The global travel risk management services market revenue was around US$ 96.26 billion in 2021 and is estimated to reach US$ 194 billion by 2030, growing at a compound annual growth rate (CAGR) of 8.1% during the forecast period from 2022 to 2030.

The travel risk management services market includes all aspects of threat analysis, threat identification, and decision-making. They are systematic, logical approaches to problem-solving and decision-making that are trusted by companies and business travelers. Services for travel risk management are a crucial component of outdoor equipment since they are portable and easy to set up.

Factors Influencing Market Growth

- Surge in government initiatives for the development of the MICE (meetings, incentives, conferences, and events) segment & SME sector, expansion of the tourism and travel industry, growth of information and communication technology (ICT), industrial growth, rapid urbanization and increase in globalization is estimated to fuel the growth of the global travel risk management services market.

- Time barriers and transportation costs hinder the market growth.

- In the upcoming years, the market will see new prospects due to the current trend of risk management services being available for online booking and the lucrative offers made by developing country governments to entice foreign investment.

Study of the COVID-19 Pandemic

The COVID-19 pandemic effect has reduced the market's demand and income for global travel risk management services in 2020, but it is anticipated that the trend will return to normal over the next few years. International business travelers were significantly damaged by the cancellation of MICE events. The global travel risk management services market has been damaged due to the cancellation of nearly all MICE events.

Regional Insights

Asia-Pacific accounted for the largest market share of the global travel risk management services market in 2021 and is expected to continue to dominate during the forecast period. This is explained by the growing desire of foreign players to take advantage of opportunities in China and India.

LAMEA is expected to increase at the fastest rate during the projected period. The government's measures to promote FDIs and private investment in the region, as well as the liberalization of access to trade licenses, are what fuel the expansion. Additionally, measures to create MICE events increased the number of business travel in LAMEA.

Leading Competitors

The leading competitors in the global travel risk management services market are:

- BCD group
- Carlson
- Everbridge
- FocusPoint International Inc
- Global Rescue LLC
- Healix
- Kroll LLC
- Millbank Solutions
- The Collinson Group Limited
- Tokio Marine Holdings Inc
- Others

Segmentation Analysis

The global travel risk management services market segmentation focuses on Service Type, Enterprize Size, Industry and Region.

Segmentation based on Service Type
- Travel Security
- Crisis Management
- Assistance and Tracking
- Data Security
- Others
- Health Security
Segmentation based on Enterprize Size
- Small Enterprises
- Medium Enterprises
- Large Enterprises
Segmentation based on Industry
- Pharmaceutical and Healthcare
- Agri, Food and Beverage
- Hospitality
- Business Services and Consulting
- IT, Technology and Telecom
- Others

Segmentation based on Region

North America
- The U.S.
- Canada
- Mexico
- Europe
Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
Eastern Europe
- Poland
- Russia
- Rest of Europe
Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific

Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA

South America
- Brazil
- Argentina
- Rest of South America