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Travel Risk Management Services Market Size, Share, Competitive Landscape and Trend Analysis Report by Service type, by Enterprize Size, by Industry : Global Opportunity Analysis and Industry Forecast, 2021-2031

CG : Travel & Luxury Travel

Report Code: A06585

Tables: 155

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Travel Risk Management Services Market Research, 2031

The global travel risk management services market was valued at $96.26 billion in 2021, and is projected to reach $223.62 billion by 2031, growing at a CAGR of 8.1% from 2022 to 2031.

Identification, analysis, and decision-making on the threats to a location or organization are all part of the travel risk management services market. They are methodical, logical approaches to problem solving and making decisions in faith of businesses and business travellers. Travel risk management services are lightweight and simple to set up, making them an essential part of outdoor gear. The report on the travel risk management services market size presents a detailed analysis of the trends, future estimations, and thorough study of the market based on services, industry, traveller, and region.

Globalization is one of the major factors supporting the market growth. Companies are increasingly sending their workers to more international locations for the purpose of business needs. Some locations are far away or in dangerous areas that can affect the business and travellers. The amount of danger in some countries is also becoming harder to assess, especially as it is rising even in places that were once thought to be low-risk. Thus, the companies are looking for effective travel risk management services to avoid unprecedented risks during the travel.

Globalization in business refers to change in a business from a company associated with a single country to one that operates in multiple countries. The leading business organizations such as Toyota Motor Corporation, Mc Donald's, Wal-Mart stores Inc., and Amazon, Inc. are venturing beyond national boundaries to tap more business opportunities and supporting Travel Risk Management Services Market demand.

The travel risk management services industry is supported by the growth of multinational companies and their international movements for their business perspective. The growth of information and communication technology (ICT) in Asian countries has favoured the growth of multinational companies in Asia-Pacific region. Moreover, the availability of different resources and cheap labor in emerging nations such as China, India, Malaysia, and Indonesia have attracted the many foreign companies to operate their business in these regions. The lucrative offers made by the governments of developing nations to attract foreign investment has led to the establishment of multinational enterprises ultimately boosting the business travel. Developing countries such as China, have become a manufacturing hub that accounted for around 28.7% of the global manufacturing output in 2019, as per the data published by United Nations Statistics Division. As a result, Asia-Pacific has become the largest business travel market across the globe. In addition, liberalization in market entry strategies in countries such as India, encourages the global business organizations to expand their market size. To operate global firms, activities such as geocentric or cross-culture employee training, and international marketing have notably increased, which is one of the prime factors that promote the travel risk management services market growth. 

There are various technological advancements that emerged in the recent years and are being adopted by the business travel service providers. The popular technologies such as artificial intelligence, chat bots, voice search & voice control technology, and internet of things (IoT) are used by the players operating in the market. Voice search, chat bots are used in the websites to provide customers the convenience and ease of booking risk management services.

The travel risk management services market is segmented into Service type, Enterprize Size and Industry.

By service type, it is categorized into health security, travel security, crisis management, assistance & tracking, data security, and others. By enterprise size, it is segmented into small enterprise, medium enterprise, and large enterprise. On the basis of industry, it is bifurcated in to pharmaceutical and healthcare, agri, food, & beverages, hospitality, business services & consultant, technology & telecom, and others. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Argentina, and Rest of LAMEA).

Based on the service type, travel security services holds major share in the year 2021, owing to the increasing travel fradulent activities and increasing concerns of travelers regarding their safety during the tour.

Large enterprises segment is gaining huge popularity among the business travelers, owing to increased facilities in these properties, increased offerings of risk management services and flexibilities among the people.

On the basis of industry, agri, food & baverages segment is dominating the global travel risk management services market share owing to the well established food sectors all across the world and increasing innovations in the industry leads to the higher business tours globally.

Based on the region, Asia-Pacific would exhibit the highest CAGR of 7.3% during 2021-2028, owing to the increasing industrialization, westernization, and rise in business opportunities in the region.

The key players operating in the travel risk management services market include BCD Group, Carlson, Inc., Everbridge, FocusPoint International, Inc., Global Rescue LLC, Healix, Kroll, LLC., Millbank Solutions, The Collinson Group Limited, and Tokio Marine Holdings, Inc.

  Travel Risk Management Services Market Report Highlights

Analyst Review

The travel risk management services industry has witnessed steady growth even under several turbulence such as global uncertainty, weakened global economy, terrorist attacks, world health issues, and others. This is attributed to the positive impact of business travel, which has a high return on investment, and further increases the interest of top-level management of business organizations across the world to invest heavily in this market. According to the insights of the CXOs, Asia-Pacific region is expected to grow at a significant rate during the Travel Risk Management Services Market Forecast, owing to increase in government initiatives to carry out business activities conveniently. Moreover, economic development is a prime factor in the market, as it plays a major role in managing relationships, investments, supply chains, and logistics, which further influences trade in the domestic & international markets. Rise in trend of online booking & fund transfer has increased the convenience and lowered the cost of service expenses, thereby offering a pleasurable experience to the business travelers to book travel risk management services.

• Travel Destinations
• Luxury Accommodations
• Travel Packages
• Adventure Travel
• Travel Experiences
• Adventure Destinations
• Travel Safety
• Outdoor Activities

The global travel risk management services market was valued at $96,262.8 million in 2021, and is estimated to reach $2,23,617.7 million by 2031 with a CAGR of 8.1% from 2022 to 2031.

The forecast period in the market report would be 2022-2031.

The market value of travel risk management services in 2021 is $96,262.8 million.

The year 2021 is base year calculated in the travel risk management services report.

The travel risk management services market is supported by the growth of multinational companies and their international movements for their business perspective.

The impact of COVID-19 has decreased the demand and revenue of global travel risk management services market in the year 2020 and is expected to normalize the trend in the next couple of years. Cancellation of MICE events severely damaged business travel of the international travellers. The outbreak of COVID-19 resulted in cancellations of almost all the MICE events across the globe which has impacted the travel risk management services market globally.

Asia-Pacific will dominate the market by the end of 2031.

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Travel Risk Management Services Market

Global Opportunity Analysis and Industry Forecast, 2021-2031

• Technology, Media, and IT
• IT and Software

North America Travel Risk Management Market

North America Travel Risk Management Market Size, Share: By Service: Travel Security, Crisis Management, Assistance and Tracking, Data Security, Health Security, Others; By Enterprise Size: Small Enterprise, Medium Enterprise, Large Enterprise; By Industry Vertical: Hospitality, Others; Regional Analysis; Competitive Landscape; 2024-2032

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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

Market Division by Enterprise Size

• Small Enterprise
• Medium Enterprise
• Large Enterprise

Market Classification by Industry Vertical

• Hospitality
• Business Services and Consulting
• IT and Technology
• Pharmaceutical and Healthcare
• Agriculture
• Food and Beverage

Market Breakup by Country

• United States of America

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

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface 2    Report Coverage – Key Segmentation and Scope 3    Report Description     3.1    Market Definition and Outlook     3.2    Properties and Applications     3.3    Market Analysis     3.4    Key Players 4    Key Assumptions 5    Executive Summary     5.1    Overview     5.2    Key Drivers         5.3    Key Developments     5.4    Competitive Structure     5.5    Key Industrial Trends 6    Market Snapshot 7    Opportunities and Challenges in the Market 8    Global Travel Risk Management Market Overview     8.1    Key Industry Highlights     8.2    Global Travel Risk Management Historical Market (2018-2023)      8.3    Global Travel Risk Management Market Forecast (2024-2032)     8.4    Global Travel Risk Management Market Share by Region         8.4.1    North America         8.4.2    Europe         8.4.3    Asia Pacific         8.4.4    Latin America         8.4.5    Middle East and Africa 9    North America Travel Risk Management Market Overview     9.1    Key Industry Highlights     9.2    North America Travel Risk Management Historical Market (2018-2023)      9.3    North America Travel Risk Management Market Forecast (2024-2032) 10    North America Travel Risk Management Market by Service       10.1    Travel Security         10.1.1    Historical Trend (2018-2023)          10.1.2    Forecast Trend (2024-2032)     10.2    Crisis Management         10.2.1    Historical Trend (2018-2023)          10.2.2    Forecast Trend (2024-2032)     10.3    Assistance and Tracking         10.3.1    Historical Trend (2018-2023)          10.3.2    Forecast Trend (2024-2032)     10.4    Data Security         10.4.1    Historical Trend (2018-2023)          10.4.2    Forecast Trend (2024-2032)     10.5    Health Security         10.5.1    Historical Trend (2018-2023)          10.5.2    Forecast Trend (2024-2032)     10.6    Others 11    North America Travel Risk Management Market by Enterprise Size     11.1    Small Enterprise         11.1.1    Historical Trend (2018-2023)          11.1.2    Forecast Trend (2024-2032)     11.2    Medium Enterprise         11.2.1    Historical Trend (2018-2023)          11.2.2    Forecast Trend (2024-2032)     11.3    Large Enterprise         11.3.1    Historical Trend (2018-2023)          11.3.2    Forecast Trend (2024-2032) 12    North America Travel Risk Management Market by Industry Vertical       12.1    Hospitality         12.1.1    Historical Trend (2018-2023)          12.1.2    Forecast Trend (2024-2032)     12.2    Business Services and Consulting         12.2.1    Historical Trend (2018-2023)          12.2.2    Forecast Trend (2024-2032)     12.3    IT and Technology         12.3.1    Historical Trend (2018-2023)          12.3.2    Forecast Trend (2024-2032)     12.4    Telecom         12.4.1    Historical Trend (2018-2023)          12.4.2    Forecast Trend (2024-2032)     12.5    Pharmaceutical and Healthcare         12.5.1    Historical Trend (2018-2023)         12.5.2    Forecast Trend (2024-2032)     12.6    Agriculture         12.6.1    Historical Trend (2018-2023)          12.6.2    Forecast Trend (2024-2032)     12.7    Food and Beverage         12.7.1    Historical Trend (2018-2023)          12.7.2    Forecast Trend (2024-2032)     12.8    Others 13    North America Travel Risk Management Market by Country     13.1    United States of America         13.1.1    Historical Trend (2018-2023)          13.1.2    Forecast Trend (2024-2032)     13.2    Canada         13.2.1    Historical Trend (2018-2023)          13.2.2    Forecast Trend (2024-2032) 14    Market Dynamics     14.1    SWOT Analysis         14.1.1    Strengths         14.1.2    Weaknesses         14.1.3    Opportunities         14.1.4    Threats     14.2    Porter’s Five Forces Analysis         14.2.1    Supplier’s Power         14.2.2    Buyer’s Power         14.2.3    Threat of New Entrants         14.2.4    Degree of Rivalry         14.2.5    Threat of Substitutes     14.3    Key Indicators for Demand     14.4    Key Indicators for Price 15    Competitive Landscape     15.1    Market Structure     15.2    Company Profiles         15.2.1    Focus Point International, Inc.               15.2.1.1    Company Overview             15.2.1.2    Product Portfolio             15.2.1.3    Demographic Reach and Achievements             15.2.1.4    Certifications         15.2.2    Everbridge, Inc.              15.2.2.1    Company Overview             15.2.2.2    Product Portfolio             15.2.2.3    Demographic Reach and Achievements             15.2.2.4    Certifications         15.2.3    Global Rescue LLC              15.2.3.1    Company Overview             15.2.3.2    Product Portfolio             15.2.3.3    Demographic Reach and Achievements             15.2.3.4    Certifications         15.2.4    BCD Travel Services B.V.              15.2.4.1    Company Overview             15.2.4.2    Product Portfolio             15.2.4.3    Demographic Reach and Achievements             15.2.4.4    Certifications         15.2.5    AEA International Holdings, Pte. Ltd.              15.2.5.1    Company Overview             15.2.5.2    Product Portfolio             15.2.5.3    Demographic Reach and Achievements             15.2.5.4    Certifications         15.2.6    Customized Services Administrators, Inc. (Generali Global Assistance & Insurance Services)              15.2.6.1    Company Overview             15.2.6.2    Product Portfolio             15.2.6.3    Demographic Reach and Achievements             15.2.6.4    Certifications         15.2.7    CWT Global B.V.              15.2.7.1    Company Overview             15.2.7.2    Product Portfolio             15.2.7.3    Demographic Reach and Achievements             15.2.7.4    Certifications         15.2.8    Corporate Travel Management Limited              15.2.8.1    Company Overview             15.2.8.2    Product Portfolio             15.2.8.3    Demographic Reach and Achievements             15.2.8.4    Certifications         15.2.9    AG Global Strategies Limited              15.2.9.1    Company Overview             15.2.9.2    Product Portfolio             15.2.9.3    Demographic Reach and Achievements             15.2.9.4    Certifications         15.2.10    OnSolve, LLC              15.2.10.1    Company Overview             15.2.10.2    Product Portfolio             15.2.10.3    Demographic Reach and Achievements             15.2.10.4    Certifications         15.2.11    Others 16    Key Trends and Developments in the Market

         List of Key Figures and Tables

1.    Global Travel Risk Management Market: Key Industry Highlights, 2018 and 2032 2.    North America Travel Risk Management Market: Key Industry Highlights, 2018 and 2032 3.    North America Travel Risk Management Historical Market: Breakup by Service (USD Billion), 2018-2023 4.    North America Travel Risk Management Market Forecast: Breakup by Service (USD Billion), 2024-2032 5.    North America Travel Risk Management Historical Market: Breakup by Enterprise Size (USD Billion), 2018-2023 6.    North America Travel Risk Management Market Forecast: Breakup by Enterprise Size (USD Billion), 2024-2032 7.    North America Travel Risk Management Historical Market: Breakup by Industry Vertical (USD Billion), 2018-2023 8.    North America Travel Risk Management Market Forecast: Breakup by Industry Vertical (USD Billion), 2024-2032 9.    North America Travel Risk Management Historical Market: Breakup by Country (USD Billion), 2018-2023 10.    North America Travel Risk Management Market Forecast: Breakup by Country (USD Billion), 2024-2032 11.    North America Travel Risk Management Market Structure

What was the North America travel risk management market value in 2023?

In 2023, the market reached an approximate value of USD 0.83 billion.

What is the growth rate of the North America travel risk management market?

The market is estimated to grow at a CAGR of 9.5% between 2024 and 2032.

What is the North America travel risk management market forecast for 2024-2032?

The market is estimated to witness a healthy growth during 2024-2032 to reach around USD 1.90 billion by 2032.

What are the key trends of the market?

The key trends aiding the market expansion include rising demand for travel risk management to prevent financial loss associated with travel disruption, growing popularity of digitalisation, increased focus on regulatory compliance by enterprises, and growing capital investment by market players to enhance the emergency SOS service.

Who are the key market players, according to the North America travel risk management market report?

The major players in the market are Focus Point International, Inc., Everbridge, Inc., Global Rescue LLC, 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, AG Global Strategies Limited, and OnSolve, LLC, among others.

