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Growth Of Digital Payment Services Driving Expansion In The Surety Market: A Key Driver Powering Surety Market Growth In 2025
Surety
What Is the Current Surety Market Size and Its Estimated Growth Rate?
The surety market has seen strong growth in recent years. It will grow from $19.62 billion in 2024 to $21 billion in 2025 at a CAGR of 7.0%. The historical growth is driven by rising construction activities, increasing infrastructure development, higher industry standards, innovations in construction, private sector investment growth, and real estate development.
The surety market is expected to see strong growth, reaching $27.31 billion by 2029 at a CAGR of 6.8%. Key drivers include infrastructure and construction growth, regulatory demands, tech use in underwriting, and SME expansion. Trends include digital platform adoption, enhanced risk management tools, automated underwriting, digital verification improvements, and fraud detection advances.
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How Are Emerging Segments Shaping the Surety Market Landscape?
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 Growth Factors Are Influencing Surety Market Expansion?
The growing use of digital payment services is expected to drive the growth of the surety market. Digital payments, facilitated by smartphones and advanced security measures, have become more popular due to convenience and accessibility. Surety provides financial guarantees to ensure the reliability of service providers. For example, India's total digital transactions reached 9,192 crore ($1.097 billion) in December 2022. The increasing use of digital payments is contributing to the growth of the surety market.
Who Are the Dominant Players Across Different Surety Market Segments?
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
What Are the Major Trends Shaping the Surety Market?
Major companies in the surety market are focusing on developing surety insurance products to meet the growing demand for risk management solutions. Surety insurance, or surety bonds, provide financial guarantees to ensure obligations are met, boosting confidence in transactions and contracts. For example, in July 2024, ICICI Lombard, an India-based insurance company, introduced surety insurance to offer financial guarantees for contractors, enabling them to secure larger projects and improving financial flexibility.
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Which Geographic Regions Are Expected to Dominate the Surety Market in the Coming Years?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Surety Market?
2. What is the CAGR expected in the Surety Market?
3. What Are the Key Innovations Transforming the Surety Industry?
4. Which Region Is Leading the Surety Market?
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