ResearchAndMarkets.com has just published a report that reveals very specific data on the potential growth of the global travel assistance market, one of the most thriving segments in recent years.
The global market size was valued at USD 17.58 billion in 2021 and is projected to reach USD 58.93 billion by 2030 with a CAGR of 14.6% between 2022 and 2030.
The source highlights that until the Covid-19 pandemic emerged , the world tourism industry was booming with increasing globalization, multinational events and concerts.
This trend was interrupted in 2020, but with the release of vaccines globally, the industry is expected to gradually recover from the beginning of 2022. The rapid recovery in the travel industry, the increase in business travel and the availability of online travel booking facilities are some of the factors expected to drive travel insurance market demand throughout the forecast period.
Other factors such as damage due to baggage mishandling, loss or theft, flight cancellations due to various reasons including virus outbreak are expected to accelerate the growth of the market in the coming years. However, the lack of public awareness is expected to hamper the growth of the travel insurance market in the near future.
On the other hand, the introduction of specific and personalized insurance policies, coupled with the increase in travel spending globally, is expected to create numerous opportunities for travel insurance market players in the near future.
North America has witnessed increased adoption of travel insurance and is expected to continue to hold the largest market share during the forecast period. This is attributed to factors such as the growth of the tourism industry, increased business practices, and the presence of global organizations in the US.
In Asia-Pacific it is also expected to develop significantly with the gradual increase in market size due to the growing connectivity between the countries in this region, the population expansion creating a higher demand for international travel and the increase in cargo traffic. leads to loss of luggage.
Source: Twitter @IATA