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Press Release

Industry Statistics

Travel Risk Management Services Market 2019 2027

Travel risk management services market, by services (trip authorization, essential tracking and alerts, interactive communications, high risk tracking and response, advisory services); by end users (medium size enterprises, large enterprises); by region (u.s., canada, mexico, rest of north america, france, the uk, spain, germany, italy, nordic countries, benelux union, rest of europe, china, japan, india, new zealand, australia, south korea, southeast asia, rest of asia pacific, saudi arabia, uae, egypt, kuwait, south africa, rest of middle east & africa, brazil, argentina, rest of latin america) – global insights, growth, size, comparative analysis, trends and forecast, 2019 – 2027.

Industry Trends

The global travel risk management services market revenue stood at US$ 1,389.13 Million in 2018 and is expected to grow at a CAGR of over 9.1% during the forecast period of 2019 - 2027.

Travelers at all times are required to be educated on their destinations prior to departure. Information on health and safety issues, cultural etiquette, vaccination, climate conditions and prominent approach to avoid risks are essential to be shared with all travelers. Organizations require these travel risk management services for protecting their employees against any emergency crisis. The travel risk management services market participants, proficiently manage the travel-related requirements of individuals, corporate travelers, and group travelers. These companies offer cost-effective travel solution including travel guides to keep control on policies and save customer’s time from travel arrangements. In recent years, business travel has been enhanced by adding leisure services to it, which is leading to increased demand for travel risk management services. These services offer respite and hassle free trip experience to customers throughout their journey. Lack of awareness amongst travelers about the company policies and procedures regarding maximum coverage of travel expenses has often led to rejection of reimbursement claims raised by the employees. However, to tackle this challenge, companies are now adopting risk management solutions to integrate travel risk management into the broader travel program. Thus, transformation of company policies and leisure service offerings have influenced the growth of global travel risk management services market.

Travel risk management services market players are focusing on providing services such as trip authorization, essential tracking and alerts, interactive communications, high risk tracking, response and advisory services. These services play a vital role in customer retention and thus encouraging businesses to adopt travel risk management services. The trip authorization segment was valued at US$ 377.30 Mn in 2018 making it the highest shareholder in the services segment. This is owing to the increased number of trips by employees due to the diversification of business environment. For instance, Danske Bank, a financial enterprise based in Northern Europe implemented GBT Travel Services UK Limited’s consolidated online travel program which allows the bank to track and audit the booking of each employee and thereby maintain proper financial and travel records. This helps the bank to track fraudulent bookings and in regulatory compliance.

Travel risk management companies caters services to large and medium size enterprises in which large enterprises held the major share in 2018 and is estimated to grows at a CAGR of 8.7% over the forecast period. Corporate travel management program supports employees in organizing trips which includes security measures, data protection, guidelines for better hotels and airlines, timeframe for bookings and covers different aspects of the travel process. Owing to the benefits offered by travel management programs, companies are increasingly adopting travel management programs containing travel risk management. For instance, Mahindra and Mahindra collaborated with the International SOS to extend support to its expatriates and travelers on the needs of business travel, medical and security issues. Travel risk management service provider companies cover crisis management, medical support, security assistance, and other emergencies. In terms of regional bifurcation, travel risk management services market is growing rapidly in North America, which held a major share of 36.5% in 2018. Adoption of customer interface software amongst U.S. consumers along with an established travel industry in the U.S., is contributing for the highest share in the North America region.

In terms of revenue, the global travel risk management services market was valued at US$ 1,389.13 Mn in 2018 and is growing at a CAGR of 9.1% over the forecast period. The study analyzes the market in terms of revenue across all the major regions, which is further bifurcated into countries.

Travel Risk Management Services Market Revenue & Forecasts (US$ Million),

2015 - 2027

Competitive Landscape

The report provides both, qualitative and quantitative research of travel risk management services market, as well as provides worthy insights into the rational scenario and favored development methods adopted by key contenders. The report also offers extensive research on the key players in travel risk management services market and detailed insights on the competitiveness of these players. Key business strategies such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts adopted by the major players are also recognized and analyzed in the report. For each company, the report recognizes their headquarters, competitors, product/service type, application and specification.

Some of the players operating in global travel risk management services market are BCD Travel, Collinson Group Ltd, Control Risks, Drum Cassac, FocusPoint International, Inc., GBT Travel Services UK Limited, Healix, Carlson Wagonlit Travel Inc., iJET International, Inc., Kroll Inc, Millbank Solutions, NC4, Anvil Group, and Ovation Travel Group amongst others.

Global Travel Risk Management Services Market 

• Trip Authorization
• Essential Tracking and Alerts
• Interactive Communications
• High Risk Tracking and Response
• Advisory Services
• Medium size enterprises
• Large Enterprises
• Rest of North America
• The Netherlands
• Rest of Europe
• New Zealand
• South Korea
• Rest of Southeast Asia
• Rest of Asia Pacific
• Saudi Arabia
• South Africa
• Rest of Middle East & Africa
• Rest of Latin America

