Global Surety Market Share Analysis 2024, Forecast To 2033
8 Oct, 2024
The surety market size has experienced strong growth in recent years, projected to increase from $18.38 billion in 2023 to $19.62 billion in 2024, reflecting a CAGR of 6.8%. This historical growth is driven by rising construction activities, growing infrastructure development, heightened construction industry standards, innovations in the construction sector, and increased private sector investments in real estate. In the forecast period, the market is expected to reach $25.6 billion in 2028, with a CAGR of 6.9%. This anticipated growth is associated with the increasing demand for construction projects, escalating government regulations, a rising number of infrastructure projects, increased adoption of technology in underwriting, and a growing number of small and medium-sized enterprises (SMEs). Significant trends in the forecast period include the adoption of digital platforms, advancements in risk management tools, the implementation of automated underwriting processes, improvements in digital verification methods, and advancements in fraud detection technology.
Global Surety Market Key Driver
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.
Get A Free Sample Of The Surety Market ReportGlobal Surety Market Segments
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
By Geography:The regions covered in the surety market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
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.
Major Surety Industry Players
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
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Surety refers to a contractual agreement in which a surety guarantees the performance and obligations of a principal to a third party. It is utilized to ensure that contractors, businesses, and individuals meet their commitments, such as completing projects and paying debts. This guarantee ensures that the obligee will receive compensation if the principal fails to fulfill their contractual duties or obligations.
Surety Global Market Report 2023 provides data on the global surety market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The surety market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.