Companies Focus on Formulation of Corporate Travel Security Programs
The corporate travel security market is witnessing a major overhaul, as more number of companies across the world are realizing their moral and legal responsibility to ensure employee safety during business travel. Furthermore, companies are also increasingly focusing on “Duty of Care” programs that are specifically curated to enlighten and assist employees at the time of emergency. Thousands of companies either have already introduced a corporate travel security program or are in the process of formulating one. Some of the key aspects that major companies are expected to focus on while developing these programs include communication, risk evaluation, travel policy, crisis response, training, and travel tracking, among others.
Worldwide corporate travel has increased at a steady pace over the past few years, as companies continue to expand their business operations across different cities, countries, and continents. Moreover, despite significant advancements in digital technologies within the corporate sector, in-person meetings hold tremendous value, especially to close long-term business deals and forge new ties. Furthermore, business travel plays an imperative role in enabling companies to expand their footprint, tap into unchartered territories, track new trends, etc. The Global Business Travel Association projects that around ~US$ 1.4 Trn will be spent on business travel in 2020. These factors are expected to provide an impetus for growth of the corporate travel security market, which is projected to reach a market value of ~14.7 Bn by the end of 2027.
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Technological Advancements Enable Companies to Offer Security to Employees on Business Travel
Over the past couple of decades, security measures across the travel sector have evolved at a rapid pace. Focus on travel security and safety is scaling new heights particularly in Europe and North America, and more companies in these regions are getting onboard the bandwagon. Owing to significant advancements in technology and advent of location tracking systems, companies can offer security to their employees while they are on business travel – a trend that has gained significant momentum across North America, and is an integral feature of Airbnb for Work in the U.S.
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However, focus on the duty of care legislation across Europe has put the onus on companies to ensure that their employees are safe during business travels. Firms across both regions i.e. North America and Europe are expected to focus on two major parameters: cost-efficiency and policy compliance. The global corporate travel security market is expected to expand at a steady rate, owing to advancements in technology.
On the regional front, with a market share of ~39%, Asia Pacific is expected to be at the forefront, in terms of value and share of the corporate travel security market by the end of 2020. North America and Europe are projected to account for a combined share of ~54% in 2020.
Small- and Medium-sized Firms to Build Travel Safety Structure for Employees
Due to security challenges faced by business travelers for several years, domestic and global corporate travel security has garnered significant attention in the past few years. Rise in the number of women travelers and aggressive expansion tactics of companies across the world have played a key role in the expansion of the corporate travel security market in the past few years. Until recently, only a few established multinational companies put emphasis on corporate travel security. However, in the past few years, small- and medium-sized companies have also identified the need to establish a solid framework to ensure the safety of their employees during business travels. According to multiple participants in the corporate travel security market, automation is expected to set the tone for the growth of the corporate travel security market during the forecast period. In the coming years, digital systems are likely to provide business travelers with the required information as per their needs. Moreover, the growth of the corporate travel security market will largely rely on platforms instead of a range of products such as insurance. Furthermore, there is a strong possibility that novel technologies, such as Artificial Intelligence and chat bots will make their way into the corporate travel security market landscape in the near future.
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Corporate Travel Security Market: Overview
- According to a latest market report published by Transparency Market Research on the corporate travel security market for the period 2019–2027 (wherein 2019 to 2027 is the forecast period and 2018 is the base year), increase in corporate travel across the globe is expected to drive the corporate travel security market
- Globally, revenue generated by the corporate travel security market was valued at ~US$ 10.1 Bn in 2018, which is expected to expand at a CAGR of over ~4% in terms of value during the forecast period
Increase in Globalization and Number of Startups & Tech Firms: A Key Driver of Corporate Travel Security Market
- Companies are focusing on investments to develop their business operations and infrastructure globally to enhance their profitability and competitiveness, which is influencing the corporate travel industry. Rapid expansion of industrial and service sectors has encouraged companies to extend their business across the globe, thus encouraging corporate travel business and its related security. Companies are participating in several meets and gatherings, face-to-face meetings, and signing collaborations and corporate deals across the globe, which are influencing the growth of the corporate travel security market.
- Rise in adoption of smart technology to monitor business travel with advanced security solutions has encouraged the growth of the corporate travel security market. In addition, the facility of providing offshore support to clients while travelling in terrorism affected, riots affected areas with essential security is expected to propel the growth of the corporate travel security market. Increase in the number of women in mid-high level management has encouraged corporates to opt for travel security or travel technology.
- Rising number of small and medium sized startup firms across the globe investing in new travel tools to bring about savings, efficiencies, compliances, and traveler safety is likely to drive the corporate travel security market across the globe in the next few years
Customized & Niche Secure Travel Support and Adoption of Smart Technology: A Significant Opportunity for Corporate Travel Security Market
- Rise in awareness about secure travel services through referrals, and business travelers gaining support through customized and niche security solutions is likely to generate revenue in the coming years. Increase in the number of mass shootings, terror attacks, mob attacks, and unwanted workplace incidents, along with change in the global socio- political scenario has enhanced the demand for these security solutions across the globe.
- Technology is progressing at unprecedented levels. Investment in wearable technology, artificial intelligence, and Internet of Things (IoT) may offer a reliable option of securing safety of clients by providing them with value added services. The facility of exploring destinations, multiple options of stay, and more value added services ensure a satisfactory travelling experience to clients who undertake corporate travel. This is likely to lead to customer loyalty for further business travel and gain positive feedback and referrals to other clients.
Rising Security Concerns of Employees and Women Travelers: Key Trends
- Stringent government laws to protect employees and increasing concerns of employee safety are driving the corporate travel security market. Rise in preference for leisure travel i.e., a mix of business and leisure by corporates and increase in the number of women working in the corporate sector and their participation in business meets is propelling the growth of the corporate travel security market. These are major trends in the corporate travel security market.
Increasing Adoption of Technology for Meetings to Hamper Corporate Travel Security Market
- Nowadays, corporates have greater access to technology and the ability to spot cheap travel deals online. Companies are forcing employees to opt for online services, such as video conferencing over traveling. Increasing adoption of technology is expected to impede market growth.
Corporate Travel Security Market: Competition Landscape
- Detailed profiles of service providers of corporate travel security have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the corporate travel security market include
- International SOS
- Control Risks Group Holdings Ltd
- GardaWorld Corporation
- Europ Assistance
- Global Rescue
- Global Guardian
- CEGA Group
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Corporate Travel Security Market: Key Developments
- Prominent service providers in the corporate travel security market are increasing investments in innovative security services to fulfill the needs of customers. Service providers are also planning to expand their variety of services and their presence in various geographies through mergers & acquisitions and tie-ups with local security services providers.
Some other key developments in the corporate travel security market are:
- In September 2019, International SOS expanded its aviation security team in order to be able to support aviation and maritime clients. The company also updated its security with Geospark Analytics artificial intelligence.
- In November 2019, the CEGA Group, with its partner SOLACE participated in a risk management event named “Education without Borders.” The company distributed the Intrinsic Scholastics Tool Kit: a guide for traveler’s wellbeing and critical incident management.
- In October 2019, Northcott Global Solution (NGS) signed a strategic alliance with Air Partner plc. This partnership will help NGS strengthen its air evacuation offering while Air Partner will enjoy NGSs tracking & intelligence services.
- In September 2019, Anvil Group promoted its wide variety of security and risk management solutions at the Global Security Exchange in Chicago. Around 20,000 people from 110 countries attended the event.
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