Press release
Financial Guarantee Market to Reach $71.93 Bn, Globally
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Drivers, Restraints, and Opportunities
Rise in the financial risk involved in business transactions, quick processing of documents by banks, and rise in adoption of financial guarantees by SMEs drive the growth of the global financial guarantee market. However, strict assessment by the banks before offering a financial guarantee and collateral demands hinder the market growth. On the contrary, increase in import and export activities in developing countries and surge in digitalization of banking procedures are expected to open new opportunities for the market players in the future.
Guarantees are often charged at a low rate by banks, which is advantageous to small businesses. As a result, it enables SMEs to utilize available extra funds which further fuels the market growth. In addition, the necessity for fewer documentation for a financial guarantee has made it convenient for SMEs to get loans.
Additionally, the fees charged by banks is very nominal due to which it is a cost-effective solution for the SMEs. Furthermore, financial guarantees assist SMEs in maintaining a positive credit score in order to get larger loans in the future.
Hence, the adoption of financial guarantee provides several benefits to SMEs. Thus, the increasing adoption of financial guarantees by SMEs is propelling the financial guarantee market growth.
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The Documentary Letter of Credit Segment Held the Largest Share
By product type, the documentary letter of credit segment held the largest share in 2020, accounting for nearly three-fifths of the global financial guarantee market, due to differing laws of countries and the difficulty of knowing each party personally. However, the receivables financing segment is expected to register the highest CAGR of 15.0% during the forecast period, as it allows to accept large, bulk one-time orders and allow traders to earn greater profits.
The Large Enterprises Segment Dominated the Market
By enterprise size, the large enterprises segment held the lion's share in 2020, contributing to nearly three-fifths of the global financial guarantee market, owing to rise in preference of a financial guarantee among major organizations to make immediate payments across countries. However, the small-sized enterprises segment is estimated to manifest the highest CAGR of 13.7% from 2021 to 2030. Due to lack of credit worthiness and limited access to huge funds, small banks cannot take loans from banks but a financial guarantee allows them to acquire products and pay later.
Asia-Pacific, followed by Europe and North America, held the Largest Share
By region, the global financial guarantee market of Asia-Pacific, followed by Europe and North America, dominated in 2020, holding nearly two-fifths of the market, due to rise in demand for digitalized financial guarantee using new technologies such as machine learning automation, optical character recognition, and distributed ledger. Moreover, the market across North America is projected to portray the CAGR of 5.5% during the forecast period.
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Key Benefits for Stakeholders
The study provides in-depth analysis of the global financial guarantee market share along with current & future trends to illustrate the imminent investment pockets.
Information about key drivers, restrains, & opportunities and their impact analysis on the global financial guarantee market size are provided in the report.
Porter's five forces analysis illustrates the potency of buyers and suppliers operating in the financial guarantee market forecast.
An extensive analysis of the key segments of the industry helps to understand the global financial guarantee market trends.
The quantitative analysis of the global financial guarantee market share from 2021 to 2030 is provided to determine the market potential.
Financial Guarantee Market Report Highlights
Aspects Details
By Product Type Bank GuaranteesDocumentary Letter of CreditStandby Letter of Credit (SBLC)Receivables FinancingOthers
By Enterprise Size Small EnterprisesMedium-sized EnterprisesLarge Enterprises
By End User ExportersImporters
By Region North America (U.S, Canada, Mexico)Europe (Germany, France, UK, Italy, Spain, Russia, Rest of Europe)Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)LAMEA (Brazil, Turkey, Saudi Arabia, South Africa, Rest of LAMEA)
Key Market Players Asian Development Bank, BNP Paribas, Barclays, Bank of Montreal, Citibank, HSBC, ICBC, National Bank of Canada, SINOSURE, Scotia Bank
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