Rising preference for combining business and leisure travel, also known as “bleisure,” among corporate employees, along with the increasing frequency of business travel, is expected to drive the demand for corporate travel security, according to a report by Transparency Market Research. The global corporate travel security market is projected to grow at a compound annual growth rate (CAGR) of 4.4% from 2023 to 2031, with a market valuation of US$ 15.3 billion expected by the end of the forecast period.
The rise in corporate travelers has led to increased investments in ensuring the well-being of employees during their journeys. This growing trend has resulted in greater attention and resources being allocated towards travel safety solutions. Technological advancements have played a critical role in enhancing travel safety by providing features such as real-time tracking, emergency communication systems, risk assessment tools, and crisis response capabilities. As a result, concerns about employee travel safety have become a significant driver of market growth.
The surge in business travel, both domestically and internationally, is a major factor driving the demand for corporate travel security services. Globalization has led organizations to expand their operations in foreign markets, necessitating frequent business trips to enhance competitiveness and profitability. Additionally, the increasing number of female workers highlights the importance of prioritizing employee welfare and safety during business travel, as women’s security while traveling remains a global concern.
Geopolitical tensions, terrorism, and cross-border challenges have also contributed to the growth of the corporate travel security market. The blending of business and leisure trips, known as “bleisure,” is a rising trend that allows employees to explore different cultures. The expanding travel and tourism industry, coupled with increasing awareness of travel safety, are key factors fueling the demand for travel security.
The report provides a snapshot of the market, including its estimated value of US$ 10.4 billion in 2023 and a projected CAGR of 4.4% during the forecast period. It also highlights key market segments, including type, consumer group, and end-use, as well as regions covered.
By type, on-call emergency services are expected to generate sales with a CAGR of 4.7% during the forecast period. By end-use, the demand for corporate travel security in the IT sector is expected to rise with a CAGR of 5% during the same period. The report also highlights the regional analysis, with North America projected to dominate the market with over 39.6% market share in 2023.
The expansion of businesses into global markets is one of the primary drivers of market growth. As companies establish operations in different countries, there is an increased demand for robust travel security measures. High-profile incidents such as terrorist attacks, natural disasters, and health emergencies have also raised awareness about the risks of business travel, further driving the demand for corporate travel security services.
Incorporation of AI-driven technologies has improved the efficiency and effectiveness of corporate travel security systems, leading to market growth. The widespread adoption of robotic technology, which reduces human-to-human interaction, coupled with its application in the travel and tourism sector, is driving the global expansion of the corporate travel market. The growing preference for combining business and leisure travel among employees, known as “bleisure,” has also contributed to the increased demand for corporate travel security.
In conclusion, the rising preference for bleisure among corporate employees and the increasing business travel are expected to drive the demand for corporate travel security. Technological advancements, globalization, geopolitical tensions, and the blending of business and leisure trips are key factors fueling the growth of this market. With a projected CAGR of 4.4% and a market valuation of US$ 15.3 billion by 2031, the corporate travel security market presents significant opportunities for businesses operating in this sector.