Table of Contents

1. Market Scope

1.1. Market Segmentation

1.2. Years Considered

1.2.1. Historic Years: 2013 - 2017

1.2.2. Base Year: 2018

1.2.3. Forecast Years: 2019 – 2027

2. Key Target Audiences

3. Research Methodology

3.1. Primary Research

3.1.1. Research Questionnaire

3.1.2. Global Percentage Breakdown

3.1.3. Primary Interviews: Key Opinion Leaders (KOLs)

3.2. Secondary Research

3.2.1. Paid Databases

3.2.2. Secondary Sources

3.3. Market Size Estimates

3.3.1. Top-Down Approach

3.3.2. Bottom-Up Approach

3.4. Data Triangulation Methodology

3.5. Research Assumptions

4. Recommendations and Insights from AMI’s Perspective**

5. Holistic Overview of Travel Risk Management Services Market

6. Market Synopsis:   Travel Risk Management Services Market

7. Travel Risk Management Services Market Analysis: Qualitative Perspective

7.1. Introduction

7.1.1. Product Definition

7.1.2. Industry Development

7.2. Market Dynamics

7.2.1. Drivers

7.2.2. Restraints

7.2.3. Opportunities

7.3. Trends in Travel Risk Management Services Market

7.4. Market Determinants Radar Chart

7.5. Macro-Economic and Micro-Economic Indicators: Travel Risk Management Services Market

7.6. Porter’s Five Force Analysis

8. Global Travel Risk Management Services Market Analysis and Forecasts, 2019 – 2027

8.1. Overview

8.1.1. Global Travel Risk Management Services Market Revenue (US$ Mn)

8.2. Global Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By Services

8.2.1. Trip Authorization

8.2.1.1.     Definition

8.2.1.2.     Market Estimation and Penetration, 2013 – 2018

8.2.1.3.     Market Forecast, 2019 – 2027

8.2.1.4.     Compound Annual Growth Rate (CAGR)

8.2.1.5.     Regional Bifurcation

8.2.1.5.1.     North America

8.2.1.5.1.1.   Market Estimation, 2013 – 2018

8.2.1.5.1.2.   Market Forecast, 2019 – 2027

8.2.1.5.2.     Europe

8.2.1.5.2.1.   Market Estimation, 2013 – 2018

8.2.1.5.2.2.   Market Forecast, 2019 – 2027

8.2.1.5.3.     Asia Pacific

8.2.1.5.3.1.   Market Estimation, 2013 – 2018

8.2.1.5.3.2.   Market Forecast, 2019 – 2027

8.2.1.5.4.     Middle East and Africa

8.2.1.5.4.1.   Market Estimation, 2013 – 2018

8.2.1.5.4.2.   Market Forecast, 2019 – 2027

8.2.1.5.5.     Latin America

8.2.1.5.5.1.   Market Estimation, 2013 – 2018

8.2.1.5.5.2.   Market Forecast, 2019 – 2027

8.2.2. Essential Tracking and Alerts

8.2.2.1.     Definition

8.2.2.2.     Market Estimation and Penetration, 2013 – 2018

8.2.2.3.     Market Forecast, 2019 – 2027

8.2.2.4.     Compound Annual Growth Rate (CAGR)

8.2.2.5.     Regional Bifurcation

8.2.2.5.1.     North America

8.2.2.5.1.1.   Market Estimation, 2013 – 2018

8.2.2.5.1.2.   Market Forecast, 2019 – 2027

8.2.2.5.2.     Europe

8.2.2.5.2.1.   Market Estimation, 2013 – 2018

8.2.2.5.2.2.   Market Forecast, 2019 – 2027

8.2.2.5.3.     Asia Pacific

8.2.2.5.3.1.   Market Estimation, 2013 – 2018

8.2.2.5.3.2.   Market Forecast, 2019 – 2027

8.2.2.5.4.     Middle East and Africa

8.2.2.5.4.1.   Market Estimation, 2013 – 2018

8.2.2.5.4.2.   Market Forecast, 2019 – 2027

8.2.2.5.5.     Latin America

8.2.2.5.5.1.   Market Estimation, 2013 – 2018

8.2.2.5.5.2.   Market Forecast, 2019 – 2027

8.2.3. Interactive Communications

8.2.3.1.     Definition

8.2.3.2.     Market Estimation and Penetration, 2013 – 2018

8.2.3.3.     Market Forecast, 2019 – 2027

8.2.3.4.     Compound Annual Growth Rate (CAGR)

8.2.3.5.     Regional Bifurcation

8.2.3.5.1.     North America

8.2.3.5.1.1.   Market Estimation, 2013 – 2018

8.2.3.5.1.2.   Market Forecast, 2019 – 2027

8.2.3.5.2.     Europe

8.2.3.5.2.1.   Market Estimation, 2013 – 2018

8.2.3.5.2.2.   Market Forecast, 2019 – 2027

8.2.3.5.3.     Asia Pacific

8.2.3.5.3.1.   Market Estimation, 2013 – 2018

8.2.3.5.3.2.   Market Forecast, 2019 – 2027

8.2.3.5.4.     Middle East and Africa

8.2.3.5.4.1.   Market Estimation, 2013 – 2018

8.2.3.5.4.2.   Market Forecast, 2019 – 2027

8.2.3.5.5.     Latin America

8.2.3.5.5.1.   Market Estimation, 2013 – 2018

8.2.3.5.5.2.   Market Forecast, 2019 – 2027

8.2.4. High Risk Tracking and Response

8.2.4.1.     Definition

8.2.4.2.     Market Estimation and Penetration, 2013 – 2018

8.2.4.3.     Market Forecast, 2019 – 2027

8.2.4.4.     Compound Annual Growth Rate (CAGR)

8.2.4.5.     Regional Bifurcation

8.2.4.5.1.     North America

8.2.4.5.1.1.   Market Estimation, 2013 – 2018

8.2.4.5.1.2.   Market Forecast, 2019 – 2027

8.2.4.5.2.     Europe

8.2.4.5.2.1.   Market Estimation, 2013 – 2018

8.2.4.5.2.2.   Market Forecast, 2019 – 2027

8.2.4.5.3.     Asia Pacific

8.2.4.5.3.1.   Market Estimation, 2013 – 2018

8.2.4.5.3.2.   Market Forecast, 2019 – 2027

8.2.4.5.4.     Middle East and Africa

8.2.4.5.4.1.   Market Estimation, 2013 – 2018

8.2.4.5.4.2.   Market Forecast, 2019 – 2027

8.2.4.5.5.     Latin America

8.2.4.5.5.1.   Market Estimation, 2013 – 2018

8.2.4.5.5.2.   Market Forecast, 2019 – 2027

8.2.5. Advisory Services

8.2.5.1.     Definition

8.2.5.2.     Market Estimation and Penetration, 2013 – 2018

8.2.5.3.     Market Forecast, 2019 – 2027

8.2.5.4.     Compound Annual Growth Rate (CAGR)

8.2.5.5.     Regional Bifurcation

8.2.5.5.1.     North America

8.2.5.5.1.1.   Market Estimation, 2013 – 2018

8.2.5.5.1.2.   Market Forecast, 2019 – 2027

8.2.5.5.2.     Europe

8.2.5.5.2.1.   Market Estimation, 2013 – 2018

8.2.5.5.2.2.   Market Forecast, 2019 – 2027

8.2.5.5.3.     Asia Pacific

8.2.5.5.3.1.   Market Estimation, 2013 – 2018

8.2.5.5.3.2.   Market Forecast, 2019 – 2027

8.2.5.5.4.     Middle East and Africa

8.2.5.5.4.1.   Market Estimation, 2013 – 2018

8.2.5.5.4.2.   Market Forecast, 2019 – 2027

8.2.5.5.5.     Latin America

8.2.5.5.5.1.   Market Estimation, 2013 – 2018

8.2.5.5.5.2.   Market Forecast, 2019 – 2027

8.3. Key Segment for Channeling Investments

8.3.1. By Services

9. Global Travel Risk Management Services Market Analysis and Forecasts, 2019 – 2027

9.1. Overview

9.2. Global Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By End User

9.2.1. Medium size enterprises

9.2.1.1.     Definition

9.2.1.2.     Market Estimation and Penetration, 2013 – 2018

9.2.1.3.     Market Forecast, 2019 – 2027

9.2.1.4.     Compound Annual Growth Rate (CAGR)

9.2.1.5.     Regional Bifurcation

9.2.1.5.1.     North America

9.2.1.5.1.1.   Market Estimation, 2013 – 2018

9.2.1.5.1.2.   Market Forecast, 2019 – 2027

9.2.1.5.2.     Europe

9.2.1.5.2.1.   Market Estimation, 2013 – 2018

9.2.1.5.2.2.   Market Forecast, 2019 – 2027

9.2.1.5.3.     Asia Pacific

9.2.1.5.3.1.   Market Estimation, 2013 – 2018

9.2.1.5.3.2.   Market Forecast, 2019 – 2027

9.2.1.5.4.     Middle East and Africa

9.2.1.5.4.1.   Market Estimation, 2013 – 2018

9.2.1.5.4.2.   Market Forecast, 2019 – 2027

9.2.1.5.5.     Latin America

9.2.1.5.5.1.   Market Estimation, 2013 – 2018

9.2.1.5.5.2.   Market Forecast, 2019 – 2027

9.2.2. Large Enterprises

9.2.2.1.     Definition

9.2.2.2.     Market Estimation and Penetration, 2013 – 2018

9.2.2.3.     Market Forecast, 2019 – 2027

9.2.2.4.     Compound Annual Growth Rate (CAGR)

9.2.2.5.     Regional Bifurcation

9.2.2.5.1.     North America

9.2.2.5.1.1.   Market Estimation, 2013 – 2018

9.2.2.5.1.2.   Market Forecast, 2019 – 2027

9.2.2.5.2.     Europe

9.2.2.5.2.1.   Market Estimation, 2013 – 2018

9.2.2.5.2.2.   Market Forecast, 2019 – 2027

9.2.2.5.3.     Asia Pacific

9.2.2.5.3.1.   Market Estimation, 2013 – 2018

9.2.2.5.3.2.   Market Forecast, 2019 – 2027

9.2.2.5.4.     Middle East and Africa

9.2.2.5.4.1.   Market Estimation, 2013 – 2018

9.2.2.5.4.2.   Market Forecast, 2019 – 2027

9.2.2.5.5.     Latin America

9.2.2.5.5.1.   Market Estimation, 2013 – 2018

9.2.2.5.5.2.   Market Forecast, 2019 – 2027

9.3. Key Segment for Channeling Investments

9.3.1. By End User

10. North America Travel Risk Management Services Market Analysis and Forecasts, 2019 - 2027

10.1. Overview

10.1.1. North America Travel Risk Management Services Market Revenue (US$ Mn)

10.2. North America Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By Services

10.2.1. Trip Authorization

10.2.2. Essential Tracking and Alerts

10.2.3. Interactive Communications

10.2.4. High Risk Tracking and Response

10.2.5. Advisory Services

10.3. North America Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By End User

10.3.1. Medium size enterprises

10.3.2. Large Enterprises

10.4. North America Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By Country

10.4.1. U.S

10.4.1.1.   U.S Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By Services

10.4.1.1.1.   Trip Authorization

10.4.1.1.2.   Essential Tracking and Alerts

10.4.1.1.3.   Interactive Communications

10.4.1.1.4.   High Risk Tracking and Response

10.4.1.1.5.   Advisory Services

10.4.1.2.   U.S Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By End User

10.4.1.2.1.   Medium size enterprises

10.4.1.2.2.   Large Enterprises

10.4.2. Canada

10.4.2.1.   Canada Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By Services

10.4.2.1.1.   Trip Authorization

10.4.2.1.2.   Essential Tracking and Alerts

10.4.2.1.3.   Interactive Communications

10.4.2.1.4.   High Risk Tracking and Response

10.4.2.1.5.   Advisory Services

10.4.2.2.   Canada Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By End User

10.4.2.2.1.   Medium size enterprises

10.4.2.2.2.   Large Enterprises

10.4.3. Mexico

10.4.3.1.   Mexico Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By Services

10.4.3.1.1.   Trip Authorization

10.4.3.1.2.   Essential Tracking and Alerts

10.4.3.1.3.   Interactive Communications

10.4.3.1.4.   High Risk Tracking and Response

10.4.3.1.5.   Advisory Services

10.4.3.2.   Mexico Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By End User

10.4.3.2.1.   Medium size enterprises

10.4.3.2.2.   Large Enterprises

10.4.4. Rest of North America

10.4.4.1.   Rest of North America Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By Services

10.4.4.1.1.   Trip Authorization

10.4.4.1.2.   Essential Tracking and Alerts

10.4.4.1.3.   Interactive Communications

10.4.4.1.4.   High Risk Tracking and Response

10.4.4.1.5.   Advisory Services

10.4.4.2.   Rest of North America Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By End User

10.4.4.2.1.   Medium size enterprises

10.4.4.2.2.   Large Enterprises

10.5. Key Segment for Channeling Investments

10.5.1. By Country

10.5.2. By Services

10.5.3. By End User

11. Europe Travel Risk Management Services Market Analysis and Forecasts, 2019 - 2027

11.1. Overview

11.1.1. Europe Travel Risk Management Services Market Revenue (US$ Mn)

11.2. Europe Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By Services

11.2.1. Trip Authorization

11.2.2. Essential Tracking and Alerts

11.2.3. Interactive Communications

11.2.4. High Risk Tracking and Response

11.2.5. Advisory Services

11.3. Europe Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By End User

11.3.1. Medium size enterprises

11.3.2. Large Enterprises

11.4. Europe Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By Country

11.4.1. France

11.4.1.1.   France Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By Services

11.4.1.1.1.   Trip Authorization

11.4.1.1.2.   Essential Tracking and Alerts

11.4.1.1.3.   Interactive Communications

11.4.1.1.4.   High Risk Tracking and Response

11.4.1.1.5.   Advisory Services

11.4.1.2.   France Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By End User

11.4.1.2.1.   Medium size enterprises

11.4.1.2.2.   Large Enterprises

11.4.2. The UK

11.4.2.1.   The UK Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By Services

11.4.2.1.1.   Trip Authorization

11.4.2.1.2.   Essential Tracking and Alerts

11.4.2.1.3.   Interactive Communications

11.4.2.1.4.   High Risk Tracking and Response

11.4.2.1.5.   Advisory Services

11.4.2.2.   The UK Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By End User

11.4.2.2.1.   Medium size enterprises

11.4.2.2.2.   Large Enterprises

11.4.3. Spain

11.4.3.1.   Spain Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By Services

11.4.3.1.1.   Trip Authorization

11.4.3.1.2.   Essential Tracking and Alerts

11.4.3.1.3.   Interactive Communications

11.4.3.1.4.   High Risk Tracking and Response

11.4.3.1.5.   Advisory Services

11.4.3.2.   Spain Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By End User

11.4.3.2.1.   Medium size enterprises

11.4.3.2.2.   Large Enterprises

11.4.4. Germany

11.4.4.1.   Germany Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By Services

11.4.4.1.1.   Trip Authorization

11.4.4.1.2.   Essential Tracking and Alerts

11.4.4.1.3.   Interactive Communications

11.4.4.1.4.   High Risk Tracking and Response

11.4.4.1.5.   Advisory Services

11.4.4.2.   Germany Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By End User

11.4.4.2.1.   Medium size enterprises

11.4.4.2.2.   Large Enterprises

11.4.5. Italy

11.4.5.1.   Italy Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By Services

11.4.5.1.1.   Trip Authorization

11.4.5.1.2.   Essential Tracking and Alerts

11.4.5.1.3.   Interactive Communications

11.4.5.1.4.   High Risk Tracking and Response

11.4.5.1.5.   Advisory Services

11.4.5.2.   Italy Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By End User

11.4.5.2.1.   Medium size enterprises

11.4.5.2.2.   Large Enterprises

11.4.6. Nordic Countries

11.4.6.1.   Nordic Countries Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By Services

11.4.6.1.1.   Trip Authorization

11.4.6.1.2.   Essential Tracking and Alerts

11.4.6.1.3.   Interactive Communications

11.4.6.1.4.   High Risk Tracking and Response

11.4.6.1.5.   Advisory Services

11.4.6.2.   Nordic Countries Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By End User

11.4.6.2.1.   Medium size enterprises

11.4.6.2.2.   Large Enterprises

11.4.6.3.   Nordic Countries Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By Country

11.4.6.3.1.   Denmark

11.4.6.3.2.   Finland

11.4.6.3.3.   Iceland

11.4.6.3.4.   Sweden

11.4.6.3.5.   Norway

11.4.7. Benelux Union

11.4.7.1.   Benelux Union Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By Services

11.4.7.1.1.   Trip Authorization

11.4.7.1.2.   Essential Tracking and Alerts

11.4.7.1.3.   Interactive Communications

11.4.7.1.4.   High Risk Tracking and Response

11.4.7.1.5.   Advisory Services

11.4.7.2.   Benelux Union Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By End User

11.4.7.2.1.   Medium size enterprises

11.4.7.2.2.   Large Enterprises

11.4.7.3.   Benelux Union Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By Country

11.4.7.3.1.   Belgium

11.4.7.3.2.   The Netherlands

11.4.7.3.3.   Luxembourg

11.4.8. Rest of Europe

11.4.8.1.   Rest of Europe Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By Services

11.4.8.1.1.   Trip Authorization

11.4.8.1.2.   Essential Tracking and Alerts

11.4.8.1.3.   Interactive Communications

11.4.8.1.4.   High Risk Tracking and Response

11.4.8.1.5.   Advisory Services

11.4.8.2.   Rest of Europe Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By End User

11.4.8.2.1.   Medium size enterprises

11.4.8.2.2.   Large Enterprises

11.5. Key Segment for Channeling Investments

11.5.1. By Country

11.5.2. By Services

11.5.3. By End User

12. Asia Pacific Travel Risk Management Services Market Analysis and Forecasts, 2019 - 2027

12.1. Overview

12.1.1. Asia Pacific Travel Risk Management Services Market Revenue (US$ Mn)

12.2. Asia Pacific Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By Services

12.2.1. Trip Authorization

12.2.2. Essential Tracking and Alerts

12.2.3. Interactive Communications

12.2.4. High Risk Tracking and Response

12.2.5. Advisory Services

12.3. Asia Pacific Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By End User

12.3.1. Medium size enterprises

12.3.2. Large Enterprises

12.4. Asia Pacific Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By Country

12.4.1. China

12.4.1.1.   China Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By Services

12.4.1.1.1.   Trip Authorization

12.4.1.1.2.   Essential Tracking and Alerts

12.4.1.1.3.   Interactive Communications

12.4.1.1.4.   High Risk Tracking and Response

12.4.1.1.5.   Advisory Services

12.4.1.2.   China Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By End User

12.4.1.2.1.   Medium size enterprises

12.4.1.2.2.   Large Enterprises

12.4.2. Japan

12.4.2.1.   Japan Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By Services

12.4.2.1.1.   Trip Authorization

12.4.2.1.2.   Essential Tracking and Alerts

12.4.2.1.3.   Interactive Communications

12.4.2.1.4.   High Risk Tracking and Response

12.4.2.1.5.   Advisory Services

12.4.2.2.   Japan Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By End User

12.4.2.2.1.   Medium size enterprises

12.4.2.2.2.   Large Enterprises

12.4.3. India

12.4.3.1.   India Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By Services

12.4.3.1.1.   Trip Authorization

12.4.3.1.2.   Essential Tracking and Alerts

12.4.3.1.3.   Interactive Communications

12.4.3.1.4.   High Risk Tracking and Response

12.4.3.1.5.   Advisory Services

12.4.3.2.   India Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By End User

12.4.3.2.1.   Medium size enterprises

12.4.3.2.2.   Large Enterprises

12.4.4. New Zealand

12.4.4.1.   New Zealand Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By Services

12.4.4.1.1.   Trip Authorization

12.4.4.1.2.   Essential Tracking and Alerts

12.4.4.1.3.   Interactive Communications

12.4.4.1.4.   High Risk Tracking and Response

12.4.4.1.5.   Advisory Services

12.4.4.2.   New Zealand Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By End User

12.4.4.2.1.   Medium size enterprises

12.4.4.2.2.   Large Enterprises

12.4.5. Australia

12.4.5.1.   Australia Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By Services

12.4.5.1.1.   Trip Authorization

12.4.5.1.2.   Essential Tracking and Alerts

12.4.5.1.3.   Interactive Communications

12.4.5.1.4.   High Risk Tracking and Response

12.4.5.1.5.   Advisory Services

12.4.5.2.   Australia Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By End User

12.4.5.2.1.   Medium size enterprises

12.4.5.2.2.   Large Enterprises

12.4.6. South Korea

12.4.6.1.   South Korea Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By Services

12.4.6.1.1.   Trip Authorization

12.4.6.1.2.   Essential Tracking and Alerts

12.4.6.1.3.   Interactive Communications

12.4.6.1.4.   High Risk Tracking and Response

12.4.6.1.5.   Advisory Services

12.4.6.2.   South Korea Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By End User

12.4.6.2.1.   Medium size enterprises

12.4.6.2.2.   Large Enterprises

12.4.7. Southeast Asia

12.4.7.1.   Southeast Asia Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By Services

12.4.7.1.1.   Trip Authorization

12.4.7.1.2.   Essential Tracking and Alerts

12.4.7.1.3.   Interactive Communications

12.4.7.1.4.   High Risk Tracking and Response

12.4.7.1.5.   Advisory Services

12.4.7.2.   Southeast Asia Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By End User

12.4.7.2.1.   Medium size enterprises

12.4.7.2.2.   Large Enterprises

12.4.7.3.   Southeast Asia Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By Country

12.4.7.3.1.   Indonesia

12.4.7.3.2.   Thailand

12.4.7.3.3.   Malaysia

12.4.7.3.4.   Singapore

12.4.7.3.5.   Rest of Southeast Asia

12.4.8. Rest of Asia Pacific

12.4.8.1.   Rest of Asia Pacific Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By Services

12.4.8.1.1.   Trip Authorization

12.4.8.1.2.   Essential Tracking and Alerts

12.4.8.1.3.   Interactive Communications

12.4.8.1.4.   High Risk Tracking and Response

12.4.8.1.5.   Advisory Services

12.4.8.2.   Rest of Asia Pacific Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By End User

