Press release
Top Factor Driving Surety Market Growth in 2025: Growth Of Digital Payment Services Driving Expansion In The Surety Market
Surety
The growing use of digital payment services is expected to fuel the growth of the surety market. Digital payments, facilitated by smartphones and enhanced security features, are transforming how people transact. Surety services provide financial guarantees for businesses, ensuring reliability and protection against risks like fraud or service disruptions. According to the Ministry of Electronics & IT in India, the total number of digital transactions increased from 8,840 crore ($1.056 billion) in 2021-2022 to 9,192 crore ($1.097 billion) in 2022. As digital payment adoption increases, so does the demand for surety services.
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What is the future CAGR of the surety market, and how will it impact industry expansion?
The surety market has grown significantly and is projected to rise from $19.62 billion in 2024 to $21 billion in 2025, at a CAGR of 7.0%. The growth drivers include rising construction activities, increasing infrastructure development, higher standards in the construction industry, innovations in construction, growth in private sector investments, and real estate development.
The surety market is projected to grow to $27.31 billion by 2029, at a CAGR of 6.8%. The growth is driven by the demand for construction projects, government regulations, infrastructure projects, technology adoption in underwriting, and the rise of small and medium-sized enterprises (SMEs). Key trends include digital platforms, risk management advancements, automated underwriting, fraud detection, and verification technology improvements.
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What are the most significant trends transforming the surety market today?
Companies in the surety market are focusing on developing surety insurance products to enhance financial security and meet the growing demand for risk management solutions. In July 2024, ICICI Lombard launched surety insurance to provide financial guarantees for contractors. This product supports larger projects by offering conditional and unconditional options, improving financial flexibility and mitigating risks in infrastructure projects.
Which key market segments comprise the surety market and drive its revenue growth?
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
Subsegments:
1) By Contract Surety Bond: Performance Bonds, Payment Bonds, Bid Bonds, Maintenance Bonds
2) By Commercial Surety Bond: License And Permit Bonds, Court Bonds (Commercial), Customs Bonds, Miscellaneous Commercial Bonds
3) By Fidelity Surety Bond: Employee Dishonesty Bonds, Business Service Bonds, ERISA Bonds (Employee Retirement Income Security Act)
4) By Court Surety Bond: Appeal Bonds, Judicial Bonds, Bail Bonds, Probate Bonds
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Which geographical regions are pioneering growth in the surety market?
North America was the largest region in the surety market in 2024, 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.
Who are the leading players fueling growth in the surety market?
Major companies operating in the surety 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
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What Is Covered In The Surety Global Market Report?
•Market Size Forecast: Examine the surety market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the surety market for a structured understanding.
•Key Players Overview: Analyze major players in the surety market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the surety market.
•Segment Contributions: Evaluate how different segments drive overall growth in the surety market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the surety market.
•Industry Challenges: Identify potential risks and obstacles affecting the surety market.
•Competitive Landscape: Review strategic developments in the surety market, including expansions, agreements, and new product launches.
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