As per the latest findings of Future Market Insights, Tourism Security Market is estimated at USD 4,941.8 Million in 2023 and is expected to be around USD 11,378.2 Million by 2033 with a CAGR of 8.7% during the forecast period.
The tourist business, which has developed into a sizable global economy, should be the first place any government looks for foreign cash and ways to broaden its appeal on a global scale. According to WTO tourism statistics, a record 117 million foreign visitors visited worldwide in Q1 2022. In the same quarter, more tourists traveled overseas than the previous year almost 76 million. Safety and security are crucial to ensuring that visitors enjoy a pleasant and trouble-free experience.
However, global issues like terrorism, regional conflicts, civil wars, natural disasters, diseases, and pandemics impact all elements of human life. It was only reasonable that they would gravely jeopardize even tourists’ security.
Safety and security are among the essentials that travellers least anticipate. Hotels, restaurants, theme parks, and historical sites use private security companies and police security services to address safety issues at popular tourist locations. The tourism sector is the leading market driver of the economy. The travel and tourist industry has lately concentrated more on security, safety, and the assurance of safe travel. The success of a tourism site will also depend on its capacity to offer guests a safe and secure environment.
Driving Factors Boosting the Tourism Security Market
The rise in Income Levels of Developing Nations Along with Political Instability Regulates the Need for Tourism Security Services. Present-day socioeconomic stratification and the growing middle class in nations like China, India, Brazil, and Mexico are two of the main forces driving the demand for tourism security. This has a clear connection to increased disposable incomes across many countries as a result of strong economic growth.
Tourism is progressively extending to more and more countries around the world. This suggests that developing countries are likewise rising in popularity as tourist destinations. Tourism is a crucial component of their entire growth strategy. Visitors may decide to purchase some form of tourism security if they feel less secure in these nations.
Tourism Security Market- Restraints
With the Emergence of Online Channels, the Rise in the Count of Cyber-Attack Poses a great Threat to the Growth of the Industry
The largest threat to the security of the tourism industry is not physical but rather digital. Today, we place equal importance on cyber security and other forms of security. The whole travel and tourism industry is driven by computers and the Internet. Computers manage every aspect of the business, including billing, hotel occupancy, flight and bus itineraries, room service, credit card payments, and everything else in between. Data breaches that started as cybercrime or identity theft have since evolved into cyberterrorism. The majority of tourist destinations will be woefully unprepared if such an attack ever takes place, which may spell the end for the entire sector.
What are the Emerging Trends in Tourism Security Market?
The surge in Middle-Class Population is Likely to Facilitate the Growth of the Tourism Security Market
International security and safety regulations have undergone tremendous change since the beginning of the century, particularly in the tourism sector. Terrorism and conflict have expanded in scope in the age of globalization; now they even threaten tourists, travelers, and journalists.
Earlier, travel was considered to be a luxury but nowadays with the increase in income levels amongst the middle-class population of the developing and underdeveloped nations, the profile of international travel has also been altered. As per recent studies, the middle class is expected to reach 4.9 billion by 2030.
Any place could suffer greatly from terrorist threats or tragic occurrences, but a tourist attraction is especially likely to see a drop in the number of foreign tourists. The horrific incidents in France have raised important issues regarding how to handle this worldwide menace. Other terrorist acts that took place in Thailand, Egypt, and Tunisia also had a detrimental effect on travel. Henceforth, shortly, there must be proper measures for crisis management. Travelers may also experience problems with transportation insecurity, which is frequently brought on by terrorist attacks in airports and trains. All these reasons will certainly lead to significant positive trends in the long run.
Which Safety Issue is Most Common?
In the past few years, the tourism industry has witnessed a sharp rise in safety and security concerns. Security is the set of measures taken to guard against hostile actions that aim to inflict significant harm and the greatest economic disruption, such as criminal conduct, an attack, espionage, or destruction. When we talk about safety, we mean the steps taken to prevent customers and workers in the sector from being exposed to situations where they can feel personally at risk due to criminal outbreaks and accidents. Security events typically have a negative and complicated effect on the tourism sector, the destination, the native communities, and the travellers.
Which Tourist Type is More Prone to Security Issues?
International Tourist Type is More Prone to Security Threats while Travelling.
In January-March 2022, many popular destinations observed three times more international arrivals as compared to 2021 reflecting the ongoing recovery of the outbound tourism sector. Although tourism security focuses on both local as well as international travelers but due to low awareness levels international tourists are more prone to the harm caused by various channels. Various stakeholders such as governments, NGOs, media, etc., are involved in providing quality experiences.
Which Booking Channel do Tourists in the Market Prefer?
Online Booking Channels are More Likely to be Preferred by the Tourists.
Infrastructure and technology developments have always impacted the travel and tourism industries. Thus, the concept of smart tourism eventually emerged. This strategy included using smart devices and smart payments and began with the development of smart cities as the first step. This also affected consumer demand and visitor behavior, which had an impact on the entire business.
Due to the ease of booking and availability through online platforms, tourism has increased in popularity. People who want to bypass the time-consuming, expensive, and unpleasant procedure of purchasing tickets in person are increasingly turning to online booking. Since online booking allows for a simple, hassle-free digital payment transfer, as well as live tracking and improved security, payments are also quick and simple for travelers or mobile application platforms. Online booking is becoming increasingly popular all around the world since travelers can use the internet to research and compare information on trip destinations, hotels, restaurants, and other factors.
Comparative Landscape
Safety and Security concerns have always been important for the customers as well as the social reputation of the countries. To obtain a competitive edge in the market, the major players in the tourist security sector are rapidly expanding their product offerings by giving significant discounts, new tour destinations and packages, and security assurance.
For instance, some of the key players such as Olive Group, Triple Canopy, Control Risks, United Healthcare Global, MEDEX Global Solutions, etc., have significantly benefited from the global expanding tourism industry. Furthermore, the government officials of various nations are also contributing by framing policies and initiating campaigns or collaborations to provide aid to these companies.