12.4.8.2.1.   Medium size enterprises

12.4.8.2.2.   Large Enterprises

12.5. Key Segment for Channeling Investments

12.5.1. By Country

12.5.2. By Services

12.5.3. By End User

13. Middle East and Africa Travel Risk Management Services Market Analysis and Forecasts, 2019 - 2027

13.1. Overview

13.1.1. Middle East and Africa Travel Risk Management Services Market Revenue (US$ Mn)

13.2. Middle East and Africa Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By Services

13.2.1. Trip Authorization

13.2.2. Essential Tracking and Alerts

13.2.3. Interactive Communications

13.2.4. High Risk Tracking and Response

13.2.5. Advisory Services

13.3. Middle East and Africa Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By End User

13.3.1. Medium size enterprises

13.3.2. Large Enterprises

13.4. Middle East and Africa Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By Country

13.4.1. Saudi Arabia

13.4.1.1.   Saudi Arabia Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By Services

13.4.1.1.1.   Trip Authorization

13.4.1.1.2.   Essential Tracking and Alerts

13.4.1.1.3.   Interactive Communications

13.4.1.1.4.   High Risk Tracking and Response

13.4.1.1.5.   Advisory Services

13.4.1.2.   Saudi Arabia Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By End User

13.4.1.2.1.   Medium size enterprises

13.4.1.2.2.   Large Enterprises

13.4.2. UAE

13.4.2.1.   UAE Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By Services

13.4.2.1.1.   Trip Authorization

13.4.2.1.2.   Essential Tracking and Alerts

13.4.2.1.3.   Interactive Communications

13.4.2.1.4.   High Risk Tracking and Response

13.4.2.1.5.   Advisory Services

13.4.2.2.   UAE Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By End User

13.4.2.2.1.   Medium size enterprises

13.4.2.2.2.   Large Enterprises

13.4.3. Egypt

13.4.3.1.   Egypt Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By Services

13.4.3.1.1.   Trip Authorization

13.4.3.1.2.   Essential Tracking and Alerts

13.4.3.1.3.   Interactive Communications

13.4.3.1.4.   High Risk Tracking and Response

13.4.3.1.5.   Advisory Services

13.4.3.2.   Egypt Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By End User

13.4.3.2.1.   Medium size enterprises

13.4.3.2.2.   Large Enterprises

13.4.4. Kuwait

13.4.4.1.   Kuwait Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By Services

13.4.4.1.1.   Trip Authorization

13.4.4.1.2.   Essential Tracking and Alerts

13.4.4.1.3.   Interactive Communications

13.4.4.1.4.   High Risk Tracking and Response

13.4.4.1.5.   Advisory Services

13.4.4.2.   Kuwait Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By End User

13.4.4.2.1.   Medium size enterprises

13.4.4.2.2.   Large Enterprises

13.4.5. South Africa

13.4.5.1.   South Africa Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By Services

13.4.5.1.1.   Trip Authorization

13.4.5.1.2.   Essential Tracking and Alerts

13.4.5.1.3.   Interactive Communications

13.4.5.1.4.   High Risk Tracking and Response

13.4.5.1.5.   Advisory Services

13.4.5.2.   South Africa Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By End User

13.4.5.2.1.   Medium size enterprises

13.4.5.2.2.   Large Enterprises

13.4.6. Rest of Middle East & Africa

13.4.6.1.   Rest of Middle East & Africa Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By Services

13.4.6.1.1.   Trip Authorization

13.4.6.1.2.   Essential Tracking and Alerts

13.4.6.1.3.   Interactive Communications

13.4.6.1.4.   High Risk Tracking and Response

13.4.6.1.5.   Advisory Services

13.4.6.2.   Rest of Middle East & Africa Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By End User

13.4.6.2.1.   Medium size enterprises

13.4.6.2.2.   Large Enterprises

13.5. Key Segment for Channeling Investments

13.5.1. By Country

13.5.2. By Services

13.5.3. By End User

14. Latin America Travel Risk Management Services Market Analysis and Forecasts, 2019 - 2027

14.1. Overview

14.1.1. Latin America Travel Risk Management Services Market Revenue (US$ Mn)

14.2. Latin America Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By Services

14.2.1. Trip Authorization

14.2.2. Essential Tracking and Alerts

14.2.3. Interactive Communications

14.2.4. High Risk Tracking and Response

14.2.5. Advisory Services

14.3. Latin America Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By End User

14.3.1. Medium size enterprises

14.3.2. Large Enterprises

14.4. Latin America Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By Country

14.4.1. Brazil

14.4.1.1.   Brazil Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By Services

14.4.1.1.1.   Trip Authorization

14.4.1.1.2.   Essential Tracking and Alerts

14.4.1.1.3.   Interactive Communications

14.4.1.1.4.   High Risk Tracking and Response

14.4.1.1.5.   Advisory Services

14.4.1.2.   Brazil Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By End User

14.4.1.2.1.   Medium size enterprises

14.4.1.2.2.   Large Enterprises

14.4.2. Argentina

14.4.2.1.   Argentina Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By Services

14.4.2.1.1.   Trip Authorization

14.4.2.1.2.   Essential Tracking and Alerts

14.4.2.1.3.   Interactive Communications

14.4.2.1.4.   High Risk Tracking and Response

14.4.2.1.5.   Advisory Services

14.4.2.2.   Argentina Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By End User

14.4.2.2.1.   Medium size enterprises

14.4.2.2.2.   Large Enterprises

14.4.3. Rest of Latin America

14.4.3.1.   Rest of Latin America Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By Services

14.4.3.1.1.   Trip Authorization

14.4.3.1.2.   Essential Tracking and Alerts

14.4.3.1.3.   Interactive Communications

14.4.3.1.4.   High Risk Tracking and Response

14.4.3.1.5.   Advisory Services

14.4.3.2.   Rest of Latin America Travel Risk Management Services Market Revenue (US$ Mn) and Forecasts, By End User

14.4.3.2.1.   Medium size enterprises

14.4.3.2.2.   Large Enterprises

14.5. Key Segment for Channeling Investments

14.5.1. By Country

14.5.2. By Services

14.5.3. By End User

15. Competitive Benchmarking

15.1. Market Share Analysis, 2018

15.2. Global Presence and Growth Strategies

15.2.1. Mergers and Acquisitions

15.2.2. Product Launches

15.2.3. Investments Trends

15.2.4. R&D Initiatives

16. Player Profiles

16.1. Anvil Group

16.1.1. Company Details

16.1.2. Company Overview

16.1.3. Product Offerings

16.1.4. Key Developments

16.1.5. Financial Analysis

16.1.6. SWOT Analysis

16.1.7. Business Strategies

16.2. BCD Travel

16.2.1. Company Details

16.2.2. Company Overview

16.2.3. Product Offerings

16.2.4. Key Developments

16.2.5. Financial Analysis

16.2.6. SWOT Analysis

16.2.7. Business Strategies

16.3. Carlson Wagonlit Travel, Inc.

16.3.1. Company Details

16.3.2. Company Overview

16.3.3. Product Offerings

16.3.4. Key Developments

16.3.5. Financial Analysis

16.3.6. SWOT Analysis

16.3.7. Business Strategies

16.4. Collinson Group Ltd.

16.4.1. Company Details

16.4.2. Company Overview

16.4.3. Product Offerings

16.4.4. Key Developments

16.4.5. Financial Analysis

16.4.6. SWOT Analysis

16.4.7. Business Strategies

16.5. Control Risks

16.5.1. Company Details

16.5.2. Company Overview

16.5.3. Product Offerings

16.5.4. Key Developments

16.5.5. Financial Analysis

16.5.6. SWOT Analysis

16.5.7. Business Strategies

16.6. Drum Cassac

16.6.1. Company Details

16.6.2. Company Overview

16.6.3. Product Offerings

16.6.4. Key Developments

16.6.5. Financial Analysis

16.6.6. SWOT Analysis

16.6.7. Business Strategies

16.7. FocusPoint International, Inc.

16.7.1. Company Details

16.7.2. Company Overview

16.7.3. Product Offerings

16.7.4. Key Developments

16.7.5. Financial Analysis

16.7.6. SWOT Analysis

16.7.7. Business Strategies

16.8. GBT Travel Services UK Limited

16.8.1. Company Details

16.8.2. Company Overview

16.8.3. Product Offerings

16.8.4. Key Developments

16.8.5. Financial Analysis

16.8.6. SWOT Analysis

16.8.7. Business Strategies

16.9. Healix

16.9.1. Company Details

16.9.2. Company Overview

16.9.3. Product Offerings

16.9.4. Key Developments

16.9.5. Financial Analysis

16.9.6. SWOT Analysis

16.9.7. Business Strategies

16.10. iJET International, Inc

16.10.1. Company Details

16.10.2. Company Overview

16.10.3. Product Offerings

16.10.4. Key Developments

16.10.5. Financial Analysis

16.10.6. SWOT Analysis

16.10.7. Business Strategies

16.11. Kroll Inc.

16.11.1. Company Details

16.11.2. Company Overview

16.11.3. Product Offerings

16.11.4. Key Developments

16.11.5. Financial Analysis

16.11.6. SWOT Analysis

16.11.7. Business Strategies

16.12. Millbank Solutions

16.12.1. Company Details

16.12.2. Company Overview

16.12.3. Product Offerings

16.12.4. Key Developments

16.12.5. Financial Analysis

16.12.6. SWOT Analysis

16.12.7. Business Strategies

16.13.1. Company Details

16.13.2. Company Overview

16.13.3. Product Offerings

16.13.4. Key Developments

16.13.5. Financial Analysis

16.13.6. SWOT Analysis

16.13.7. Business Strategies

16.14. Ovation Travel Group

16.14.1. Company Details

16.14.2. Company Overview

16.14.3. Product Offerings

16.14.4. Key Developments

16.14.5. Financial Analysis

16.14.6. SWOT Analysis

16.14.7. Business Strategies

16.15. Other Market Participants

17. Key Findings

Note: This ToC is tentative and can be changed according to the research study conducted during the course of report completion.

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• Consumer Goods and Services /
• Travel and Tourism /
• Travel Risk Management

Global Travel Risk Management Services Market Size, Share & Industry Trends Analysis Report By Service Type, By Enterprise Size (Large Enterprises, Medium Enterprises and Small Enterprises), By Industry, By Regional Outlook and Forecast, 2023 - 2030

• September 2023
• Region: Global
• Marqual IT Solutions Pvt. Ltd (KBV Research)
• ID: 5903487
• Description

Table of Contents

Companies mentioned, methodology, related topics, related reports.

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Service Type Outlook

Enterprise size outlook, industry outlook, regional outlook, strategies deployed in the market.

• Jul-2023: BCD Travel revealed GetGoing, an all-in-one platform. The new platform is designed for companies searching for a digital self-service solution to handle all facets of business travel, supported by assistance from travel. With the launch of GetGoing, the company aims to offer a self-service option backed by a team of travel industry professionals to the quickly expanding small and midsize market.
• May-2023: Healix unveiled an online tool, Healix Travel Safe. In order to ensure that safety precautions are followed in accordance with a global best practice standard, Healix's Travel Safe makes sure that all aspects are thoroughly analyzed for hazards and security.
• Jun-2022: FocusPoint International revealed the CAP Tripside Assistance (CAP) service plan for the consumer travel market. CAP offers urgent help to travelers who are stuck, experiencing a crisis, or who are only facing the threat of a crisis, together with advanced domestic and international travel assistance.
• Feb-2022: Collinson entered into partnership with AETOS, a leading unified security and safety solutions provider, and Crisis24, a leading provider of integrated risk management, crisis response, consulting, and global protective solutions firm. Through this partnership, the company aims to offer risk mitigation services and support to its clients, enabling them to efficiently assess, mitigate, and manage risks in the face of a constantly changing threat environment.
• Dec-2021: Tokio Marine Insurance Vietnam Co., Ltd. ("TMIV"), the Vietnamese subsidiary of Tokio Marine Holdings, Inc. unveiled TM Care, an insurance app for Japanese companies operating in Vietnam. The new software offers paperless, cashless, and contactless insurance policy processing to Vietnamese-based employees of Japanese corporations by utilizing Tokio Marine Group's expertise in online insurance sales in Japan.
• Jul-2021: FocusPoint International Inc. partnered with Globalstar, Inc., an America-based satellite communications company that operates a low Earth orbit (LEO) satellite constellation. With this partnership, the company would provide a comprehensive solution that keeps Globalstar and SPOT customers connected and secured from medical emergencies and security situations that can happen nearby or halfway around the world through the Global Overwatch & Rescue Plan.
• Jun-2021: Tokio Marine Holdings entered into a partnership with RMS, a Catastrophe risk solutions company. With this partnership, the company aims to utilize RMS models, data, and applications, as well as the RMS cloud platform, Risk Intelligence.
• Aug-2019: Everbridge, Inc. completed the acquisition of NC4, a leading global provider of threat intelligence solutions. Through this partnership, the company aims to enhance its offering from incident identification to response, mitigation, or ultimately, avoidance and prevention.
• Aug-2019: BCD Travel took over Adelman Travel Group, a full-service travel management company in North America. Through this acquisition, the company aims to expand its business, and its global network, and to assist companies in utilizing the newest technology for their travel programs.
• Jun-2019: Collinson formed a partnership with Travel Risk & Incident Prevention (TRIP) Group, a Travel Risk Management community. With this partnership, the company aims to provide solutions that precisely suit the needs of our clients and sometimes even go above and beyond their duty of care duties.

Scope of the Study

Market segments covered in the report:.

• Travel Security
• Crisis Management
• Data Security
• Health Security
• Assistance & Tracking
• Large Enterprises
• Medium Enterprises
• Small Enterprises
• Agri, Food & Beverage
• Pharmaceutical & Healthcare
• Hospitality
• Business Services & Consulting
• IT, Technology & Telecom
• North America
• Rest of North America
• Rest of Europe
• Asia Pacific
• South Korea
• Rest of Asia Pacific
• Saudi Arabia
• South Africa
• Rest of LAMEA

Key Market Players

List of companies profiled in the report:.

• FocusPoint International, Inc.
• Collinson International Limited
• Tokio Marine Holdings, Inc.
• CWT Global B.V
• Global Rescue LLC
• Everbridge, Inc
• Chubb Limited
• Healix Group of companies

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• Travel And Tourism

LAMEA Travel Risk Management Services Market Size, Share & Industry Trends Analysis Report By Service Type, By Enterprise Size (Large Enterprises, Medium Enterprises and Small Enterprises), By Industry, By Country and Growth Forecast, 2023 - 2030

•  Report
• Africa, Middle East

Asia Pacific Travel Risk Management Services Market Size, Share & Industry Trends Analysis Report By Service Type, By Enterprise Size (Large Enterprises, Medium Enterprises and Small Enterprises), By Industry, By Country and Growth Forecast, 2023 - 2030

Travel Technology Market By Component, By Application, By End User: Global Opportunity Analysis and Industry Forecast, 2023-2032

• October 2023

Global Travel Management Solution Market (2023-2028) Competitive Analysis, Impact of Covid-19, Ansoff Analysis

• February 2024

Bleisure Travel Market By Employee, By Age Group, By Industries: Global Opportunity Analysis and Industry Forecast, 2023-2032

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The Travel Risk Management Services Market is Predict to reach $188.9 Billion by 2030, at a CAGR of 8.1%

Travel risk management services market growth, trends and report highlights.

According to a new report, published by KBV research, The Global Travel Risk Management Services Market size is expected to reach $188.9 billion by 2030, rising at a market growth of 8.1% CAGR during the forecast period.

The Crisis Management segment is showcasing a CAGR of 8.5% during (2023 - 2030). Effective crisis management strategies can help mitigate risks and reduce the impact of crises. This proactive approach is attractive to organizations seeking to minimize operational disruptions and safeguard travelers. Travel risk management services often provide risk assessments and intelligence to help organizations make informed decisions about travel plans and destinations. Crisis management services are crucial during a crisis's response and recovery phases. Providers help in locating and evacuating travelers, providing medical care, and ensuring their safe return home.

The Large Enterprises segment is leading the Global Travel Risk Management Services Market by Enterprise Size in 2022 thereby, achieving a market value of $109.3 BAillion by 2030. Large enterprises have a legal and moral obligation to provide a safe and secure environment for their employees when they are traveling for work. Travel risk management services help organizations fulfill their duty of care responsibilities by offering comprehensive safety measures and support in emergencies. These services help enforce travel policies and guidelines, ensuring that employees adhere to company standards and protocols during their trips. This can help reduce risky behaviors and non-compliance issues.

The IT, Technology & Telecom segment has shown the high growth rate of 7.6% during (2023 - 2030). IT and technology companies often have a global workforce that requires frequent travel. Ensuring the safety of employees when traveling is a top priority, driving demand for travel risk management services. Telecom companies operate critical infrastructure, and their employees need to travel to remote or challenging locations for maintenance and deployment. Travel risk management services help ensure the safety of these employees.

The Asia Pacific region dominated the Global Travel Risk Management Services Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $74.2 Billion by 2030. The North America market is anticipated to grow at a CAGR of 7.5% during (2023 - 2030). Additionally, The Europe market would witness a CAGR of 7.9% during (2023 - 2030).

Full Report: https://www.kbvresearch.com/travel-risk-management-services-market/

The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of FocusPoint International, Inc., BCD Group, Collinson International Limited, Tokio Marine Holdings, Inc., CWT Global B.V, Global Rescue LLC, Everbridge, Inc, Kroll, LLC, Chubb Limited, and Healix Group of companies.

Global Travel Risk Management Services Market Segmentation

By Service Type

• Travel Security
• Crisis Management
• Data Security
• Health Security
• Assistance & Tracking

By Enterprise Size

• Large Enterprises
• Medium Enterprises
• Small Enterprises

By Industry

• Agri, Food & Beverage
• Pharmaceutical & Healthcare
• Hospitality
• Business Services & Consulting
• IT, Technology & Telecom

By Geography

• Rest of North America
• Rest of Europe
• South Korea
• Rest of Asia Pacific
• Saudi Arabia
• South Africa
• Rest of LAMEA

Companies Profiled

• FocusPoint International, Inc.
• Collinson International Limited
• Tokio Marine Holdings, Inc.
• CWT Global B.V
• Global Rescue LLC
• Everbridge, Inc
• Chubb Limited
• Healix Group of companies

Related Report

North America Travel Risk Management Services Market Size, 2030

• September-2023

LAMEA Travel Risk Management Services Market Size to 2030

Europe Travel Risk Management Services Market Size, 2023-2030

Asia Pacific Travel Risk Management Services Market Size, 2030

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A new era of travel risk management, the past few years have propelled a need for intelligence and scalable travel risk management programs to protect organizations and their people..

