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
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| Regions covered | Canada, Mexico, US and rest of North America
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| 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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By Service Type:
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Assistance & Tracking
Crisis Management
Data Security
Health Security
Travel Security
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By Enterprise Size:
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Large Enterprises
Medium Enterprises
Small Enterprises
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By Industry:
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Agri, Food & Beverage
Business Services & Consulting
Hospitality
IT, Technology & Telecom
Pharmaceutical & Healthcare
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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 report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the North America Travel Risk Management Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. North America Travel Risk Management Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. 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, 2024-2033
7.2. Assistance & Tracking
7.3. Crisis Management
7.4. Data Security
7.5. Health Security
7.6. Travel Security
7.7. 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, 2024-2033
8.2. Large Enterprises
8.3. Medium Enterprises
8.4. 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, 2024-2033
9.2. Agri, Food & Beverage
9.3. Business Services & Consulting
9.4. Hospitality
9.5. IT, Technology & Telecom
9.6. Pharmaceutical & Healthcare
9.7. 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. Canada
14.4. Mexico
14.5. US
14.6. Rest of North America
15. Company Profile
15.1. BCD Group
15.1.1. Company details
15.1.2. Financial outlook
15.1.3. Product summary
15.1.4. Recent developments
15.2. Chubb Limited
15.2.1. Company details
15.2.2. Financial outlook
15.2.3. Product summary
15.2.4. Recent developments
15.3. Collinson International Limited
15.3.1. Company details
15.3.2. Financial outlook
15.3.3. Product summary
15.3.4. Recent developments
15.4. CWT Global B.V
15.4.1. Company details
15.4.2. Financial outlook
15.4.3. Product summary
15.4.4. Recent developments
15.5. Everbridge, Inc
15.5.1. Company details
15.5.2. Financial outlook
15.5.3. Product summary
15.5.4. Recent developments
15.6. FocusPoint International, Inc.
15.6.1. Company details
15.6.2. Financial outlook
15.6.3. Product summary
15.6.4. Recent developments
15.7. Global Rescue LLC
15.7.1. Company details
15.7.2. Financial outlook
15.7.3. Product summary
15.7.4. Recent developments
15.8. Healix Group of companies
15.8.1. Company details
15.8.2. Financial outlook
15.8.3. Product summary
15.8.4. Recent developments
15.9. Kroll, LLC
15.9.1. Company details
15.9.2. Financial outlook
15.9.3. Product summary
15.9.4. Recent developments
15.10. Tokio Marine Holdings, Inc.
15.10.1. Company details
15.10.2. Financial outlook
15.10.3. Product summary
15.10.4. Recent developments
15.11. Others
16. List of Abbreviations
17. Reference Links
18. Conclusion
19. Research Scope