North America Travel Risk Management Market Growth, Size, Trends, Share and Future Outlook
North America Travel Risk Management Market Size- By Service Type, By Enterprise Size, By Industry- Regional Outlook, Competitive Strategies and Segment Forecast to 2033
| Published: Feb-2024 | Report ID: IACT2437 | Pages: 1 - 152 | Formats*: |
| Category : Information & Communications Technology | |||
North America Travel Risk Management Market Introduction and Overview
According to SPER Market Research, the North America Travel Risk Management Market is estimated to reach USD 2.06 Billion by 2033 with a CAGR of 8.5%.
The report includes an in-depth analysis of the North America Travel Risk Management Market, including market size and trends, product mix, applications, and supplier analysis. The comprehensive process of detecting, evaluating, and reducing hazards that are mostly associated with business travel is known as travel risk management, or TRM. It entails offering workers emergency support in the event of impending emergencies or dangers, including terrorism, natural disasters, and health hazards, among others.
- Sep 12th 2023: OnSolve® demonstrated how its machine learning and artificial intelligence innovations help businesses make faster, more intelligent, and more informed decisions for their travelling staff.
- Apr 11th 2023: In order to help organisations anticipate potential travel dangers and get in touch with travellers in an emergency, AlertMedia has announced the launch of its new product, Travel Risk Management.
Market Opportunities and Challenges
Providers of travel risk management help organisations get ready for events related to travel, such as health crises, political upheaval, and natural disasters. They provide real-time updates via mobile apps and communication platforms for prompt information distribution during emergencies. Organisations and travellers can respond to crises more skillfully when they participate in training and simulated exercises. The demand for comprehensive solutions for risk assessment and crisis planning by organisations makes crisis management services essential to the market's expansion. Because of the variety of vacation places in Mexico, there is a demand for these services because of security and health threats. The present global health crisis highlights how critical it is to provide North America with health support, including correct information on immunisation requirements and health warnings. These services, which handle the various dangers, safety issues, and cultural considerations that travellers in the region face, are crucial throughout North America.
North American travel risk management faces a variety of difficulties, such as the requirement for cultural sensitivity and understanding, security issues in some areas, and health-related risks made worse by the ongoing global health crisis. Customised risk assessments and crisis preparedness strategies are necessary due to the diverse landscapes and surroundings across the continent. It is imperative to guarantee the availability of precise health information, tackle safety issues in various travel locations, and establish efficient communication channels. Furthermore, because hazards are dynamic in nature, risk management techniques must be continuously monitored and adjusted. Ultimately, finding comprehensive answers to these problems that put travellers' safety, wellbeing, and readiness first across North America is necessary.
Market Competitive Landscape
The major key players in the North America Travel Risk Management Market are: BCD Group, Chubb Limited, Collinson International Limited, CWT Global B.V, Everbridge, Inc, Global Rescue LLC, Healix Group of Companies, Kroll, LLC, Tokio Marine Holdings, Inc., FocusPoint International, Inc., Others.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Service Type, By Enterprise Size, By Industry |
| Regions covered | Canada, Mexico, US and rest of North America |
| Companies Covered | BCD Group, Chubb Limited, Collinson International Limited, CWT Global B.V, Everbridge, Inc, Global Rescue LLC, Healix Group of Companies, Kroll, LLC, Tokio Marine Holdings, Inc., FocusPoint International, Inc., Others |
COVID-19 Impact on North America Travel Risk Management Market
The COVID-19 epidemic has created previously unheard-of difficulties for the travel risk management industry in North America. Traditional risk management techniques have been disrupted by the sharp decline in travel activity caused by travel restrictions, border closures, and health concerns. Organisations have been forced to review their crisis preparedness plans and make investments in new tactics to deal with the changing dangers as a result of the abrupt travel ban. Health concerns have taken precedence over other factors, such as maintaining strict sanitation standards and guaranteeing access to medical care. Furthermore, the trend towards remote work has made creative methods of communication and assistance for travellers necessary. All things considered, COVID-19 has expedited the implementation of digital solutions and brought attention to how crucial flexibility and adaptation are to risk management plans.