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The events of recent years have taught us that risk is not confined to areas of existing conflict. With terrorist attacks, natural disasters and, more recently, the COVID-19 pandemic, companies have become increasingly aware of the growing risks their traveling personnel face.

In a way, the pandemic has helped open the eyes of many enterprises and travelers to the broader implications of travel and risk in general. For organizations, the understandable necessity for greater levels of due diligence before a trip is driving the need for greater levels of information and intelligence — and, likewise, for tools to enable travel risk management programs to be more scalable.

Business travelers themselves are also looking for more information and a deeper understanding of potential travel risks and the impact of COVID-19 in destination locations. Employees want to know about restrictions and any new limitations that may be in place. They also want to know how to keep themselves safe while traveling and in-country and what to do should they require help. They want to feel confident that their organization can, and will, fully prepare and support them with both their physical and mental wellbeing.

With travelers becoming more acutely aware of potential risks relating to travel, their understanding of the need for risk assessments and duty of care compliance is also greater, helping to drive a more positive attitude toward travel risk management in general.

So, as we navigate a return to travel, how can business leaders and organizations expand or develop their travel risk management programs?

Pandemic aside, a sound travel risk management program goes far beyond considering how to deal with an incident should it happen. To be truly effective, it needs to fully encompass proactive and reactive measures and be part of a company-wide approach to risk. It needs to involve numerous internal and external stakeholders working to the same end.

To assess whether a travel risk management program is truly fit for its purpose, organizations should start by asking themselves a few basic questions:

• Do we have clearly defined policies and procedures relating to travel (from a health, safety and security perspective) that are not just documented, but communicated and adhered to by all concerned?
• Do we have access to reliable, real-time health, safety and security information that can be used to support travel decisions and be easily communicated to travelers before they embark on any trip?
• Are all of our travelers provided with the necessary pre-travel training and relevant briefings to empower them as individuals?
• Do we have a process for controlling travel to higher-risk regions?
• In the event of a safety, security or health incident, are we able to locate and communicate with travelers and advise/support them accordingly?
• Do we have a robust incident/crisis management plan for dealing with emergencies? And is the plan this regularly tested?
• Do we have total confidence in all parties in our chain (both internal and external)?

Specialist travel risk management providers can help steer organizations through the critical stages of planning and execution and automate many of the processes to ensure that even organizations without internal resources can effectively navigate a safe return to travel.

In addition, a new International Organization for Standardization (ISO) standard now provides a great framework for organizations to follow. ISO 31030 Travel Risk Management provides guidance on how to manage travel risks to organizations and their employees. Recently published, the standard sets out a structured approach to the development, implementation, evaluation and review of travel risk management policies and programs, as well as the assessment and treatment of travel risks. One of the aims of the standard is to promote a culture where travel-related risk is taken seriously, resourced adequately and managed effectively. ISO 31030 establishes clear guidelines for assessing risks related to travel and how to manage and benchmark those risks. It removes the guesswork and provides clarity in an area that has never been more critical.

The Future of Business Travel

When we look to the future, we need to consider both the long- and short-term view. In the long-term, travel will resume a sense of normalcy and eventually rebuild itself. However, in the short and medium term, organizations will need to think about travel very differently from how they have done in the past.

In the short-term, business leaders and organizations need to put far greater emphasis on the pre-trip due diligence process to understand the various elements of the trip and what risk mitigation looks like at each of the key stages. They will also need to look more closely at the destinations their travelers are visiting. Regions previously deemed ‘safe’ travel zones may now present a potential health risk in a way that they didn’t before, and organizations need to allow the time to understand the situation fully and undertake additional due diligence measures prior to any trip commencing.

With much attention understandably focused on the impact and implications of COVID-19 and how organizations can best navigate a safe return to travel, it would be easy to overlook the pre-existing risks that business travel can, and still does, pose. Organizations and travelers will still find themselves facing the same travel risks as before — from minor disruptions like travel delays to major threats such as conflict, terror attacks, weather events, natural disasters and violent protests and disorder. Those risks haven’t gone away, and it is important for organizations not to lose sight of those risks as they take the next steps to bring their travel risk management programs into the future.

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Cal Pratt is Managing Director of Anvil Group, a global travel and operational risk company, where he is responsible for managing operations in North and South America. He has extensive experience in the fields of travel risk management, security operations and operational resilience. Having assisted clients directly during a diverse range of major incidents, Pratt understands the impact of these events on those affected and their wider business operations. Image courtesy of Pratt

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Travel Risk Management Services Market to Reach $223.62 Billion, Globally, by 2031 at 8.1% CAGR

The expansion of the travel & tourism industries, the surge in government initiatives for the development of MICE (meetings, incentives, conferences, and events) segment & SME sector, the growth of information and communication technology ( ICT ), rapid urbanization, industrial growth, and increase in globalization of business are expected to fuel the growth of the global travel risk management services market. However, transportation costs and time barriers hinder market growth. On the other hand, the current trend of online booking options of risk management services and lucrative offers made by the governments of developing nations to attract foreign investment will present new opportunities in the market in the coming years. Travel Risk Management

According to the Allied Market Research report, the global travel risk management services industry generated $ 96.26 billion  in 2021 and is estimated to reach  $223.62 billion  by 2031, witnessing a CAGR of 8.1% from 2022 to 2031.

Globalization is one of the major factors supporting market growth. Companies are increasingly sending their workers to more international locations for business needs. Some locations are far away or in dangerous areas that can affect business and travellers. The amount of danger in some countries is also becoming harder to assess, especially as it is rising even in places that were once thought to be low-risk. Thus, companies are looking for effective travel risk management services to avoid unprecedented risks during travel.

Travel risk management services and globalization

Globalization in business refers to change in a business from a company associated with a single country to one that operates in multiple countries. Leading business organizations such as Toyota Motor Corporation, McDonald’s, Wal-Mart Stores Inc., and Amazon , Inc. are venturing beyond national boundaries to tap more business opportunities and support travel Risk Management Services Market demand.

The travel risk management services industry is supported by the growth of multinational companies and their international movements from a business perspective. The growth of information and communication technology (ICT) in Asian countries has favored the growth of multinational companies in the Asia-Pacific region. Moreover, the availability of different resources and cheap labor in emerging nations such as China, India, Malaysia, and Indonesia has attracted many foreign companies to operate their businesses in these regions.

Asia-Pacific is the largest business travel market across the globe

The lucrative offers made by the governments of developing nations to attract foreign investment have led to the establishment of multinational enterprises, ultimately boosting business travel. Developing countries, such as China, have become manufacturing hubs that accounted for around 28.7% of the global manufacturing output in 2019, as per the data published by the United Nations Statistics Division.

As a result, Asia-Pacific has become the largest business travel market across the globe. In addition, liberalization in market entry strategies in countries such as India encourages global business organizations to expand their market size. To operate global firms, activities such as geocentric or cross-cultural employee training and international marketing have notably increased, which is one of the prime factors that promote the travel risk management services market growth.

The crisis management segment is growing at the fastest pace Travel Risk Management

Based on service type, the travel security segment contributed to the highest share of nearly one-fourth of the global travel risk management services market in 2021 due to the growing business travel needs of people in different industries such as manufacturing, retail, IT, and others. However, the crisis management segment is projected to witness the fastest CAGR of 9.1% from 2022 to 2031, owing to the increasing concern of travelers regarding natural or financial crises.

The large enterprise’s segment to maintain its lion’s share during the forecast period

Based on enterprise size, the large enterprise’s segment held the largest share of more than two-fifths of the global travel risk management services market in 2021, and is expected to maintain prominent growth during the forecast period as large enterprises offer unique services, leisure activities, and others. However, the small enterprise segment is likely to exhibit the highest CAGR of 8.8% in 2031, owing to the increase in focus of small organizations toward the adoption of new services and technologies to expand their businesses.

Asia-Pacific to dominate in terms of revenue by 2031 Travel Risk Management

Based on region,  Asia-Pacific  held the largest market share in 2021, accounting for nearly two-fifths of the global travel risk management services market, and is likely to lead the trail throughout the forecast period. This is attributed to the increasing interest of international players in tapping opportunities in  India  and  China . However, LAMEA is anticipated to manifest the fastest CAGR of 9.5% during the forecast period, 2022-2031. The growth is driven by liberalization to access trade licenses and government initiatives to encourage private investment & FDIs in the region. Moreover, initiatives to develop MICE events fueled the frequency of business travels in LAMEA.

Leading Market Players:

• Carlson, Inc.
• FocusPoint International, Inc.
• Global Rescue LLC
• Millbank Solutions
• The Collinson Group Limited
• Tokio Marine Holdings, Inc.

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6 best travel risk management companies

What are travel risk management companies, travel planning and risk assessment.

• Threat identification: you want a platform that’ll help you identify issues
• Contingency planning: for if something comes up unexpectedly
• Itinerary management: so your employees don’t have to worry about the details of their travels
• Risk assessment : to understand potential risks and how to deal with them

Protection for employees and corporations

• Responsive security intelligence: for proactively monitoring global incidents
• Employee tracking : for locating and monitoring traveling employees
• Operational support: for quick evacuation and meeting obligations to care for your employees in real-time

Reaction and recovery in case of crisis

• Response management: to plan crisis management for emergency situations
• Incident logging: to identify common travel risks and map areas of failure
• Crisis support: to support employees during natural disasters or any other crisis
• Business continuity: to mitigate impacts and ensure operations continuity
• Medical assistance: to coordinate and manage medical treatment for employees
• Damage limitation: to cover employee injury or property damage

Governance to ensure you’re following all the rules

• Risk tolerance: to identify acceptable risk levels
• Duty of care obligations: for fulfilling legal obligations to keep employees safe
• Document stakeholder engagement: to facilitate the right discussions

Does my company need a travel risk management company?

• Common risks: Some of the most common risks that employees face during foreign travel include terrorism, local law compliance requirements, country entry requirements, natural disasters, money, political instability, and health. In order to avoid encountering any of these issues, you’ll need to keep up to date with travel advisory updates for the destination country.
• Health risks: Medical emergencies can strike at any time, and medical standards vary depending on which part of the world your staff are in. Businesses must provide employees with sufficient travel medical insurance and other preventive measures before the trip begins. Also, make sure your insurance covers any pre-existing conditions of your traveling employees.
• Immigration and customs risks: Global mobility planning is another area that needs attention. As an organization, it’s your duty of care obligation to help employees obtain the correct visa, provide proof of accommodation, trip purpose, and departure details. Be familiar with custom authority requirements as policy violation runs the risk of item confiscation, arrest, or deportation.
• Local legislation risks: Traveling employees need to be aware of the local laws of the country they are traveling to. Ignoring these laws may end in penalties and even criminal offenses.

Features to look for in a travel risk management company

• Data-driven insights: Does the company allow you to enhance employee experience with forecasts from existing data sources? Does it collect information on your corporate travel to help improve your experience? Having these insights enables you to predict potential issues, offer solutions, and reduce travel plan changes.
• End-to-end assistance: A travel risk management solution provider should be able to handle end-to-end processes, from pre-travel approvals to post-travel analysis. This will help you to get a complete picture of the risk management workflow.
• Accessible and flexible: You should also evaluate if your traveling employees can access the risk management portal in real-time. Your ideal platform should be able to help you minimize travel costs while ensuring employee safety. Also, look out for flexible solutions—it's important to opt for an agile solution.

The best travel risk management companies

1. travelperk.

• FlexiPerk: FlexiPerk allows business travelers to book flights, hotels, and cars that can be cancelled quickly and easily–with 80% of the fare refunded. It enables organizations to book freely in the knowledge they’re protected if plans change.
• Pre-travel planning: TravelPerk’s TravelCare offers real-time alerts, updates, COVID-19 travel restrictions, vaccination requirements, and local guidelines so that you know what precautions to take before traveling. These alerts enable travelers to modify travel plans quickly and easily.
• Duty of care solutions: Thanks to TravelPerk’s integration with International SOS , you can now ensure your traveling employees are fully covered. Get in-depth trip reporting and travel alerts, plus manage evacuation and auxiliary services—all from a single portal.
• Traveler tracking: TravelPerk’s built-in corporate travel tracker offers a 360-degree view of business trips and employee compliance. This helps businesses and travel managers with numerous teams on the go.
• 24/7 support: The on-demand travel support team works round the clock to answer your queries within 15 seconds . Get 1-1 concierge services , make group bookings , and manage business travel quick as a jet.

2. Collinson

• Core program: The core program is designed to fit your business needs by offering services such as pre-travel risk assessment, traveler tracking, advice, and support along with medical and security assistance.
• Traveler assistance: Collinson helps you fulfill responsibilities and reduce risks with seamless traveler and wellbeing assistance solutions such as airport assistance, executive protection, identity assistance, digital healthcare, wellness, and global travel management.
• Remote site assistance: Collinson also supports businesses with 24/7 security monitoring, remote medical assistance, traveler tracking, and occupational health services.
• Risk consulting: Corporate travel challenges vary depending on multiple factors. That’s why Collinson’s risk consulting offers custom pandemic planning, medical emergency response, risk screening, and evacuation planning solutions.
• Travel risk success framework: Anvil doesn’t believe in a one-size-fit-for-all risk management approach. That’s why they use a travel risk success framework to create travel programs suitable for businesses with varying needs.
• Travel risk management technology: Anvil’s Riskmatics® platform helps businesses prepare for unforeseen events with 360-degree threat awareness and dynamic intelligence. The complete product suite offers real-time global data insights and offers needs-specific custom solutions.
• Travel risk management services: Anvil also offers a variety of services, including pre-travel assessment, journey management, travel policy consultancy, wellbeing programs, and safety advisory.

4. FocusPoint International

• CAP™ travel assistance plans: These plans make your employees’ travel experience smoother with destination-specific information, on-time advice, and assistance. You can access the information on the web and mobile applications. Focus Point International also offers evacuation services that avoid the hassle of the claims process, reimbursements, or subrogation.
• Areas of focus: The expertise of the FocusPoint International team lies in travel risk intelligence, security evacuation, travel tracking, and medical evacuation. They closely work with insurance, travel, and corporate players to ensure a seamless employee experience abroad.
• Safety and security resources: CWT has created dedicated resources to help travelers to be aware of COVID-19 related and other unexpected emergencies. Their cutting-edge technology lets you locate and support employees during an emergency.
• Data security: The global cybersecurity team at CWT helps your employees navigate data threats and security issues. Their security awareness and compliance program ensure information confidentiality, integrity, and availability.
• International SOS: CWT has partnered with International SOS to offer extra support to corporate travelers from the LGBTQ+ community . They seek to ensure maximum risk mitigation with robust contingency plans to ensure your employees feel safe when traveling.

6. Corporate Travel Management (CTM)

• Traveler tracking: CTM enables organizations to track employees in real-time via travel itineraries.
• Pre-trip risk assessment: CTM’s easy-to-manage pre-trip approval solutions allow you to create customizable pre-trip approval workflows. Such robust assessments help you reduce risks and travel costs.
• Travel risk alerts: CTM keeps travelers informed about potential travel risks via SMS, notification, or email.
• Mobile booking and trip management: Whether you want to enable employees to self-book trips or check travelers’ safety, you can do it all with a single click from the CTM mobile app.

