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Global Traveler Security Services Market -Trends and Forecast to 2027

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Deepali W

Global Traveler Security Services Market Scenario:

The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Global Traveler Security Services Market. The growth sectors of the Global Traveler Security Services Market are identified with precision for a better growth perspective.

Market Research Future (MRFR) expects the traveler security market 2020 to procure a valuation of USD 1,422.7 Million by 2027-end. MRFR also anticipates that the market can progress at a rate of 9.8% between 2020 and 2027, which is the assessment period. We will provide covid-19 impact Analysis with the report.

Large-scale investments by high tech companies along with the escalating adoption rate of AI and automation can help the Global Traveler Security Services Market maintain its robustness in the face of the pandemic crisis. The traveler security market is also positively influenced by the surge in business travel spending, mounting number of international travelers, and the rising focus of enterprises on providing a secure and safe travel experience to employees.

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Competitive Outlook:

 

Notable competitors in the traveler security service industry include Pinkerton Consulting & Investigations, SOS Security LLC, GardaWorld, Sicuro Group LLC, American International Group, Inc., TigerSwan, TRACK24, Drum Cussac, Integrated Security Services, Inc., Sicuritalia Group Holding SpA, Northcott Global Solutions Ltd, Anvil Group, Global Rescue LLC, Solace Global Limited to mention a few.

 

Segmentation:

  • The service types in the Global Traveler Security Services Market are privacy and fraud preventions, emergency response, investigations, risk consulting, threat assessment, contingency and crisis management planning, legal compliance, and more.
  • The organization size-wise market segmentation comprises small & medium enterprises as well as large enterprises. For business deals, conferences, research purposes and vendor meets, employees in large enterprises are constantly travelling, which mandates the need for travel security services. Also, management in these enterprises is largely focused on the employees’ security and safety, spending considerably on third-party travel security services. These factors have led the large enterprises segment to achieve the top position in the market.
  • The industries where travel security services are widely deployed include government and public sectors, families, and corporate. In 2018, the corporate category seized the largest share of 68.1% and was worth USD 571.2 million. The segment can also record the fastest expansion rate of 10.1% between 2019 and 2024. The second lead was obtained by the government & public sector segment the same year, with a value of USD 211.7 million and projections of it attaining a growth rate of 9.1% in the next few years.

 Regional Analysis:

North America is in the lead, having captured the biggest share of 37.9% and a value estimated at USD 317.6 million in 2018. North America is also presumed to achieve a growth rate of 7.2% over the next couple of years. Europe, on the other hand, got the second position in the market and was worth USD 283.4 million in 2018. The regional market can advance at a rate of 9.1% during the conjectured period.

In the past few decades, North America has observed a sharp boost in the number of business travelers as well as women business travelers, which favors the Global Traveler Security Services Market. Frequent technology-based innovations and companies increasingly understanding their legal responsibilities has led to a surge in corporate travel security across the region. A large number of vendors in the region heavily invest in the development of their business infrastructure and operations to boost their profitability which translates to excellent growth for traveler security services industry.

The APAC market growth is largely warranted by the increasing adoption of smart technology to administer travel with modern security solutions. The ability to provide offshore services to global clients while travelling in riots affected or terrorism affected areas with utmost security also induces market growth in the region. The expanding population of female individuals in mid-high level management and the increasing need for them to travel abroad compels corporates to go for traveler security services.

 

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About Market Research Future:

Market Research Future (MRFR) has created a niche in the world of market research. It is counted among the top market research companies that offer well-researched and updated market research reports and insights to businesses of all sizes. What sets us apart is our super-responsive team that offers quality work keeping clients abridged of the prospective challenges and opportunities in various markets. Our team is adept in their space as well as patiently listens to every client.

 

The best part is they know their work inside out and possess the expertise to guide the client in the right direction and achieve results on a tight deadline. We are a one-stop solution for all your data research needs. Our team does not believe in the “one size fits all” approach to creating a report that is detailed and concise. We handle 13 industry verticals including Healthcare, Chemicals and Materials, Information and Communications Technology, Semiconductor and Electronics, Energy and Power, Food, Beverages & Nutrition, Automobile, Consumer and Retail, Aerospace and Defense, Industrial Automation and Equipment, Packaging & Transport, Construction, and Agriculture. With our unique approach for every market report, we aim to reach the zenith in qualitative business intelligence and syndicated market research. 

 

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Market Research Future

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Magarpatta Road, Hadapsar

Pune - 411028

Maharashtra, India

+1 646 845 9312

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