At a compound annual growth rate (CAGR) of 8.7% between 2023 and 2033, the global market for tourism security, currently valued at US$ 4.94 billion, is projected to reach US$ 11.39 billion by 2033.
According to WTO tourism figures, up to 117 million foreign visitors traveled throughout the globe in the first quarter of 2022. The good news is that this amount represented an increase of 76 million over the prior year (Q1).
Security and safety are the basic necessities of travelers. The historical sites, theme parks, restaurants, hotels, for addressing safety concerns at well-known tourist destinations, make use of police security services and private security organizations. Tourism vertical could be turned into the highest revenue-generating vertical by taking care of basic safety and security norms. In all, the ability of a tourist destination to make provisions for secure and safe atmosphere for the visitors would be determining the success.
The middle class population in regions like Mexico, Brazil, India, and China is witnessing an expansion in the wake of rapid industrialization. This, in turn, calls for tourism spreading to more number of nations.
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At the same time, the fact that tourism security is subject to threats, that too, virtual – can’t be ignored. It needs to be noted that cyber security is equally important in the present scenario. Internet drives the entire travel and tourism sector; right from room occupancy, billing, bus schedules, flight patterns, credit card payments, room service, and likewise.
Initially, these activities fell under the category of ‘cybercrime’, but now they could be termed as ‘cyber terrorism’ (looking at the volumes committed). Many of the tourist sites aren’t well-equipped to fight these attacks. This factor could restrain the tourism security market in the near future. Plus, these days, frauds happen through false payment gateways as well. The senior citizens would be amongst the worst-affected ones as they would incur heavy losses by the time they get to know that their accounts have been tampered with.
Future Market Insights has entailed these facets with future perspectives in its latest market study entitled ‘Tourism Security Market’. The line of expertise in the form of analysts and consultants is there to execute with its bottom-up approach in its primary, secondary, and tertiary modes of research.
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“With increasing frequency of tourists traveling abroad, the global tourism security market is likely to grow manifold in the forecast period”, says an analyst from Future Market Insights.
Key Takeaways from Tourism Security Market
North America holds the largest market share followed by Europe and the Asia-Pacific. This could be attributed to the increasing awareness about security in tourism around the world.
The key players in tourism security market
- Olive Group
- Triple Canopy
- Control Risks
- United Healthcare Global
- MEDEX Global Solutions etc.
What does the Report state?
- The research study is based on safety issues (tourism and security issues, tourism and crime issues, and tourism crisis management issues), by age group (15 to 25 years, 26 to 35 years, 36 to 45 years, 46 to 55 years, 56 to 65 years, and 66 to 75 years), by booking channel (phone booking, online booking, and in-person booking), and by tourist type (domestic and international).
- Tourism security market is expected to gloat over ascertaining that visitors end up having a trouble-free and pleasurable experience.
Tourism Security Market by Category
By Safety Issues:
- Tourism and security issues
- Tourism and crime issues
- Tourism crisis management issues
By Age Group:
- 15 to 25 years
- 26 to 35 years
- 36 to 45 years
- 46 to 55 years
- 56 to 65 years
- 66 to 75 years
By Booking Channel:
- Phone Booking
- Online Booking
- In person Booking
By Tourist Type:
- Domestic
- International
By Region:
- North America
- Europe
- Asia-Pacific
- Rest of the world
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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