Click below for a more detailed comparison between both platforms:

The best travel risk management apps, 1. travelperk trip assistant app.

• Book, manage, and report on global travel with TravelPerk’s full service platform available anywhere, anytime on your smartphone
• Get the latest travel safety information for every trip including details of health and vaccination requirements
• Dedicated Customer Care agents are on hand 24/7 , ready to offer support and security assistance in emergency response situations
• Post-booking tracking and alerts for travel managers
• Access travel up-to-date requirement information by country

See how TravelPerk makes business travel stress free

• Overview of all corporate traveler and their details
• Custom travel alert messaging gives individual updates and delivers travel risk alerts via sms for weather, travel restrictions and quarantine requirements
• Travel approvals for travel managers allowing them to instantly approve travel no matter where they are
• Travel policy changes in the app allows travel managers to change their policies without needing to contact support teams

3. Athena Risk Management App

• In-country reports in near real-time to give travelers the latest security information
• Country assistance including travel check-in and safety requirements
• SOS assistance and a tracker that pinpoints travelers’ locations to within 20 meters and the ability to request emergency assistance 24/7 in case of a threat or natural disaster
• Multi-language selection for accessibility for app users all over the world

Wrapping up on the best travel risk management companies

Make business travel simpler. Forever.

• See our platform in action . Trusted by thousands of companies worldwide, TravelPerk makes business travel simpler to manage with more flexibility, full control of spending with easy reporting, and options to offset your carbon footprint.
• Find hundreds of resources on all things business travel, from tips on traveling more sustainably, to advice on setting up a business travel policy, and managing your expenses. Our latest e-books and blog posts have you covered.
• Never miss another update. Stay in touch with us on social for the latest product releases, upcoming events, and articles fresh off the press.

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A Market Place Research

Travel Risk Management Services Market Estimated to Hit $223.62 Billion by 2031, and Accelerate At a Whopping 8.1% by 2031

Allied Market Research published a new report, titled, “ Travel Risk Management Services Market  by Service type, by Enterprize Size, by Industry: Global Opportunity Analysis and Industry Forecast, 2021-2031”. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends. 𝐓𝐡𝐞 𝐭𝐫𝐚𝐯𝐞𝐥 𝐫𝐢𝐬𝐤 𝐦𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐬𝐞𝐫𝐯𝐢𝐜𝐞𝐬 𝐦𝐚𝐫𝐤𝐞𝐭 𝐰𝐚𝐬 𝐯𝐚𝐥𝐮𝐞𝐝 𝐚𝐭 $𝟗𝟔.𝟐𝟔 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐢𝐧 𝟐𝟎𝟐𝟏, 𝐚𝐧𝐝 𝐢𝐬 𝐞𝐬𝐭𝐢𝐦𝐚𝐭𝐞𝐝 𝐭𝐨 𝐫𝐞𝐚𝐜𝐡 $𝟐𝟐𝟑.𝟔𝟐 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐛𝐲 𝟐𝟎𝟑𝟏, 𝐠𝐫𝐨𝐰𝐢𝐧𝐠 𝐚𝐭 𝐚 𝐂𝐀𝐆𝐑 𝐨𝐟 𝟖.𝟏% 𝐟𝐫𝐨𝐦 𝟐𝟎𝟐𝟐 𝐭𝐨 𝟐𝟎𝟑𝟏.

𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐑𝐞𝐩𝐨𝐫𝐭:  https://www.alliedmarketresearch.com/request-sample/6950

Travel risk management services industry is gaining a huge popularity as the business professionals and executives are planning more business tours globally to ensure their business’s health and growth. Providing security and seeking for data safety are few of the travel risk management services market trends. The trending factors responsible for fueling the demand for travel risk management services market size include weather uncertainty, cyber frauds, accidental risks, health risk of the employees during the tour, and others. The buyers are becoming more concerned regarding their employees and business risks and opting for adequate and best deals on travel risk management services in the market.

According to the Global Business Travel Association (GBTA), the global business travel spending plummeted 52% in 2020 and the losses are 10 times larger than the Great Recession of 2008. The business travel spending fell by around 60% in North America, in Europe by 78%, and in Asia-Pacific by 48% in 2020. The overall global business travel spending fell by around 52% resulting in huge revenue losses to the players operating in the business travel market. The government tried to bring in COVID-19 measures to revive the falling business travel industry.

For example, the Health Ministry of Singapore announced to increase capacity limits for MICE events to 750 people from 250 people in April 2020. This move was appreciated by the Singapore Association of Convention and Exhibition Organizers and Suppliers (Saceos). According to the president of Saceos, it was the most needed step to re-open and restart the MICE industry. However, there were few market players who were much concerned about the increased costs due to the expansion of capacity limits. The impact of COVID-19 on the business travel market was directly related to travel risk management services market demand as the number of international arrivals decreased in the pandemic.

𝐁𝐫𝐨𝐰𝐬𝐞 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐚𝐧𝐝 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐩𝐨𝐫𝐭:  https://www.alliedmarketresearch.com/checkout-final/7b24a854d14fae2ef50de2f12fc26741

Other significant factors that promote the growth of the Travel Risk Management Services Market share are change in preferences of business leaders to seek bleisure trips, rapid urbanization, and industrial growth. The current trend of online booking option of risk management services have increased the convenience of the business travelers, which is further anticipated to boost the market growth. Moreover, infrastructural development and expansion of retail business fuel the growth of the industry.

The travel risk management services market is segmented into Service type, Enterprize Size and Industry. By service type, it is categorized into health security, travel security, crisis management, assistance & tracking, data security, and others. By enterprise size, it is segmented into small enterprise, medium enterprise, and large enterprise. On the basis of industry, it is bifurcated in to pharmaceutical and healthcare, agri, food, & beverages, hospitality, business services & consultant, technology & telecom, and others.

Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Argentina, and Rest of LAMEA).

The key players operating in the travel risk management services market include BCD Group, Carlson, Inc., Everbridge, FocusPoint International, Inc., Global Rescue LLC, Healix, Kroll, LLC., Millbank Solutions, The Collinson Group Limited, and Tokio Marine Holdings, Inc.

𝐊𝐞𝐲 𝐟𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐬𝐭𝐮𝐝𝐲:

○ The basis of service type, the crisis management segment is projected to witness the highest CAGR of 9.1%, in revenue terms, during the forecast period. ○ Basis of enterprise size, the small enterprise is expected to grow at a CAGR of 8.8% during the forecast period. ○ On the basis of industry, business services and consulting is expected to grow at a highest CAGR of 10.0% during the forecast period. ○ By region, the US was the largest country in North America, in terms of revenue generation for travel risk management services market in 2021.

𝐄𝐧𝐪𝐮𝐢𝐫𝐞 𝐌𝐨𝐫𝐞 𝐀𝐛𝐨𝐮𝐭 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭:  https://www.alliedmarketresearch.com/purchase-enquiry/6950  

𝐑𝐞𝐚𝐬𝐨𝐧𝐬 𝐭𝐨 𝐛𝐮𝐲 𝐓𝐫𝐚𝐯𝐞𝐥 𝐑𝐢𝐬𝐤 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐒𝐞𝐫𝐯𝐢𝐜𝐞𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭:

○ Procure strategically important competitor information, analysis, and insights to formulate effective R&D strategies. ○ Recognize emerging players with potentially strong product portfolio and create effective counter-strategies to gain competitive advantage. ○ Classify potential new clients or partners in the target demographic. ○ Develop tactical initiatives by understanding the focus areas of leading companies. ○ Plan mergers and acquisitions meritoriously by identifying Top Manufacturer. ○ Develop and design in-licensing and out-licensing strategies by identifying prospective partners with the most attractive projects to enhance and expand business potential and Scope. ○ Report will be updated with the latest data and delivered to you within 2-4 working days of order. ○ Suitable for supporting your internal and external presentations with reliable high-quality data and analysis. ○ Create regional and country strategies on the basis of local data and analysis.

𝐑𝐞𝐚𝐝 𝐌𝐨𝐫𝐞 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 “𝐀𝐌𝐑 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬:

○  Driving Vacation Market  and is projected to reach $513.3 billion by 2031 ○  Sustainable Tourism Market  Revenue Is To Reach A Value Of CAGR Forecast Till 2027 ○  Leisure Travel Market  registering a CAGR of 22.6% from 2021 to 2027 ○  Ecotourism Market  is expected to reach $333.8 billion by 2027 ○  Wellness Tourism Market  is projected to reach $1,592.6 billion by 2030 ○  Travel Transportation Market  Size, Growth Analysis, Opportunities ○  Vacational Rental Market  Analysis, Growth Rate, Opportunities

About Us:  

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “ Market Research Reports ” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. 

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry. 

Contact:     United States   1209 Orange Street,  Corporation Trust Center,  Wilmington, New Castle,  Delaware 19801 USA.  Int’l: +1-503-894-6022  Toll Free: +1-800-792-5285  Fax: +1-800-792-5285  [email protected]  

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Everbridge Integrates Advanced Travel Risk Management Capabilities into Market-Leading CEM Platform for Business, Healthcare and Government Customers

Global leader in Critical Event Management (CEM) offers industry’s only end-to-end enterprise resilience platform for Travel Risk Management (TRM)

Trm currently plays vital role in evacuating customer personnel from areas of conflict in ukraine, everbridge showcases fully-integrated solution in booth 3537 at the global business travel association (gbta) convention 2022 this week in san diego, ca.

SAN DIEGO, CA – GBTA Convention – August 15, 2022 — Everbridge , Inc. (NASDAQ: EVBG), the global leader in critical event management (CEM) and national public warning software solutions, today announced the full integration of Travel Risk Management (TRM) and Critical Event Management into a single SaaS solution called Everbridge Travel Protector TM complemented by Everbridge Assist, Powered by Anvil. With more than 20 years of experience in the CEM and risk intelligence space, Everbridge now offers the market’s only end-to-end, full-lifecycle solution for organizations to fulfill their Duty of Care/Protect Duty for traveling employees, remote workers, field service workers and those who have returned to the office.

“With the reality of the new hybrid workforce and upswing in business travel, Everbridge’s advanced Travel Risk Management features and services, now available, become even more important for fulfilling Duty of Care and building enterprise resilience,” said Julie Deppe, Director of Product Management at Everbridge. “Customers seek one single pane of glass to view and manage critical events, mass notification and travel risk and assistance services. Everbridge uniquely addresses this pressing customer need.”

Everbridge Travel Protector TM augments the Everbridge CEM platform to offer businesses, healthcare, and government organizations the functionality they increasingly require around the unification of travel data, pre-trip travel advisories, granular automated traveler alerting, and dynamic location awareness to keep their people safe wherever they go. These capabilities, combined with global medical and security assistance through a 24/7 response center, also help organizations build standards to meet or exceed the recently published ISO 31030 guidance.

In the case of one leading, multinational cosmetics and personal care company with thousands of employees around the world, Everbridge Assist enabled the company to coordinate evacuations of its personnel from Ukraine soon after the invasion began. “With personnel situated in Ukraine, we’d been receiving regular updates from Everbridge in the form of situation reports informing us of the escalating tensions. As a result of these detailed reports, and following the advice of Everbridge’s Physical Operations team, it became clear that we needed to remove our people from the area to ensure their safety. The Everbridge team worked closely with us, arranging to collect personnel from different locations, transferring them to a central rally point, from where they were evacuated to a safe location away from the height of the conflict. Throughout the various transfer and evacuation stages, the Everbridge team provided transportation, professionally vetted drivers, and vital supplies to ensure that our people were well looked after. They also identified safe houses for use along the routes. At all stages, they kept in regular contact with us, informing us of progress and reassuring us of the safety of our people.” 

A security and business continuity representative at the leading, multinational cosmetics company continued, “For us, the safety and wellbeing of our personnel is of paramount importance, so the support of Everbridge during such a stressful and potentially volatile situation was invaluable.  They provided an exceptional service by an extremely professional team of people.”

Travel risk managers and Global Security Operations Center (GSOC) operators want to understand where their travellers currently are or will be – to protect them if they will be in proximity of a risk event. Everbridge offers integrated data connectors to hundreds of travel data sources for complete travel itinerary knowledge. Organizations can now easily identify travellers at risk, and can assess and communicate with them via mobile to ensure their safety.  With Travel Protector, Everbridge has now also added a one-touch mobile push button option to enable travelling employees to access Everbridge Assist 24/7 global managed medical and security services.

Everbridge will demonstrate its next-generation Everbridge Travel Protector TM offering at the Global Business Travel Association (GBTA) Convention 2022 taking place this week, August 14- 17 at the San Diego Convention Center in San Diego, California. The theme of the showcase is “ Global Operational Resilience: Supporting your people anywhere they travel and work in the world.” To learn more about best practices for Duty of Care, enterprise resilience, the Future of Work, and technology for safeguarding the travel experience, visit the Everbridge booth #3537 at GBTA.

About Everbridge

Everbridge , Inc. (NASDAQ: EVBG) is a global software company that provides enterprise software applications that automate and accelerate organizations’ operational response to critical events in order to Keep People Safe and Organizations Running™. During public safety threats such as active shooter situations, terrorist attacks or severe weather conditions, as well as critical business events including IT outages, cyber-attacks, product recalls or supply-chain interruptions, over 6,300 customers in 76 countries rely on the Company’s Critical Event Management Platform to quickly and reliably aggregate and assess threat data, locate people at risk and responders able to assist, automate the execution of pre-defined communications processes through the secure delivery to over 100 different communication modalities, and track progress on executing response plans. For more information, visit  www.everbridge.com , read the company blog , and follow on  Twitter and  Facebook .

Cautionary Language Concerning Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding the anticipated opportunity and trends for growth in our critical communications and enterprise safety applications and our overall business, our market opportunity, our expectations regarding sales of our products, our goal to maintain market leadership and extend the markets in which we compete for customers, and anticipated impact on financial results. These forward-looking statements are made as of the date of this press release and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as “expect,” “anticipate,” “should,” “believe,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “could,” “intend,” variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond our control. Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: the ability of our products and services to perform as intended and meet our customers’ expectations; our ability to successfully integrate businesses and assets that we may acquire; our ability to attract new customers and retain and increase sales to existing customers; our ability to increase sales of our Mass Notification application and/or ability to increase sales of our other applications; developments in the market for targeted and contextually relevant critical communications or the associated regulatory environment; our estimates of market opportunity and forecasts of market growth may prove to be inaccurate; we have not been profitable on a consistent basis historically and may not achieve or maintain profitability in the future; the lengthy and unpredictable sales cycles for new customers; nature of our business exposes us to inherent liability risks; our ability to attract, integrate and retain qualified personnel; our ability to maintain successful relationships with our channel partners and technology partners; our ability to manage our growth effectively; our ability to respond to competitive pressures; potential liability related to privacy and security of personally identifiable information; our ability to protect our intellectual property rights, and the other risks detailed in our risk factors discussed in filings with the U.S. Securities and Exchange Commission (“SEC”), including but not limited to our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 25, 2022. The forward-looking statements included in this press release represent our views as of the date of this press release. We undertake no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

All Everbridge products are trademarks of Everbridge, Inc. in the USA and other countries. All other product or company names mentioned are the property of their respective owners.

