Increase in business travel spending and rise in need to ensure security of travelers are the major factors that drive growth of the market. In addition, increase in number of international travels across the globe fuels the traveler security services market growth.
However, hefty amount charged by companies depending on the customization of security service of the traveler hampers the market growth. Furthermore, company tactics to expand their businesses and growing business travels across the globe is expected provide lucrative opportunity for the traveler security services market.
Most companies like to outsource security services as they offer number of features such as risk management, 24*7 call support, country-wise reports, SOS alert function, PNR tracking, and GPS location sharing.
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In addition, these service vendors have complete knowledge of regional laws as they have connection all around the globe. Hence, they prefer more efficient security services as compared to in house services that drive growth of the market.
Traveler security services is growing at a very fast pace, prominent players are also adopting different strategies such as expansion of their services, new product launches, collaborations, partnerships, mergers to increase their reach in the market.
For instance, in January 2019, Drum Cussac came into a partnership with Collinson to launch a global travel risk management solution, which helps organizations to fulfill their duty of care and enhance the wellbeing of employees travelling abroad.
Major players include: 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.
COVID-19 scenario analysis:
- The outbreak of COVID-19 has effected on many aspects such as flight cancellations, travel bans, and quarantines, which directly affects growth of the traveler security services market.
- Currently, there are travel restrictions all around the globe to stop the spread of COVID-19, which has affected the traveler services market in a negative manner.
- Once the pandemic is over, it is estimated that businesses would resume their operations, providing the market a capability to bounce back and again start to grow, owing to resumption of travel plans of people.
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