The Growing Value of TSA PreCheck Enrollment Providers in a Travel-Driven Economy

The U.S. travel sector is undergoing a renaissance, driven by post-pandemic recovery, rising disposable incomes, and a cultural shift toward experiential spending. At the intersection of this growth lies the TSA PreCheck program, a government-backed initiative that has become a linchpin for modern air travel. For investors, the strategic positioning of third-party enrollment providers—namely CLEAR and IDEMIA—offers a compelling case for near-term investment. These companies are not just beneficiaries of government contracts; they are architects of a frictionless travel ecosystem that aligns with both consumer demand and national infrastructure priorities.

Strategic Partnerships and Government-Driven Growth

The TSA's Family and Military Campaigns (2023–2025) have been a game-changer. By targeting underserved demographics—such as military families, Gold Star families, and multi-traveler households—the agency has unlocked a surge in enrollment. For example, the “Serve with Honor, Travel with Ease” initiative offered free enrollment to Gold Star families and discounted rates for military spouses, directly expanding IDEMIA's customer base. Similarly, CLEAR's expansion into non-airport enrollment centers, like the Plaza Las Américas location in Puerto Rico, demonstrates a forward-thinking approach to accessibility. These campaigns are not just about convenience; they're about scaling participation in a program that now serves 20 million active members, up from 15 million in 2023.

Government partnerships are a critical differentiator. IDEMIA, with its 500+ enrollment centers nationwide, has processed 24 million TSA PreCheck enrollments since 2013. Its ability to offer volume discounts and rapid processing (often next-day availability) has cemented its role as a key player. Meanwhile, CLEAR's integration of TSA PreCheck with its CLEAR+ membership program—now boasting 7.6 million active members—creates a recurring revenue stream while enhancing customer retention.

Revenue Potential and Market Expansion

The financial metrics are equally compelling. TSA PreCheck enrollment fees generated $311,928 in TSA revenue in fiscal year 2023 alone, with third-party providers capturing a significant share. By 2025, the program had secured a notable portion of the $1.2 billion Trusted Traveler market. For IDEMIA, this period saw strategic expansion, including pop-up enrollment events at military bases and collaborations with AAA. CLEAR, on the other hand, reported $219.5 million in revenue for Q2 2025, a 17.5% year-over-year increase, driven by TSA PreCheck-related activities and membership growth.

What sets these companies apart is their ability to monetize convenience. CLEAR's ePassport feature and digital enrollment tools reduce friction, while IDEMIA's focus on military and family discounts ensures a steady influx of new users. Both companies are also diversifying their offerings: CLEAR's Clear Concierge service (a premium on-demand assistance option) and IDEMIA's work on next-generation identity platforms position them to capitalize on evolving traveler needs.

Consumer Demand and Long-Term Positioning

The demand for frictionless travel is no longer a niche preference—it's a necessity. Airports are under pressure to manage record passenger volumes (over 635 million in 2023), and TSA PreCheck's ability to reduce wait times (99% of members wait less than 10 minutes) makes it an indispensable tool for airlines and travelers alike. For CLEAR and IDEMIA, this translates to defensible market share in a sector where convenience is a competitive advantage.

Moreover, the integration of TSA PreCheck with digital identity solutions—such as CLEAR's REAL ID certification—creates a moat against competitors. As the TSA rolls out automation initiatives and NextGen Identity platforms, these providers are uniquely positioned to lead the transition toward a fully digitized travel ecosystem.

Investment Case: Why Now?

For investors, the timing is ripe. The TSA's Family and Military Campaigns have already driven a 33% enrollment increase in 18 months, and both CLEAR and IDEMIA are scaling their operations to meet demand. CLEAR's Q2 2025 operating margin of 19.4% and adjusted EBITDA margin of 27.4% highlight its financial discipline, while IDEMIA's focus on volume discounts and strategic partnerships ensures steady cash flow.

The key risks? Regulatory shifts or oversaturation in the Trusted Traveler market. However, the current trajectory suggests these providers are insulated by their government contracts and the structural need for efficient security solutions.

Conclusion: A Frictionless Future

The TSA PreCheck program is more than a convenience—it's a cornerstone of modern air travel. For CLEAR and IDEMIA, the expansion of enrollment access, coupled with strategic government partnerships, creates a durable revenue model. As the U.S. travel economy continues to grow, these companies are not just participants; they are enablers of a smoother, faster, and more secure travel experience. For investors seeking exposure to the intersection of technology and infrastructure, the case for CLEAR and IDEMIA is both timely and compelling.