Everbridge Contacts:

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ECI invests in travel management company, TAG

We’re pleased to announce our investment in TAG, the market leading high-touch travel management company to the entertainment and corporate markets. The deal provides an exit for Apiary Capital who have supported TAG since 2018.

TAG was founded in 1988 and now employs c.450 people across the globe. As an award-winning travel and event management company, TAG has redefined the standards for travel in the entertainment industry with specialists providing bespoke, high-end service to some of the biggest names in music, film and TV production as well as top C-suite and corporate executives.

Today is a fantastic milestone in our evolution, as we proudly announce the investment by ECI. With our entertainment and corporate clientele and the incredible TAG team, we are very confident that this partnership will deliver a host of new benefits and opportunities as we’re poised to elevate our standards even further, ensuring unparalleled service for our clients as we continue to shape the future of entertainment and high-end corporate travel management.”

“We are excited to be partnering with TAG and leveraging ECI’s experience of investing in the travel industry to propel this global leader to new heights in the global entertainment and corporate travel markets. We are looking forward to working with the management team to continue innovating TAG’s service model, investing in technology and supporting the next stage of growth in its global footprint.”

George Moss

Partner at ECI

ECI announce close of latest fund

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Political risks and violence a rising business concern in 2024.

The rise of political risks and violence has become a significant concern for businesses worldwide, according to the Allianz Commercial.

Political violence can impact businesses in various ways, from endangering the safety of employees and customers to causing business interruption losses and material damage to property or assets. Risk management and insurance can help protect people and property, as well as business continuity in case of unrest, the report states.

Political risk and violence ranked as the eighth-largest worry for companies globally in 2024, up from 10th in 2023 and 13th in 2022, according to the Allianz Risk Barometer .  The last time it ranked so high was 2017, amid the uncertainty of the Brexit vote in the U.K. and the election of Donald Trump as president in the U.S., the report notes.

Trends and challenges in the current landscape reveal that social unrest incidents are on the rise globally, driven by factors such as inflation, inequality, food and fuel prices, climate anxieties, and concerns about democracy.

“Global stability in 2024 continues to be undermined by the forces of international conflict, geopolitical upheaval, economic uncertainty, and the lingering effects of the COVID-19 pandemic,” the Allianz report stated. “Businesses need to remain vigilant about the shapeshifting nature of political violence and mindful of the risk that localized unrest could significantly impact their activities.”

Economic and insured losses from such unrest can be considerable, resulting in significant losses for companies and their insurers. For example, economic and insured losses from just seven civil unrest incidents in recent years cost approximately $13 billion, according to Allianz.

The threat landscape is also evolving, with a shift from large-scale terrorist attacks to major losses from strikes, riots and civil-commotion (SRCC) events in certain regions.

Environmental activism is intensifying, with more targeted tactics and sabotage. Between 2022 and 2023, environmental activism incidents increased by around 120%.

Potential risks and vulnerabilities include the exploitation of disaffection among voters via social media, deepfakes, and disinformation. Businesses seeking to diversify supply chains may also face hidden exposures in alternative markets.

To manage these risks, businesses must remain vigilant about the evolving nature of political violence and civil unrest risks.

“Businesses need to protect their people and property with forward planning, such as ensuring safe and robust business continuity planning is in place in the event of an incident, increasing security and reducing or relocating inventory if they are highly likely to be affected by an event,” said Srdjan Todorovic, Head of Political Violence and Hostile Environment Solutions at Allianz Commercial.

Scenario planning, tracking risks in key areas of operation, and reviewing insurance policies are also crucial steps. Specialist coverage via the political violence market may be necessary to ensure adequate protection, Allianz said.

For more information about the political risks report, visit the Allianz Commercial website . &

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Sponsored: Philadelphia Insurance Companies

How a carrier partner can help navigate a challenging management and professional liability market.

Rates in the management & professional liability (M&PL) markets were on the rise from 2020 to early 2023 and are now falling rapidly.

M&PL divisions manage a number of different insurance products including management liability (D&O), professional liability (E&O), employment practices liability (EPL), fiduciary liability policies, cyber, etc. In 2023 and into 2024, a big influence on the marketplace has been the extremely aggressive and softening public company D&O market.

Though these rates have been softening for management liability, that may change over the next few years as companies continue to adjust their business models motivated by economic uncertainty. Layoffs were up nearly 200% last year , Forbes reported, even as other recession indicators, like the inflation rate , improved. A recession could lead to an increased claim activity and force carriers to raise rates.

“Whenever there is a meaningful downturn in the economy, we tend to see claim frequency pop up,” said George Schalick, Jr., senior vice president of the Management and Professional Liability Division at Philadelphia Insurance Companies (PHLY).

With continued fiscal uncertainty, businesses potentially already burdened with pandemic-related claims should seek a carrier with a long history in M&PL products. They will provide much-needed risk management guidance and be better positioned to support their insureds during market fluctuations.

Why Insureds Might See an Uptick in M&PL Claims

George Schalick, Jr., Senior Vice President of the Management and Professional Liability Division, Philadelphia Insurance Companies

The current soft market might come as a bit of a surprise as it does not track with previous underwriting cycles and economic conditions. Afterall, many privately held and non-profit organizations struggled during the early days of the pandemic with shutdowns and rapidly declining revenues.  But the Government assistance programs, like the Paycheck Protection Program loans , helped keep many afloat during the tough times.

“During COVID many organizations stopped doing business until they were able to sort out all of the health and safety challenges,” Schalick said. “They were forced to lock down, but then all the government assistance programs allowed them to keep people employed. The increased volume of claims we anticipated we would see coming from the lockdowns and restrictions that were imposed upon businesses in the U.S. didn’t manifest at first.”

“Just because there wasn’t an onslaught of reported claims at the beginning of the pandemic, doesn’t mean the circumstances that would give rise to a claim being reported didn’t occur. Courts and the judicial system were closed or slowed and now that they are back open, we’re starting to see the circumstances that occurred during the COVID lockdowns becoming claims today,” Schalick said. “Litigation is progressing.”

Added to the delayed pandemic litigation is a concern over newer claims that might be filed as the country inches toward an economic downturn. Though a recession was avoided in 2023, experts think a soft dip could occur in 2024, with 76% of economists saying there’s a 50% or less chance of an economic downturn this year — that almost always results in more management liability claims.

“During the Great Recession in 2008, we saw an almost immediate spike in claims because of the economic conditions and the pressure it placed on organizations. They were making personnel changes with significant belt tightening almost immediately.” Schalick said.

What’s in Store for M&PL Policy Rates in 2024?

Despite an uptick in claims and increased economic uncertainty, management liability rates haven’t increased, resulting in market-wide pricing levels that may not meet the increased pressure of rising settlements and jury verdicts.

“Rates are going the other direction and settlement values are not falling,” Schalick said.

The mismatch between rates, claim frequency and severity is, in part, because carriers experiencing the dramatic soft market in the public D&O market are seeking premium gain in the private and non-profit market.

“In the public company market, the rates have been decreasing significantly. The rates were increasing in the private, not-for-profit market, and rightfully so, but there’s a desire to supplement overall mid-size D&O for carriers who also write private not-for-profit, and they see that as an opportunity to aggregate premium,” Schalick said. “So the always competitive landscape in the private, not-for-profit market has dramatically increased in the last 18 to 24 months.”

Still, companies of all sizes and types should be concerned about management liability rates in the future. Legal system abuse is resulting in increases in both the amount of litigation and the size of verdicts plaintiffs are receiving.

Certain areas of the country are particularly vulnerable to this type of legal system abuse. As a result, insureds in these localities are likely to be vulnerable to rate increases.

“The environment is so positive for the plaintiff that forces premium increases so carriers are able to stay in that market long term,” Schalick said.

Why a Tenured Carrier Partner Can Help Insureds Navigate An Uncertain Market

It’s clear that insureds are facing an uncertain M&PL market over the next few years. Fortunately, carriers with a long history in the M&PL space will be there to offer stability.

Philadelphia Insurance Companies has been supporting this market for 35 years. PHLY is committed to offering long-term rate stability, even as economic and claims trends start to push premiums upwards. They have an appetite for all sorts of companies, large and small, for-profit and nonprofit alike.

“We’ve been at this game for a long time and are one of the most tenured underwriters in this space,” Schalick said. “We like to stay very consistent.”

  PHLY has worked with both for-profit and non-profit on management liability policies. With dedicated M&PL teams throughout the company’s 13 regions, PHLY provides the support agents and brokers are looking for on behalf of their clients. The teams know their regions well and can respond to local trends. They’re also dedicated to making the renewal process as easy as possible for their partners and policyholders.

“We have real confidence in our results, so we focus a lot on making the renewal experience as painless as possible for all agents and insureds,” Schalick said.

The company is also investing in tools to help insureds avoid losses. Earlier this year, they launched a new online risk management platform, PHLYGateway, which offers resources for insureds on how to create an employee handbook and trainings on issues such as recognizing workplace sexual harassment and discrimination.

If insureds have questions, they can consult a Best Practices Help Line, provided via the platform. That way, they can get on the spot risk management guidance to help them prevent claims.

To learn more, visit: https://www.phly.com/mplDivision/managementLiability/default.aspx .

This article was produced by the R&I Brand Studio, a unit of the advertising department of Risk & Insurance, in collaboration with Philadelphia Insurance Companies. The editorial staff of Risk & Insurance had no role in its preparation.

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New to Futures?

Dr. Copper Has Options

Long considered to be a predictor of the global economy, the price of Copper futures has earned the moniker of Dr. Copper.  However, futures’ prices are not the only indicator of what could happen in the economy.  Copper option contracts can be a very informative tool in determining what is happening or what could happen in the near future. Our Monthly Copper option contract had a resurgence in 2022 and has not lost steam since.  Record volume and open interest in 2023, following a record breaking 2022, has positioned CME Group Copper option and Copper Weekly option contracts for another outperforming year in 2024.

Record breaking metrics

Copper option trading is booming. Average daily volume (ADV) surged 36% in 2023 to nearly 5,900 lots traded per day, building on a strong five-year compounded annual growth rate (CAGR) of 33%. So far in 2024, average daily volume has increased by a further 72% over the entirety of 2023 and stands at just over 10,100 contracts year-to-date. A single day record of 54,075 Copper option contracts traded on March 13, 2024, shattering the previous 25,010 record set in May 2021.

With increased volume comes increased position holders. Open interest in the Copper option (HX) contract reached a series of consecutive record highs culminating with a new record high water mark of 209,992 contracts on March 22, 2024. This new record surpassed the previous high of just over 180K set on February 21, 2023.  Including the weekly option contracts, average daily open interest in Copper option contracts has surpassed 123K in 2024, eclipsing the average daily open interest of 2023 by nearly 15%.

Precise Risk Management

Traditionally, options on Copper futures have had monthly expiries. In 2014, CME Group introduced Friday Weekly option expiries on Copper futures. Since then, weekly expiries have been added for every day of the week, with Tuesday and Thursday expiries being the latest addition to the Copper option suite.  Today, copper participants are able to manage their risk using options for every day of the week, for up to four weeks.

Copper option contract symbols

Copper Monthly option contract: HX

Copper Weekly option contracts:

• Monday: H1M, H2M, H3M, H4M, H5M
• Tuesday: H1T, H2T, H3T, H4T, H5T
• Wednesday: H1W, H2W, H3W, H4W, H5W
• Thursday: H1R, H2R, H3R, H4R, H5R
• Friday: H1E, H2E, H3E, H4E, H5E

Robust On-screen Markets

Copper option markets are available electronically through CME Direct with Request for Quote (RFQ) capability, or negotiable off-market, and cleared through CME ClearPort as block trades.

Helpful Tools

CME Group offers tools that can offer insight into market dynamics and sentiment based on positions held in Copper options.

CME Group Open Interest Profile

Interactive option analytics tool users can use to analyze open interest and open interest change patterns for each expiration within the selected product.

Users can also gauge market sentiment through Put and Call option open interest and volume by expiry.

CME Group Volatility (CVOL) Indices

Derived from the world’s most actively traded options on futures contracts across major asset classes, CME Group Volatility Index (CVOL) delivers the first-ever cross-asset class family of implied volatility indices based on simple variance. Using our proprietary simple variance methodology that assigns equal weighting to strikes across the entire implied volatility curve, CVOL Index produces a more representative measure of the market’s expectation of 30-day forward risk.

We publish the following CVOL Indices and indicators for both the end-of-day benchmark and the live streaming Index:

• Up Variance (UpVar)
• Down Variance (DnVar)
• At-the-Money (ATM)

Find out more about CVOL by visiting our website .

Source: CME Group Volatility Index (CVOL) powered by QuikStrike, March 20, 2024

Adoption of CME Group Copper option products has been accelerating in 2024. Volume and open interest in the traditional monthly expiry contract have hit all-time highs. Weekly expiries for every day of the week are gaining traction and provide participants the ability to hedge risk at a more precise level.  Whether you need to hedge longer term risk or short-term exposure in the Copper market, CME Group provides robust, transparent option markets and the tools necessary to help users make educated decisions to mitigate their risk.

IMPORTANT NOTICE AND DISCLAIMER: This publication is general and solely for educational purposes. The publisher, The World Platinum Investment Council, has been formed by the world’s leading platinum producers to develop the market for platinum investment demand. Its mission is to stimulate investor demand for physical platinum through both actionable insights and targeted development: providing investors with the information to support informed decisions regarding platinum; working with financial institutions and market participants to develop products and channels that investors need. 

This publication is not, and should not be construed to be, an offer to sell or a solicitation of an offer to buy any security. With this publication, the publisher does not intend to transmit any order for, arrange for, advise on, act as agent in relation to, or otherwise facilitate any transaction involving securities or commodities regardless of whether such are otherwise referenced in it. This publication is not intended to provide tax, legal, or investment advice and nothing in it should be construed as a recommendation to buy, sell, or hold any investment or security or to engage in any investment strategy or transaction. The publisher is not, and does not purport to be, a broker-dealer, a registered investment advisor, or otherwise registered under the laws of the United States or the United Kingdom, including under the Financial Services and Markets Act 2000 or Senior Managers and Certifications Regime or by the Financial Conduct Authority. 

This publication is not, and should not be construed to be, personalized investment advice directed to or appropriate for any particular investor. Any investment should be made only after consulting a professional investment advisor. You are solely responsible for determining whether any investment, investment strategy, security or related transaction is appropriate for you based on your investment objectives, financial circumstances and risk tolerance. You should consult your business, legal, tax or accounting advisors regarding your specific business, legal or tax situation or circumstances. 

The information on which this publication is based is believed to be reliable. Nevertheless, the publisher cannot guarantee the accuracy or completeness of the information. This publication contains forward-looking statements, including statements regarding expected continual growth of the industry. The publisher notes that statements contained in the publication that look forward in time, which include everything other than historical information, involve risks and uncertainties that may affect actual results. The logos, services marks and trademarks of the World Platinum Investment Council are owned exclusively by it. All other trademarks used in this publication are the property of their respective trademark holders. The publisher is not affiliated, connected, or associated with, and is not sponsored, approved, or originated by, the trademark holders unless otherwise stated. No claim is made by the publisher to any rights in any third-party trademarks.