Key Target Audience:
- Corporations and Businesses
- Travel Management Companies (TMCs)
- Insurance Companies
- Security and Risk Management Firms
- Government Agencies and NGOs
- Educational Institutions
- Healthcare Providers and Medical Assistance Companies
- Travelers Themselves
- Others
Our in-depth analysis of the North America Travel Risk Management Market includes the following segments:
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Key Topics Covered in the Report
North America Travel Risk Management Market Size (FY’2024-FY’2033)
Overview of North America Travel Risk Management Market
Segmentation of North America Travel Risk Management Market By Service Type (Assistance & Tracking, Crisis Management, Data Security, Health Security, Travel Security, Others)
Segmentation of North America Travel Risk Management Market By Enterprise Size (Large Enterprises, Medium Enterprises, Small Enterprises)
Segmentation of North America Travel Risk Management Market By Industry (Agri, Food & Beverage, Business Services & Consulting, Hospitality, IT, Technology & Telecom, Pharmaceutical & Healthcare, Others)
Statistical Snap of North America Travel Risk Management Market
Expansion Analysis of North America Travel Risk Management Market
Problems and Obstacles in North America Travel Risk Management Market
Competitive Landscape in the North America Travel Risk Management Market
Impact of COVID-19 and Demonetization on North America Travel Risk Management Market
Details on Current Investment in North America Travel Risk Management Market
Competitive Analysis of North America Travel Risk Management Market
Prominent Players in the North America Travel Risk Management Market
SWOT Analysis of North America Travel Risk Management Market
North America Travel Risk Management Market Future Outlook and Projections (FY’2024-FY’2033)
Recommendations from Analyst
1. Introduction
1.1. Scope of the report1.2. Market segment analysis
2. Research Methodology
2.1. Research data source2.1.1. Secondary Data2.1.2. Primary Data2.1.3. SPER’s internal database2.1.4. Premium insight from KOL’s2.2. Market size estimation2.2.1. Top-down and Bottom-up approach2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis4.1.1. Drivers4.1.2. Restraints4.1.3. Opportunities4.1.4. Challenges4.2. COVID-19 Impacts of the North America Travel Risk Management Market
5. Market variable and outlook
5.1. SWOT Analysis5.1.1. Strengths5.1.2. Weaknesses5.1.3. Opportunities5.1.4. Threats5.2. PESTEL Analysis5.2.1. Political Landscape5.2.2. Economic Landscape5.2.3. Social Landscape5.2.4. Technological Landscape5.2.5. Environmental Landscape5.2.6. Legal Landscape5.3. PORTER’s Five Forces5.3.1. Bargaining power of suppliers5.3.2. Bargaining power of buyers5.3.3. Threat of Substitute5.3.4. Threat of new entrant5.3.5. Competitive rivalry5.4. Heat Map Analysis
6. Competitive Landscape
6.1. North America Travel Risk Management Market Manufacturing Base Distribution, Sales Area, Product Type6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in North America Travel Risk Management Market
7. North America Travel Risk Management Market, By Service Type (USD Million)
7.1. North America Travel Risk Management Market Value Share and Forecast, By Service Type, 2024-20337.2. Assistance & Tracking7.3. Crisis Management7.4. Data Security7.5. Health Security7.6. Travel Security7.7. Others
8. North America Travel Risk Management Market, By Enterprise Size (USD Million)
8.1. North America Travel Risk Management Market Value Share and Forecast, By Enterprise Size, 2024-20338.2. Large Enterprises8.3. Medium Enterprises8.4. Small Enterprises
9. North America Travel Risk Management Market, By Industry (USD Million)
9.1. North America Travel Risk Management Market Value Share and Forecast, By Industry, 2024-20339.2. Agri, Food & Beverage9.3. Business Services & Consulting9.4. Hospitality9.5. IT, Technology & Telecom9.6. Pharmaceutical & Healthcare9.7. Others
