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Surety Global market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company's Surety Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
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LONDON, GREATER LONDON, UNITED KINGDOM, October 11, 2024 /EINPresswire / -- The surety market size has demonstrated solid growth in recent years. It is projected to increase from $18.38 billion in 2023 to $19.62 billion in 2024, with a CAGR of 6.8%. Growth drivers include rising construction activities, infrastructure development, heightened standards in the construction industry, innovations in construction, and increased private sector investments and real estate development.
What Is The Estimated Market Size Of The Global Surety Market And Its Annual Growth Rate?
The surety market size is projected to grow robustly in the coming years, reaching $25.6 billion by 2028 at a CAGR of 6.9%. This growth is driven by the rising demand for construction projects, stricter government regulations, an increase in infrastructure projects, the adoption of technology in underwriting, and a growing number of small and medium-sized enterprises (SMEs). Significant trends include the adoption of digital platforms, advancements in risk management tools, automated underwriting processes, improved digital verification methods, and advancements in fraud detection technology.
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Growth Driver Of The Surety Market
The rising adoption of digital payment services is expected to boost the surety market in the near future. Digital payment encompasses services that use electronic channels and mobile devices for online monetary transactions. This growth is driven by factors like increased smartphone usage, better internet access, enhanced security measures, and user convenience. Surety services provide financial guarantees that ensure the reliability and performance of service providers, protecting users from potential losses due to fraud, service interruptions, or non-compliance with contractual obligations.
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Which Market Players Are Steering The Surety Market Growth ?
Key players in the market include 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
What Are The Key Trends That Influence Surety Market Size?
Leading companies in the surety market are expanding their offerings with surety insurance to provide financial security and address the growing demand for risk management solutions. Surety insurance, also known as surety bonds, offers financial guarantees that obligations will be fulfilled, protecting all parties involved in various contracts and transactions.
How Is The Global Surety Market 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
Geographical Insights: North America Leading The Surety Market
North America was the largest region in the market in 2023. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Surety Market Definition
Surety refers to a contractual agreement where a surety guarantees the performance and obligations of a principal to a third party. This agreement ensures that contractors, businesses, and individuals meet their commitments, providing compensation to the obligee if the principal fails to fulfill their contractual duties, thereby enhancing trust and accountability in various transactions.
Surety Global Market Report 2024 from The Business Research Company covers the following information:
.Market size data for the forecast period: Historical and Future
.Macroeconomic factors affecting the market in the short and long run
.Analysis of the macro and micro economic factors that have affected the market in the past five years
.Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
.Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global surety market report covering trends, opportunities, strategies, and more
The Surety Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on surety market size, surety market drivers and trends and surety market growth across geographies. This report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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What Does the Business Research Company Do?
The Business Research Company publishes over 15,000 reports across 27 industries and 60+ geographies. Our research is powered by 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. We provide continuous and custom research services, offering a range of specialized packages tailored to your needs, including Market Entry Research Package, Competitor Tracking Package, Supplier & Distributor Package, and much more.
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Oliver Guirdham
The Business Research Company
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