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The World Platinum Investment Council -WPIC- has undertaken an internal and external review of its content and services for MiFID II. As a result, WPIC highlights the following to the recipients of its research services, and their Compliance/Legal departments:

WPIC research content falls clearly within the Minor Non-Monetary Benefit Category and can continue to be consumed by all asset managers free of charge. WPIC research can be freely shared across investment organisations.

1. WPIC does not conduct any financial instrument execution business. WPIC does not have any market making, sales trading, trading or share dealing activity. (No possible inducement). 

2. WPIC content is disseminated widely and made available to all interested parties through a range of different channels, therefore qualifying as a “Minor Non-Monetary Benefit” under MiFID II (ESMA/FCA/AMF). WPIC research is made freely available through the WPIC website. WPIC does not have any permissioning requirements on research aggregation platforms. 

3. WPIC does not, and will not seek, any payment from consumers of our research services. WPIC makes it clear to institutional investors that it does not seek payment from them for our freely available content. 

More detailed information is available on the WPIC website: 

http://www.platinuminvestment.com/investment-research/mifid-ii

All examples in this report are hypothetical interpretations of situations and are used for explanation purposes only. The views in this report reflect solely those of the author and not necessarily those of CME Group or its affiliated institutions. This report and the information herein should not be considered investment advice or the results of actual market experience.

CME Group is the world’s leading derivatives marketplace. The company is comprised of four Designated Contract Markets (DCMs).  Further information on each exchange's rules and product listings can be found by clicking on the links to CME , CBOT , NYMEX and COMEX .

© 2024 CME Group Inc. All rights reserved.

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Cloud Computing

/ article, cloud transformation, without the risk.

• Among the pitfalls: a failure to plan for and properly control costs or to manage and maintain proper control over third-party partners.
• Keys to success include a focus on the business benefits to be gained and a consistent, repeatable approach to migrating workloads to the cloud.
• A strong quality assurance program for operating in the cloud that’s based on a comprehensive risk reduction framework can ensure a smooth transition and maximize the ongoing benefits.

By  Krishnan Ramachandran ,  Richard Bennett ,  Steven Alexander Kok ,  Jon Brock ,  Sukand Ramachandran ,  Magnus Morin , and  Sesh Iyer

Key Takeaways

The explosive growth in public cloud computing shows no signs of abating any time soon. Spending with the three largest cloud companies—Amazon, Microsoft, and Google—soared by $148 billion in the past five years, to $211 billion in 2023, a 337% jump. Almost 30% of IT leaders say their companies plan to increase spending on the cloud during the next 12 months, according to a recent BCG survey, and the rise of generative AI will only boost spending further, with a similar percentage saying they expect to spend more on AI and machine learning, including GenAI.

The logic behind the ongoing gold rush is clear: cloud computing can be far more efficient and less costly than in-house IT. And it offers the potential for greater flexibility and speed in meeting the changing needs of companies operating in rapidly evolving business environments. Organizations that get the transformation right can lower infrastructure costs by up to 40%, boost productivity by as much as 50%, and accelerate time to market by up to 60%.

Despite the promise of cloud computing, accomplishing a smooth migration isn’t easy . Challenges and pitfalls include a poorly defined scope and design, an ineffective cloud economic model, the difficulty posed by complex legacy infrastructure, and a lack of competence in managing cloud-based technology.

Moreover, many organizations fail to realize that moving to the cloud requires a fundamental shift in mindset away from a traditional data center model. As a result, many cloud transformation programs fall short of their revenue generation and cost-saving objectives, with materially harmful financial consequences.

Instead, companies must avoid the predictable traps and focus on five factors that can significantly improve their chances of success. Here, we offer a detailed framework for reducing the inherent risks, from the planning stage through to full operation in the cloud. The goal: to ensure that businesses capture the full benefits of cloud computing.

Our experience shows that companies making the transition to the cloud typically fall into one or more of five common traps:

• Treating the Cloud as Another Data Center, Not a Modern Platform. Often, companies simply try to replicate in the cloud the structure and management of their current data center. By adopting an application-by-application “lift and shift” approach to the migration—rather than using modern platform capabilities such as platform as a service (PaaS), an integrated developer , security and operations (DevSecOps) team, and infrastructure-as-code (IaC) tools—organizations fail to capture the benefits of improved developer productivity. Applications should be rationalized, consolidated, and modernized to create platforms that business teams can make use of and scale. It is important to embed the cloud as part of a development platform that the company’s product groups can leverage, using IaC and automation tools to increase the speed of product delivery.
• Failing to Plan for and Manage Cloud Costs. Expenditures will spiral out of control if cloud spending is not adequately planned, monitored, and managed both during the transformation and when operational. Companies accustomed to a predominantly capex-based data center cost model often find the transition to an opex-based cost model in the cloud challenging and may lack the skills needed to manage cloud expenditures. Because cloud infrastructure is purchased mainly on demand, and the costs can be volatile, failure to monitor and manage expenditures can lead to significant cost overruns.
• Neglecting to Consider the Timing of Infrastructure Decommissioning and Data Center Exit. Costs will inevitably escalate if cloud and in-house platforms are run at the same time. To manage costs, companies must pinpoint a time to exit the data center and other platforms, when they feel confident that the migrated cloud platforms will perform as well or better than the old ones. Failure to do so will diminish the benefits of migration and greatly increase costs.
• Losing Control to Partners. Cloud transformations typically require considerable third-party support—not just from the chosen cloud services provider (CSP) but also from a global systems integrator that acts as a cloud transformation partner with the skills and experience to aid the company in making the transition. Sometimes the organization’s current IT services partner may also take on the role of the cloud transformation provider. Problems arise when companies choose a CSP on the basis of its cost-saving projections, without sufficiently assessing those projections or whether the CSP has adequate experience in migrating complex legacy workloads. Under these conditions, the transition can take considerably longer than it should, and some workloads may not make the transition at all. As a result, the entire business case for moving to the cloud may no longer make sense. A further risk is that companies relying too heavily on partners may fail to build their own cloud management capabilities—and thus lack the skills to challenge their partners when issues arise.
• Failing to Curb the Proliferation of Cloud Programs. While some companies may decide to run multiple cloud programs with different cloud vendors at the same time, this can lead to a lack of standardization and reduced economies of scale in cloud usage and procurement . Working with multiple cloud providers may also result in difficulties with integration and latency, and inhibit organizations from building the necessary internal cloud skills. If companies decide to use more than one provider, they should divide the workload logically, so the first provider deals with corporate IT, for example, while the second manages operational applications.

Failure to address any of these challenges promptly can have severe consequences. Increased costs, project delays, and wasted resources can result in significant financial losses. Poor planning and a lack of coordination with business units can mean missed opportunities and dissatisfied customers, eroding companies’ competitive advantage. And failure to ensure a smooth transition could lead to heightened scrutiny from investors and regulators—and even reputational damage. Companies that delay resolution of these challenges can further compound the damage, making course correction even more difficult and costly.

Success Factors

Avoiding the potential pitfalls during a migration to the cloud is critical if companies are to realize the full benefits of cloud computing. While there is no single route to success, organizations can improve their likelihood of a winning transition—and minimize the inherent risks—by taking these crucial steps.

Treating the Transition as a Business Transformation. In practice, a major cloud migration is ultimately a critical lever for transforming the business itself, since operating in the cloud differs significantly from on-premise infrastructure. Yet companies often implement their cloud programs as part of an infrastructure strategy without taking into account the wider business context. Before launching the transition, organizations must establish a vision for the cloud that recognizes and incorporates the principles of speed to value and resilience—rapidly boosting business value by creating a more efficient platform for development teams and accelerating product delivery.

To support the vision, companies must develop a well-defined cloud strategy that clearly articulates the business objectives and clarifies the overall scope of the program. And they need to clearly communicate this across the entire organization. The strategy must be carried out through a well-governed program linked directly to the right tactical decisions—what, when, and how to migrate—to maximize business return on the cloud investment.

Cloud computing requires changes to the business operating model as well as the technology operating model. Successful organizations ensure that their cloud program aims to change the business rather than the other way around. A properly revised and updated business operating model should enable the company to reap the benefits of operational efficiency through greater automation of resource provisioning, monitoring, and management. And it should help the governance and compliance functions conform to internal policies and appropriate regulations while fostering a culture of business model innovation, resilience, and continuous improvement through the cloud’s inherent flexibility.

Adopting a Migration Factory Approach. All too often, companies attempt to reinvent the wheel for every workload type that needs migrating, wasting time and resources. Successful organizations use a factory approach for migrating workloads to the cloud. They have a clear definition and detailed cloud migration and architecture requirements for each workload type—everything from front-office business applications and analytics platforms to complex data integration platforms and legacy systems—and they develop a specific migration pattern for each type.

A factory approach will also allow teams to speed up future application migrations and transformations. The key is to make sure that the process is iterative and follows continuous improvement methodologies. Companies should conduct pilot migration tests to prove each pattern before scaling it for use in parallel across multiple teams. And they should apply lessons learned from ongoing migrations to improve each migration pattern.

Carefully Managing Cloud Consumption. Getting cloud consumption levels right is critical to a successful transition. Companies must be especially careful to manage over-consumption in the cloud. Cloud FinOps, the practice of actively measuring and managing consumption and spending in the cloud, must be embedded into the work practices of all stakeholders. Every team should know the cost implications of its cloud design and engineering decisions. Successful organizations support this by establishing a FinOps function that spans business, technology, and finance to ensure that their investment in the cloud aligns with overall strategic goals and delivers business value.

Under-consumption can sometimes be as big a problem as over-consumption. When companies initiate large cloud programs, they typically establish a commitment to a chosen cloud provider that sets out a target consumption level. If that level isn’t met, they may fail to earn significant discounts, credits, and support. To avoid this, organizations must get the sizing of the consumption target and timeline right in the first place, in light of the cloud transition’s business objectives—and then build an operating model that appropriately manages the target. By developing a reliable cloud infrastructure, dependent on and supported by an efficient developer environment, the technology function can hit its consumption targets and maximize the value gained from the cloud platform.

Maintaining Strict Vendor Management and Developing Skills In-House. Although third-party involvement is inevitable in any cloud transformation, excessive reliance on outside partners will inhibit the development of the in-house skills needed for a successful cloud transformation and the implementation of the new operating model. To avoid this, companies must oversee their partners and vendors effectively, from the outset, instituting appropriate controls to manage expectations during the transition and once the system is up and running. Internal staff must make all key decisions, and partners should be required to work alongside in-house teams rather than in their own silos. This will prevent any potential risks from over-reliance on partners.

Contracts should be written to ensure that all third parties are held accountable for the successful outcome of the program, and these agreements should be agile in nature rather than written as long fixed-term contracts, which limit scope. Commercial incentives and the sharing of productivity gains among all parties will encourage continuous improvement. Finally, terms should include rigorous program governance mechanisms to track results and confirm that timeline commitments are being upheld.

To promote the development in-house of the skills needed to operate in the cloud, successful organizations focus on three key areas: they hire leaders with experience in successful cloud transformation, develop cloud training programs to cultivate in-house talent, and bring in trusted third-party cloud specialists to work alongside and improve the skills of internal staff.

Establishing a Proactive Program Assurance Capability. Large cloud transformation programs typically include risk and governance functions, but all too often, when needed, these programs intervene too ineffectively and too late. To minimize execution risk, companies should establish a proactive program assurance capability to maximize the value captured through the transition. Effective program assurance allows organizations to anticipate challenges, ensure alignment with goals, maintain quality, and efficiently manage resources.

A Framework for Continuous Quality Assurance

As we have seen, all major cloud transition programs are risky and fraught with potential pitfalls. Under these conditions, companies have a considerably greater chance of achieving sustained value within budget if they make quality assurance an integral part of the process throughout. In our experience, committing an additional 3% of the overall budget to program assurance can save more than 30 times the cost of any de-risking effort required. (See “A Framework for De-Risking Cloud Transformations.”)

A Framework for De-Risking Cloud Transformations

• Scope and Objectives. Are the cloud transformation program’s scope and objectives clear, and have we ensured that they will continue to be relevant as business priorities evolve?
• Business Value and Economics. Have the potential business value and economics of the program build, application development, and subsequent operation been estimated accurately and sized appropriately?
• Governance and Organization. Does the project have the right governance and organization in place, with the requisite cloud expertise and proper mechanisms for vendor management, including the cloud service provider and global system integrator?
• Solution and Deliverables. Do the solution design and architecture governance processes effectively guide the delivery life cycle of cloud applications and the cloud platform’s readiness?
• Planning and Execution. Are the planning, execution, and tracking of the program sufficiently effective, and are the right resources in place to implement the program successfully?

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Companies should follow a consistent, comprehensive approach to assuring the quality of their cloud program throughout the transformation journey:

• At the Start. Validate and pressure-test the initial cloud transformation strategy and migration plan before the transition begins. Put in place a strong design authority and quality governance mechanism to resolve the business and technical issues that will inevitably come up during the program.
• When Scaling Up. To ensure that the strategy can still deliver the desired business outcomes, start by successfully completing the migration of a few minimum viable products (MVPs) to the cloud, such as specific use cases or a single business unit function. Pressure-test and evaluate the scalability of the transformation strategy, execution plan, and quality governance mechanism. Make all necessary refinements to the initially designed migration patterns before transitioning the remaining workloads, such as other use cases, business units, and corporate functions. This pressure test will enable companies to proactively identify and mitigate any potential risks that may arise if the original strategy is followed without considering lessons learned from the initial MVP migration.
• If Stalled. Take prompt action to reassess the strategy and transition plan if the transition process begins to deviate from the original strategy. If unaddressed, this can lead to considerable adverse financial and reputational repercussions.

Early action on the part of company leaders is key to successfully de-risking the transition to the cloud and maximizing the business value to be gained, since these senior executives play a critical role in fostering the most conducive environment for a profitable cloud transformation. To ensure success, CIOs and CTOs as well as their CEOs should make sure to get complete answers to five questions from their cloud transformation team:

• How are the scope and objectives of our cloud program aligned with the company’s wider business objectives?
• How can we best implement and manage an effective risk management function?
• How will we know that the cloud program is generating business value while staying within budget?
• Are the solution design and architecture governance processes clearly defined for the cloud platform build and application delivery life cycle?
• How are we ensuring the long-term sustainability of the cloud transformation, and have we developed the skills and capabilities needed to thrive in a cloud-centric future?

To create sustainable value in a cloud transformation, organizations must employ a competent and robust de-risking strategy that addresses the potential causes of failure. There are many different hurdles to be cleared before a satisfactory cloud transformation can be accomplished. But by understanding the common challenges, addressing them early, and following a comprehensive approach, leaders can steer their companies toward successful execution, maximizing the benefits of the cloud and underpinning long-term success.

Partner & Associate Director, Digital in Financial Institutions

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Partner & Associate Director, Technology & Digital Transformation

Partner and Director, Technology & Digital Transformation

Managing Director & Senior Partner

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Managing Director & Senior Partner; North America Cochair, BCG X

Washington, DC

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