10. North America Travel Risk Management Market Forecast, 2020-2033 (USD Million)
10.1. North America Travel Risk Management Market Size and Market Share
11. North America Travel Risk Management Market, By Service Type, 2020-2033 (USD Million)
11.1. North America Travel Risk Management Market Size and Market Share By Service Type (2020-2026)11.2. North America Travel Risk Management Market Size and Market Share By Service Type (2027-2033)
12. North America Travel Risk Management Market, By Enterprise Size, 2020-2033 (USD Million)
12.1. North America Travel Risk Management Market Size and Market Share By Enterprise Size (2020-2026)12.2. North America Travel Risk Management Market Size and Market Share By Enterprise Size (2027-2033)
13. North America Travel Risk Management Market, By Industry, 2020-2033 (USD Million)
13.1. North America Travel Risk Management Market Size and Market Share By Industry (2020-2026)13.2. North America Travel Risk Management Market Size and Market Share By Industry (2027-2033)
14. North America Travel Risk Management Market, By Region, 2020-2033 (USD Million)
14.1. North America Travel Risk Management Market Size and Market Share By Region (2020-2026)14.2. North America Travel Risk Management Market Size and Market Share By Region (2027-2033)14.3. Canada14.4. Mexico14.5. US14.6. Rest of North America
15. Company Profile
15.1. BCD Group15.1.1. Company details15.1.2. Financial outlook15.1.3. Product summary15.1.4. Recent developments15.2. Chubb Limited15.2.1. Company details15.2.2. Financial outlook15.2.3. Product summary15.2.4. Recent developments15.3. Collinson International Limited15.3.1. Company details15.3.2. Financial outlook15.3.3. Product summary15.3.4. Recent developments15.4. CWT Global B.V15.4.1. Company details15.4.2. Financial outlook15.4.3. Product summary15.4.4. Recent developments15.5. Everbridge, Inc15.5.1. Company details15.5.2. Financial outlook15.5.3. Product summary15.5.4. Recent developments15.6. FocusPoint International, Inc.15.6.1. Company details15.6.2. Financial outlook15.6.3. Product summary15.6.4. Recent developments15.7. Global Rescue LLC15.7.1. Company details15.7.2. Financial outlook15.7.3. Product summary15.7.4. Recent developments15.8. Healix Group of companies15.8.1. Company details15.8.2. Financial outlook15.8.3. Product summary15.8.4. Recent developments15.9. Kroll, LLC15.9.1. Company details15.9.2. Financial outlook15.9.3. Product summary15.9.4. Recent developments15.10. Tokio Marine Holdings, Inc.15.10.1. Company details15.10.2. Financial outlook15.10.3. Product summary15.10.4. Recent developments15.11. Others
16. List of Abbreviations
17. Reference Links
18. Conclusion
19. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
North America Travel Risk Management Market is projected to reach USD 2.06 billion by 2033, growing at a CAGR of 8.5% during the forecast period.
North America Travel Risk Management Market grew in market size from 2023. The Market is expected to reach USD 2.06 billion by 2033, at a CAGR of 8.5% during the forecast period.
North America Travel Risk Management Market CAGR of 8.5% during the forecast period.
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North America Travel Risk Management Market size is USD 2.06 billion from 2023 to 2033.
North America Travel Risk Management Market Segment is Covered By Service Type, By Enterprise Size, By Industry
The North America region is anticipated to have the highest market share in North America Travel Risk Management Market.
The key players in the market include Companies Covered BCD Group, Chubb Limited, Collinson International Limited, CWT Global B.V, Everbridge, Inc, Global Rescue LLC, Healix Group of Companies, Kroll, LLC, Tokio Marine Holdings, Inc., FocusPoint International, Inc., Others
The demand for comprehensive solutions for risk assessment and crisis planning by organisations makes crisis management services essential to the market's expansion.
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