The surety global market report 2024from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Surety Market, 2024 The surety global market report 2024
Market Size –
The surety market size has grown strongly in recent years. It will grow from $18.38 billion in 2023 to $19.62 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to increasing construction activities, rising infrastructure development, rising construction industry standards, rising construction sector innovations, growth in private sector investments, growth in real estate development.
The surety market size is expected to see strong growth in the next few years. It will grow to $25.6 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to increasing demand for construction projects, increasing government regulations, increasing number of infrastructure projects, increasing adoption of technology in underwriting, rising number of small and medium sized enterprises (SMEs). Major trends in the forecast period include adoption of digital platforms, advancements in risk management tools, adoption of automated underwriting processes, advancements in digital verification methods, advancements in fraud detection technology.
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Scope Of Surety Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Surety Market Overview
Market Drivers –
The growing use of digital payment services is projected to propel the growth of the surety market in the coming years. Digital payments refer to services that facilitate monetary transactions online using electronic channels and mobile devices. The increase in digital payment adoption is driven by higher smartphone usage, improved internet access, enhanced security measures, and user convenience. Surety plays a vital role by providing a financial guarantee that ensures the performance and reliability of service providers, thus protecting users from potential losses due to fraud, service disruptions, or non-compliance with contractual obligations. For instance, in February 2023, the Ministry of Electronics & IT, an Indian government ministry, reported that the total number of digital transactions was valued at 8,840 crore ($1.056 billion) in 2021-2022, reaching 9,192 crore ($1.097 billion) by December 2022. Therefore, the increasing use of digital payment services is driving the growth of the surety market.
Market Trends –
Major companies operating in the surety market are developing surety insurance to enhance financial security and meet the growing demand for risk management solutions. Surety insurance, also known as surety bonds provides a financial guarantee that obligations will be fulfilled, offering protection and confidence to parties involved in various transactions and contracts. For instance, in July 2024, ICICI Lombard, an India-based insurance company, launched surety insurance, offering financial guarantees to ensure contractors meet their obligations. This product frees up banking lines and supports larger projects by providing both conditional and unconditional options, advanced risk management, and improved financial flexibility. Its introduction is significant in the surety insurance market, addressing the growing infrastructure sector’s demand for effective risk mitigation and helping businesses secure larger, high-value contracts.
The surety market covered in this report is segmented –
1) By Bond Type: Contract Surety Bond, Commercial Surety Bond, Fidelity Surety Bond, Court Surety Bond
2) By Application: Government Agencies, Enterprise
3) By End User: Businesses, Contractors, Construction Organizations, Government Agencies, Suppliers, Service Providers And Individuals
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Regional Insights –
North America was the largest region in the surety market in 2023, and is expected to be the fastest-growing region in the forecast period. The regions covered in the surety market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies in the market are Berkshire Hathaway Specialty Insurance Company, Nationwide Financial General Agency Inc., Liberty Mutual Group, Zurich Insurance Group Ltd, Chubb Limited, The Travelers Indemnity Company, The Hartford Financial Services Group Inc., Marsh & McLennan Companies Inc, Intact Financial Corporation, QBE Insurance Group Limited, Aon plc, Everest Group Ltd, CNA Financial Corporation, Markel Corporation, Arch Capital Group Ltd, AssuredPartners Inc., Old Republic International Corporation, American Financial Group Inc., AmTrust Financial Services Inc., The Hanover Insurance Group Inc., Crum & Forster Insurance, Starr International Company Inc., Tokio Marine Holdings Inc., Allianz Trade , Aspen Insurance Holdings Limited, IAT Insurance Group Inc., EverQuote Inc., J.S. Held LLC, Prime Insurance Company Limited, American Surety Company
Table of Contents
1. Executive Summary
2. Surety Market Report Structure
3. Surety Market Trends And Strategies
4. Surety Market – Macro Economic Scenario
5. Global Surety Market Size and Growth
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32. Global Surety Market Competitive Benchmarking
33. Global Surety Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Surety Market
35. Surety Market Future Outlook and Potential Analysis
36. Appendix
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