Travel risk management services market to hit $223.62B by 2031

Travel risk management services generated $96.26 billion in 2021 and are projected to reach $223.62 billion by 2031, according to Allied Market Research. The report points to business travel recovery, SME growth, and rising online booking as key drivers, with Asia-Pacific leading the market and LAMEA set for the fastest growth.

Why it matters: - Travel risk management services are becoming more important as companies send employees on more business trips and face more security, health, cyber, and weather-related risks. - The market’s projected rise to $223.62 billion by 2031 signals continued demand for tools that protect travelers and reduce corporate exposure.

What happened: - Travel risk management services generated $96.26 billion in 2021. - Allied Market Research projects the market will reach $223.62 billion by 2031. - The forecast implies 8.1% CAGR from 2022 to 2031. - The report covers the market by service type, enterprise size, and industry. - Allied Market Research published the report on July 7, 2026. - The report includes a sample report, purchase inquiry, and discounted checkout offer.

The details: - Growth is being driven by expansion in travel and tourism, government support for MICE events and SMEs, ICT growth, industrial growth, rapid urbanization, and globalization of business. - SMEs play a crucial role in the market’s expansion. - Adoption of new technologies is expected to support market potential during the forecast period. - Online booking options for risk management services are creating new opportunities. - Government incentives in developing countries to attract foreign investment are also opening demand. - The report says buyer concern is rising around employee safety, business continuity, cyber fraud, accidental risks, and health risks during travel. - Business travel needs include meetings, dealmaking, networking, trade shows, exhibitions, partnerships, joint ventures, supplier meetings, customer meetings, and product promotion. - Online travel agencies such as booking.com, KAYAK, and Expedia are helping support the broader business travel market by providing relevant services and risk management solutions. - Transportation cost and time barriers are limiting growth. - Travel spending plunged 52% globally in 2020, according to the Global Business Travel Association. - The GBTA said the 2020 losses were 10 times larger than the Great Recession of 2008. - Business travel spending fell about 60% in North America, 78% in Europe, and 48% in Asia-Pacific in 2020. - COVID-19 reduced international arrivals and directly hurt demand for travel risk management services. - Singapore raised MICE capacity limits to 750 people from 250 people in April 2020. - The Singapore Association of Convention and Exhibition Organizers and Suppliers said the move was needed to restart the MICE industry. - Some market players were concerned about higher costs tied to the expanded capacity limits. - Other market tailwinds include bleisure travel, infrastructure development, and retail expansion.

Between the lines: - The report frames travel risk management as part of a larger shift in how companies manage employee mobility, not just a niche travel add-on. - The strongest demand appears tied to business travel recovery and SME adoption, which suggests the market benefits from both larger corporations and smaller firms formalizing travel controls. - The inclusion of online booking and technology trends points to a market that is moving toward more digital, self-serve risk management workflows.

What’s next: - Asia-Pacific is expected to remain the largest regional market through 2031, driven by interest from international players in India and China. - LAMEA is projected to grow the fastest at 9.5% CAGR from 2022 to 2031. - Growth in LAMEA is linked to trade license liberalization, private investment, foreign direct investment, and MICE development. - Leading market players include BCD Group, Carlson, Everbridge, FocusPoint International, Global Rescue, Healix, Kroll, Millbank Solutions, The Collinson Group, and Tokio Marine Holdings.

The bottom line: - Travel risk management services are moving from a support function to a bigger strategic spend category as business travel expands and companies focus more on employee protection and operational resilience.