Companies Focus on Formulation of Corporate Travel Security Programs
The corporate travel security market is witnessing a major overhaul, as more number of companies across the world are realizing their moral and legal responsibility to ensure employee safety during business travel. Furthermore, companies are also increasingly focusing on “Duty of Care” programs that are specifically curated to enlighten and assist employees at the time of emergency. Thousands of companies either have already introduced a corporate travel security program or are in the process of formulating one. Some of the key aspects that major companies are expected to focus on while developing these programs include communication, risk evaluation, travel policy, crisis response, training, and travel tracking, among others.
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Worldwide corporate travel has increased at a steady pace over the past few years, as companies continue to expand their business operations across different cities, countries, and continents. Moreover, despite significant advancements in digital technologies within the corporate sector, in-person meetings hold tremendous value, especially to close long-term business deals and forge new ties. Furthermore, business travel plays an imperative role in enabling companies to expand their footprint, tap into unchartered territories, track new trends, etc. The Global Business Travel Association projects that around ~US$ 1.4 Trn will be spent on business travel in 2020. These factors are expected to provide an impetus for growth of the corporate travel security market, which is projected to reach a market value of ~14.7 Bn by the end of 2027.
Technological Advancements Enable Companies to Offer Security to Employees on Business Travel
Over the past couple of decades, security measures across the travel sector have evolved at a rapid pace. Focus on travel security and safety is scaling new heights particularly in Europe and North America, and more companies in these regions are getting onboard the bandwagon. Owing to significant advancements in technology and advent of location tracking systems, companies can offer security to their employees while they are on business travel – a trend that has gained significant momentum across North America, and is an integral feature of Airbnb for Work in the U.S.
However, focus on the duty of care legislation across Europe has put the onus on companies to ensure that their employees are safe during business travels. Firms across both regions i.e. North America and Europe are expected to focus on two major parameters: cost-efficiency and policy compliance. The global corporate travel security market is expected to expand at a steady rate, owing to advancements in technology.
On the regional front, with a market share of ~39%, Asia Pacific is expected to be at the forefront, in terms of value and share of the corporate travel security market by the end of 2020. North America and Europe are projected to account for a combined share of ~54% in 2020.
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Small- and Medium-sized Firms to Build Travel Safety Structure for Employees
Due to security challenges faced by business travelers for several years, domestic and global corporate travel security has garnered significant attention in the past few years. Rise in the number of women travelers and aggressive expansion tactics of companies across the world have played a key role in the expansion of the corporate travel security market in the past few years. Until recently, only a few established multinational companies put emphasis on corporate travel security. However, in the past few years, small- and medium-sized companies have also identified the need to establish a solid framework to ensure the safety of their employees during business travels. According to multiple participants in the corporate travel security market, automation is expected to set the tone for the growth of the corporate travel security market during the forecast period. In the coming years, digital systems are likely to provide business travelers with the required information as per their needs. Moreover, the growth of the corporate travel security market will largely rely on platforms instead of a range of products such as insurance. Furthermore, there is a strong possibility that novel technologies, such as Artificial Intelligence and chat bots will make their way into the corporate travel security market landscape in the near future.
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