PUBLISHER: The Business Research Company | PRODUCT CODE: 1588774
PUBLISHER: The Business Research Company | PRODUCT CODE: 1588774
Tourism security involves strategies and regulations designed to protect tourists, tourism resources, and the overall tourism environment. These measures aim to ensure travelers' safety, protect destinations from potential threats, and maintain a secure and welcoming environment that supports tourism activities. Effective tourism security boosts a destination's reputation, enhances tourist experiences, and supports the sustainable growth of the tourism industry.
The main issues in tourism security include general security concerns, crime-related issues, and crisis management. General security concerns address the challenges of safeguarding tourists and tourism infrastructure from physical and cyber threats. This involves the use of technologies such as video surveillance, access control, biometrics, IoT and sensors, and cybersecurity software. These security measures support various booking channels, including phone, online, and in-person bookings, and are utilized for both domestic and international tourists by a range of end-users, including airports, hotels and accommodations, tourist attractions, and transportation services.
The tourism security market research report is one of a series of new reports from The Business Research Company that provides tourism security market statistics, including tourism security industry global market size, regional shares, competitors with a tourism security market share, detailed tourism security market segments, market trends and opportunities, and any further data you may need to thrive in the tourism security industry. This tourism security market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The tourism security market size has grown strongly in recent years. It will grow from $4.48 billion in 2023 to $4.9 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth during the historic period can be attributed to an increased emphasis on crisis management, improved health and safety protocols, rising crime rates in popular tourist destinations, the influence of social media, and a growing preference for integrated security solutions.
The tourism security market size is expected to see strong growth in the next few years. It will grow to $7.02 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The growth in the forecast period can be attributed to the rising number of international travelers, increased awareness among travelers about safety and security, growing concerns over terrorism and the need for robust security systems, rising cyber threats, and increased spending on security measures. Major trends during this period include the integration of advanced technologies such as AI, biometrics, and IoT in security solutions, a demand for security measures in areas prone to natural disasters, the adoption of smart surveillance systems, investment in secure tourism infrastructure, and the demand for tailored security solutions.
The increasing number of global travelers is anticipated to drive the growth of the tourism security market. This rise in travel is fueled by greater globalization, improved transportation options, and higher disposable incomes, making travel more accessible and affordable. Tourism security is crucial for ensuring traveler safety, safeguarding belongings, and offering assistance during emergencies or crises abroad. For example, in May 2023, the Office for National Statistics, a UK-based non-ministerial department, reported that the UK saw 31.2 million visits in 2022, up from 6.3 million in 2021. Additionally, trips taken by UK residents abroad grew from 51.8 million in 2021 to 71.0 million in 2022. Consequently, the increasing number of global travelers is driving growth in the tourism security market.
Companies in the tourism security market are focusing on advanced technological solutions, such as Platform as a Service (PaaS), to provide scalable, flexible, and cost-effective security applications. PaaS is a cloud computing model that delivers a complete platform, including hardware and software tools, for building, deploying, and managing applications, thus simplifying infrastructure management. For instance, in January 2023, Battleface Insurance Company, a US-based travel insurance provider, launched Robin Assist. Robin Assist is a global API-driven InsurTech platform designed for insurance carriers, brokers, MGAs, and self-insured enterprises. It offers extensive travel insurance solutions, including 24/7 customer support, emergency medical assistance, efficient claims processing, medical case management, access to global medical networks, cost containment, and immediate payments in over 140 currencies. Robin Assist aims to address the need for technology-driven solutions in emergency travel and medical assistance.
In March 2024, BigBear.ai, a US-based provider of decision intelligence solutions, acquired Pangiam Intermediate Holdings LLC for an undisclosed amount. This acquisition will advance BigBear.ai's mission to enhance decision-making capabilities, impacting national security, supply chain management, and digital identity markets. The merger will result in a comprehensive Vision AI portfolio, integrating facial recognition, image-based anomaly detection, and advanced biometrics with BigBear.ai's computer vision and predictive analytics. Pangiam Intermediate Holdings LLC is a US-based tourism security provider.
Major companies operating in the tourism security market are IBM Corp., Honeywell International, Johnson Controls, NEC Corporation, Allied Universal, G4S Plc, Securitas AB, Transguard Group, Bureau Veritas, Serco Group Plc, Prosegur, Brink's Global Services, Paladin Security Group Ltd., International SOS Ltd., Axis Communications, Kroll LLC, Verint Systems, Control Risks LLC, Smiths Detection, Pinkerton Consulting & Investigations Inc., Andrews International, MEDEX Global Solutions, Global Elite Group, CPS Security
North America was the largest region in the tourism security market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the tourism security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the tourism security market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The tourism security market consists of revenues earned by entities by providing services such as risk assessment and management, emergency response planning and health and safety services. The market value includes the value of related goods sold by the service provider or included within the service offering. The tourism security market also includes sales of emergency communication devices, personal safety devices, fire safety equipment and security screening equipment. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Tourism Security Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on tourism security market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for tourism security ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The tourism security market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.