The Latin America, Middle East and Africa Travel Risk Management Services Market would witness market growth of 9.9% CAGR during the forecast period (2023-2030).
Communication is critical during emergencies. Travel security services often include alert systems that allow organizations to quickly communicate with travelers, providing them with information, instructions, and support. Many travel risk management services include travel insurance or work with insurance providers to offer coverage tailored to the specific needs of travelers. This includes coverage for medical emergencies, trip cancellations, and evacuations.
Travel security services help organizations comply with the duty of care responsibilities by providing the necessary support and resources to ensure the safety of their employees. Travel security is a multifaceted aspect of travel risk management services encompassing risk assessment, monitoring, emergency response, and support services. It is designed to help organizations and individuals mitigate risks and respond effectively to unforeseen events while traveling. The integration of technology and data-driven insights is playing an increasingly important role in enhancing travel security services.
The UAE government estimates that in 2022 the travel and tourism industry contributed AED 167 billion, or 9% of the UAE's overall GDP. Tourists from other countries spent a total of AED 117.6 billion in 2022. The UAE now has 1189 hotels, and the country can accommodate 203,000 hotel rooms, according to 2022 statistics provided by the Ministry of Economy of UAE.
Business services and consulting are instrumental in helping organizations effectively manage travel risks in the diverse and dynamic Middle East region. These services provide expert guidance, facilitate compliance, and ensure that organizations are well-prepared to protect the safety and well-being of their travelers in this complex environment. Hence, all of these factors will aid in the expansion of the regional market.
The Brazil market dominated the LAMEA Travel Risk Management Services Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $4,197 million by 2030. The Argentina market is showcasing a CAGR of 10.5% during (2023 - 2030). Additionally, The UAE market would register a CAGR of 9.6% during (2023 - 2030).
Based on Service Type, the market is segmented into Travel Security, Crisis Management, Data Security, Health Security, Assistance & Tracking and Others. Based on Enterprise Size, the market is segmented into Large Enterprises, Medium Enterprises and Small Enterprises. Based on Industry, the market is segmented into Agri, Food & Beverage, Pharmaceutical & Healthcare, Hospitality, Business Services & Consulting, IT, Technology & Telecom, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Travel Risk Management Services Market is Projected to reach USD 188.9 Billion by 2030, at a CAGR of 8.1%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include 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.
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