Corporate Travel Security Market Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027
Albany, NY -- (SBWIRE) -- 02/19/2020 -- Transparency Market Research delivers key insights on the corporate travel security market. In terms of revenue, the corporate travel security market is estimated to expand at a CAGR of ~4% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in the corporate travel security market report.
In the report, TMR predicts that the corporate travel security market would be largely driven by factors such as increasing globalization, rising in the number of startups & tech firms, and increasing concerns of employee safety across the globe.
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In the corporate travel security market report, the service providers segment includes on-call emergency response services, evacuation services, medical repatriation, 24 hours medical helpline, executive & personal protection, ground transportation, secure aviation, meeting & events, low profile security operations, and others. In terms of service provider, meeting & events is a major segment of the corporate travel security market. Demand for corporate travel security for meeting & events is anticipated to expand at a significant growth rate during the forecast period. Secure aviation is also gaining prominence in various countries across the globe to ensure secure travels of mid-high level management employees. The corporate travel security market for other services is projected to expand at a moderate growth rate during the forecast period.
Based on consumer group, men is a major segment of the market. It is expected to remain dominant with a huge market share, owing to increase in the number of men employees in the corporate sector. Women are also a potential consumer group in the corporate travel security market. Rapid growth in the number of women employees undertaking corporate travel to conduct various business tasks and increasing concerns of women's safety in the private sector while traveling are expected to propel the corporate travel security market in the future.
Engineering & construction and IT/ITES & media journalism are the major users of corporate travel security services. These two segments cover the major share of the corporate travel security market across the globe. Rapid growth in engineering & construction projects across the globe in real estate, infrastructure, and the overall manufacturing sector is expected to drive the market. In addition, risks associated while traveling by those working in the IT/ITES and media sector has led to the demand for corporate travel security services across the globe.
The corporate travel security market is moderately fragmented. Large number of small, medium, and large companies operate in the market at the global and domestic level. Companies work on customized security solutions to increase their market reach.
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Corporate Travel Security Market: Prominent Regions
Asia Pacific holds a major share of the corporate travel security market due to rapid rise in the number of tech firms, along with growth of small and medium sized companies in emerging countries such as India, China, Singapore, Australia, and other Asian countries. This is expected to expand the corporate travel security market in Asia Pacific at a rapid pace as compared to other regions in the future.
Demand for corporate travel security in Europe and North America is estimated to increase at a significant pace in the near future, due to concerns over employee safety during business travel. The U.K., Germany, France, Russia, the U.S., and Canada are anticipated to be prominent markets for corporate travel security during the forecast period.
The corporate travel security market in South America and Middle East & Africa is anticipated to grow at a moderate rate in the near future. GCC Countries, South Africa, Brazil, and Argentina are anticipated to be potential markets for corporate travel security in the coming years.