
๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ ๐๐๐ซ๐ญ๐ข๐๐๐ฅ๐ฌ: Different industries have varying risk profiles and priorities when it comes to travel risk management. For example, multinational corporations, NGOs, academic institutions, and government agencies each have unique requirements and may require tailored solutions.
๐๐๐๐ก๐ง๐จ๐ฅ๐จ๐ ๐ฒ ๐๐ง๐ญ๐๐ ๐ซ๐๐ญ๐ข๐จ๐ง: Advancements in technology, such as artificial intelligence, data analytics, geospatial intelligence, and mobile applications, are revolutionizing travel risk management. Integrated platforms that provide real-time monitoring, communication, and response capabilities are increasingly sought after.
๐๐ซ๐ข๐ฌ๐ข๐ฌ ๐๐๐ง๐๐ ๐๐ฆ๐๐ง๐ญ ๐๐ฅ๐๐ง๐ง๐ข๐ง๐ : Organizations are investing in comprehensive crisis management plans and protocols to respond effectively to emergencies abroad. This includes pre-travel risk assessments, incident response procedures, and communication strategies.
๐๐ฆ๐ฉ๐ฅ๐จ๐ฒ๐๐ ๐๐๐ฅ๐ฅ๐ง๐๐ฌ๐ฌ: The focus on employee well-being extends to travel safety and health. Services that provide medical assistance, mental health support, and wellness programs for travelers are becoming more prevalent.
๐๐๐ฒ ๐๐ข๐ง๐๐ข๐ง๐ ๐ฌ ๐จ๐ ๐ญ๐ก๐ ๐ฌ๐ญ๐ฎ๐๐ฒ:
โ The basis of service type, the crisis management segment is projected to witness the highest CAGR of 9.1%, in revenue terms, during the forecast period.
โ Basis of enterprise size, the small enterprise is expected to grow at a CAGR of 8.8% during the forecast period.
โ On the basis of industry, business services and consulting is expected to grow at a highest CAGR of 10.0% during the forecast period.
โ By region, the US was the largest country in North America, in terms of revenue generation for travel risk management services market in 2021.
๐๐ง๐ช๐ฎ๐ข๐ซ๐ ๐๐จ๐ซ๐ ๐๐๐จ๐ฎ๐ญ ๐ญ๐ก๐ข๐ฌ ๐๐๐ฉ๐จ๐ซ๐ญ: https://www.alliedmarketresearch.com/purchase-enquiry/6950
๐๐๐๐ฌ๐จ๐ง๐ฌ ๐ญ๐จ ๐๐ฎ๐ฒ ๐๐ซ๐๐ฏ๐๐ฅ ๐๐ข๐ฌ๐ค ๐๐๐ง๐๐ ๐๐ฆ๐๐ง๐ญ ๐๐๐ซ๐ฏ๐ข๐๐๐ฌ ๐๐๐ซ๐ค๐๐ญ ๐๐๐ฉ๐จ๐ซ๐ญ:
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๐ ๐๐๐๐๐๐๐๐๐ ๐๐๐๐๐ ๐๐๐๐๐๐๐๐๐:
โ How much is the travel risk management services market worth?
โ What is the trend in the travel risk management services market?
โ What is the target market for travel risk management services?
โ What is the market analysis of travel risk management services?
โ Who are the leading market players active in the market.
โ What is the largest travel risk management services company in the world?
๐๐๐๐ ๐๐จ๐ซ๐ ๐๐ซ๐๐ง๐๐ข๐ง๐ "๐๐๐ ๐๐ฑ๐๐ฅ๐ฎ๐ฌ๐ข๐ฏ๐ ๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ:
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