Press release
Surety Market is expected to grow at a CAGR of 5.06 % from 2024 to 2030 Says Maximize Market Research
Surety Market
The Surety Market, valued at USD 21,251.17 million in 2023, is projected to grow at a CAGR of 5.06%, reaching nearly USD 30,030.21 million by 2030. Surety is a financial arrangement where a surety guarantees the performance or obligations of another party (the principal) to a third party (the obligee). If the principal fails to meet their obligations, the surety compensates the obligee for losses.
๐๐จ๐ฎ๐ซ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐ฌ ๐๐ฎ๐ฌ๐ญ ๐ ๐๐ฅ๐ข๐๐ค ๐๐ฐ๐๐ฒ:https://www.maximizemarketresearch.com/request-sample/185094/
Drivers in the Surety Market:
The rise in government infrastructure spending, particularly grow by initiatives like the $1.2 trillion infrastructure bill in United States, serves as significant driver for the surety market. This increased investment fuels demand for surety bonds to guarantee the completion of various projects, ranging from bridges and airports to public transit systems. For instance, allocation of $550 billion in US infrastructure bill for projects such as grid modernization and broadband growth has led to substantial uptick in surety bond requirements. India's focus on infrastructure development, as evidenced by announcements in Union Budget 2023 and the hosting of the G20 summit, underscores the trend of governments prioritizing infrastructure investment, driving demand for surety bonds to secure these projects.
๐๐ฅ๐ข๐๐ค ๐๐๐ซ๐ ๐๐ง๐ช๐ฎ๐ข๐ซ๐ฒ ๐ ๐จ๐ซ ๐๐จ๐ซ๐ ๐๐๐ญ๐๐ข๐ฅ๐ฌ: https://www.maximizemarketresearch.com/request-sample/185094/
Surety Market Trends:
The integration of advanced technologies like blockchain and AI into the surety industry is transforming the Surety Market. Partnerships such as that between Bond-Pro, Surety2000, and Xenex Enterprises streamline surety bond processing, making it more efficient and secure. For example, Bond-Pro's Bond Expedite simplifies the purchase process by enabling online applications and instant decisions, reducing cumbersome traditional methods. This technological shift not only enhances efficiency but also attracts more users to the surety market, driving its growth.
Surety Market Opportunities:
The growth in infrastructure projects and government spending significantly drives growth of the surety market. For instance, India's allocation of 3.3% of GDP for infrastructure development in 2024 aims to support its journey to becoming a USD 5 trillion economy. Surety bonds, like those introduced by TATA AIG, provide contractors with alternatives to traditional bank guarantees, enhancing their bidding capacity and overcoming liquidity constraints. This increased use of surety bonds facilitates the smooth execution of infrastructure projects and commercial contracts, thereby boosting Surety Market demand.
๐๐ฅ๐ข๐๐ค ๐ก๐๐ซ๐ ๐๐จ๐ซ ๐๐ซ๐๐ ๐ฌ๐๐ฆ๐ฉ๐ฅ๐ + ๐ซ๐๐ฅ๐๐ญ๐๐ ๐ ๐ซ๐๐ฉ๐ก๐ฌ ๐จ๐ ๐ญ๐ก๐ ๐ซ๐๐ฉ๐จ๐ซ๐ญ:https://www.maximizemarketresearch.com/request-sample/185094/
Surety Market Regional Insights:
North America holds largest market share of the surety market, accounting for 50.44% of the market, is driven by a robust construction industry, and stringent regulatory frameworks. The region's thriving construction sector features significant infrastructure development projects, ranging from commercial buildings and residential complexes to large-scale public infrastructure initiatives. These projects often mandate surety bonds to guarantee performance, payment, and adherence to contractual obligations. Well-established surety market players, including insurance companies, surety bond producers, and bonding agent, contribute to the market accessibility.
Segmentation Analysis of the Surety Market:
โข North America: Accounts for 50.44% of the market, largely due to a robust construction sector and stringent regulatory frameworks.
โข Europe: Holds 21.93% of the market, driven by a mature construction industry and strong regulatory requirements.
๐ ๐จ๐ซ ๐ฆ๐จ๐ซ๐ ๐ข๐ง๐๐จ๐ซ๐ฆ๐๐ญ๐ข๐จ๐ง ๐๐๐จ๐ฎ๐ญ ๐ญ๐ก๐ข๐ฌ ๐ซ๐๐ฉ๐จ๐ซ๐ญ ๐ฏ๐ข๐ฌ๐ข๐ญ:https://www.maximizemarketresearch.com/market-report/surety-market/185094/
Who is the largest manufacturers of Surety Market worldwide?
1. AoN (United Kingdom)
2. Arch Insurance Group (Bermuda)
3. Berkshire Hathaway Specialty Insurance (U.S)
4. Chubb Limited (Switzerland)
5. CNA Financial Corporation(U.S)
6. Everest Re Group, Ltd.(Bermuda)
7. IAT Insurance Group (U.S)
8. Intact US insurance (NY)
9. Liberty Mutual Insurance Group (U.S)
10. Markel Corporation (U.S)
11. Marsh McLennan (NY)
12. Nationwide Mutual Insurance Company (Ohio)
13. Old Republic Surety Company (U.S)
14. QBE Insurance Group Limited (NY)
15. The Hanover Insurance Group (U.S)
Key Offerings:
โข Past Market Size and Competitive Landscape
โข Surety Market Size, Share, Size & Forecast by different segment
โข Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
โข Surety Market Segmentation - A detailed analysis by Product
โข Competitive Landscape - Profiles of selected key players by region from a strategic perspective
โข Competitive landscape - Market Leaders, Market Followers, Regional player
โข Competitive benchmarking of key players by region
โข PESTLE Analysis
โข PORTER's analysis
โข Value chain and supply chain analysis
โข Legal Aspects of business by region
โข Lucrative business opportunities with SWOT analysis
โข Recommendations
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Contract surety bond holding nearly half of the surety market share
The global surety market at US$ 15.33 Bn in 2018 and is expected to grow at a CAGR of 7.5% during the forecast period 2019 โ 2027, to account to US$ 28.77 Bn by 2027.
The Surety market penetration rates in North America region is higher than any other markets across the globe. This is attributed to most of U.S. State governmentsโ laws that mandate surety bonds. Both the U.S. andโฆ
