North America Travel Risk Management Market Report and Forecast 2024-2032

North America Travel Risk Management Market Outlook

The North America travel risk management market size reached approximately USD 0.83 billion in 2023. The market is projected to grow at a CAGR of 9.5% between 2024 and 2032, reaching a value of around USD 1.90 billion by 2032.

Key Takeaways

• As per 2023 State of Employee Safety report, 41% of travellers have never been informed of potential business travel risks.

• Regulations such as ISO 31030 guiding on managing travel risks to organisations are aiding the market.

• Growing political and geopolitical unrest, along with rising safety issues, are driving the requirement for optimal TRM strategies.

Travel risk management (TRM) is a comprehensive practice of identifying, assessing, and mitigating risks that are primarily involved with business travel. It includes providing employees with emergency assistance in case of potential crises or threats such as terrorism, natural disasters, and health risks, among others.

Rising demand for travel risk management solutions to prevent financial loss associated with travel disruption is one of the major trends aiding the North America travel risk management market growth. By planning for the potential risk or crisis in advance, an organisation can avoid additional expenses due to cancellations, delays, evacuation, or medical emergencies and save money.

Key Trends and Developments

Digitisation of travel risk management; evolving regulatory landscape; expanding travel risk management strategies beyond travel; and integration of AI in TRM solutions are positively impacting the North America travel risk management market growth

Sep 12th 2023

OnSolve® showcased its advancements in machine learning and AI to support organisations to make better-informed, faster, and smarter decisions for travelling employees.

Apr 11th 2023

AlertMedia announced its new offering, Travel Risk Management, to enable organisations to identify potential travel risks and reach travellers during emergencies.

Nov 16th 2021

Everbridge, Inc. introduced its advanced Travel Risk Management (TRM) solution to support businesses in efficiently locating and communicating with remote workers and travelling employees.

Surge in business travel

A surge in international and domestic business travel in the region is boosting the adoption of TRM solutions to protect employees and identify potential risks and threats.

Digitisation of travel risk management

The rising adoption of digitisation in travel risk management aids the North America travel risk management market.

Evolving regulatory landscape

Organisations are increasingly focused on regulatory compliance, including travel risk management practices that comply with standards such as ISO 31030, to enhance employee safety.

Expansion of travel risk management beyond travel

With growing numbers of hybrid workers, remote workers, and digital nomads, organisations are expanding the scope of travel risk management.

Integration of artificial intelligence in travel risk management

AI and automation tools are increasingly integrated into travel risk management to monitor real-time information from multiple sources and avoid unexpected costs.

Digitalisation has been gaining prominence in travel risk management practices in recent years to enhance communication and crisis assistance. This involves mobile applications and platforms that offer updates on flight changes, weather conditions, security assessments of the place, emergency contact, and critical alerts, among other services.

Growing capital investment by market players to enhance the emergency SOS service is another prominent trend assisting the North America travel risk management market expansion. For example, in February 2023, Focus Point International, a crisis management company in the region, secured USD 20 million from Dalton Capital to expand the capacity and capabilities of its satellite-enabled emergency SOS service.

Market Segmentation

“North America Travel Risk Management Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Service

• Travel Security

• Crisis Management

• Assistance and Tracking

• Data Security

• Health Security

• Others

Market Division by Enterprise Size

• Small Enterprise

• Medium Enterprise

• Large Enterprise

Market Classification by Industry Vertical

• Hospitality

• Business Services and Consulting

• IT and Technology

• Telecom

• Pharmaceutical and Healthcare

• Agriculture

• Food and Beverage

• Others

Market Breakup by Country

• United States of America

• Canada

The demand for travel security services is increasing amid rising concerns regarding security of business travellers

Travel security service occupies a substantial portion of the North America travel risk management market share, owing to surging concerns regarding the security of business travellers. It involves the usage of technologies for real-time tracking of travellers, emergency response coordination, and efficient communication tools for emergency contact to enhance the overall security of travellers.

Additionally, travel security ensures that organisations are aware of their employees' location, during business travels to provide rapid response in case of any geopolitical emergency, health risk, or natural disaster, among others.

Moreover, there is a rising demand for comprehensive crisis management solutions that can minimise the adverse effects of a crisis and safeguard the well-being of business travellers. Businesses are also conducting thorough risk assessments and establishing crisis teams with optimised responsibilities to enhance the safety of their employees.

Large enterprises are increasingly adopting TRM solutions due to the high number of employees travelling globally and domestic

As per the North America travel risk management market analysis, large enterprises account for a significant market share, due to the high number of employees travelling globally and domestically. They also possess more extensive budgets and facilities compared to small and medium enterprises, which allows them to invest in high-end travel risk management systems.

Moreover, medium enterprises are expected to gain robust growth in the forecast period, due to their rapidly evolving presence in the business sphere, which boosts the demand for effective risk management policies regarding travel. Besides, small businesses are adopting travel risk management tools that can reduce the financial impacts of risks on travel budgets and provide immediate assistance for issues like travel changes or lost passports.

Competitive Landscape

Some of the major players in the market are adopting advanced tools and technologies such as AI to improve their travel risk management capabilities

Focus Point International, Inc.

Focus Point International, Inc., established in 2011, is a critical event management company, based in Ohio, the United States. Some of its major specialities include due diligence, global asset tracking, intelligence and advisory, and security consulting, among others.

Everbridge, Inc.

Everbridge, Inc., founded in 2002 and headquartered in California, the United States, is a provider of enterprise software for critical events. It offers a product suite of critical event management that harnesses the power of communications, collaboration, and risk intelligence, among others.

Global Rescue LLC

Global Rescue LLC is a crisis response company, incorporated in 2004 and headquartered in Lebanon, the United States. The company offers services such as business travel risk mitigation, travel services membership, and travel intelligence platform, among others.

OnSolve, LLC

OnSolve, LLC is a prominent event management company that was founded in 1998. Based in Georgia, the United States, the company’s platform enables organisations to mitigate physical threats and safeguard critical infrastructure.

Other North America travel risk management market players include BCD Travel Services B.V., AEA International Holdings, Pte. Ltd., Customized Services Administrators, Inc. (Generali Global Assistance & Insurance Services), CWT Global B.V., Corporate Travel Management Limited, and AG Global Strategies Limited, among others.

In the North America travel risk management market, the United States is witnessing significant growth. This can be attributed to booming business travel in the country, coupled with the increasing focus by organisations to identify and mitigate risks associated with business travel. The growing norm of work-from-anywhere is also prompting employers to adopt travel risk management strategies that can enhance the safety and security of employees working remotely.

Besides, the market in Canada is expected to grow in the coming years due to the introduction of various initiatives by governments and organisations to promote a safe working environment. Employers are also adopting innovative travel risk technologies that can provide customised health and security risks to employees and efficiently locate employees in case of emergencies.

Key Highlights of the Report