Dublin, April 21, 2023 (GLOBE NEWSWIRE) -- Maximize Market research, a global Consumer goods and services market research firm, has published competitive intelligence market research report on “Surety Market”. The Surety market size was valued at USD 17.2 Bn in 2022. The total Surety Market revenue is expected to grow at a CAGR of 5.8 percent from 2022 to 2029, reaching USD 25.5 Bn during the forecast period.
| Market Size in 2022 | USD 17.2Bn |
| Market Size in 2029 | USD 25.5 Bn |
| CAGR | 5.8 percent (2022-2029) |
| Forecast Period | 2023-2029 |
| Base Year | 2022 |
| Number of Pages | 272 |
| No. of Tables | 129 |
| No. of Charts and Figures | 121 |
| Segment Covered | By Bond Type and End-User |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
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Surety Market Scope and Research Methodology
The scope of the surety market includes various types of surety bonds, such as bid bonds, performance bonds, payment bonds, and license and permit bonds. The market serves a wide range of industries, including construction, transportation, healthcare, and finance. The research methodology for analysing the surety market involves gathering and analyzing data from various sources, including industry reports, market surveys, and company financials. The report presents the findings in a comprehensive report, including insights, recommendations, and key takeaways. The research methodology for analyzing the surety market involves a combination of quantitative and qualitative analysis to provide a comprehensive understanding of the market dynamics, trends, and opportunities.
Surety Market Overview
The surety market is a specialized sector within the broader insurance industry that provides financial guarantees to ensure that certain obligations are met. In general, surety bonds are contractual agreements between three parties: the principal (the party required to perform), the obligee (the party to whom the performance is owed), and the surety (the party that guarantees the performance). North America is the largest market for surety bonds, with the United States accounting for the majority of the region's market share. Europe is also a significant market, with countries such as Germany and the United Kingdom leading the way. The Asia-Pacific region is expected to see significant growth in the coming years, driven by increased infrastructure spending and government initiatives to promote economic development.
An increase in adoption of Technology Presents Significant Opportunity for Surety Companies
Surety companies are expected to take advantage of the increasing use of technology to grow their business and improve their operations. Technology helps surety companies gather and analyze data more efficiently and accurately, which can help underwriters make better decisions. For example, predictive analytics can be used to identify potential risks and assess the likelihood of claims. Technology can also help surety companies automate certain tasks and streamline their operations. For example, using digital platforms and electronic signatures can make the bond issuance process faster and more efficient. Technology can also facilitate collaboration between surety companies and their customers. For example, surety companies can use video conferencing tools to communicate with customers and provide support. the increasing use of technology presents a significant opportunity for surety companies to improve their business processes and provide a better customer experience. By embracing new technologies, surety companies can position themselves for growth and success in the future.
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North America is a major player in the surety market
In North America, the surety market is well-established and has a long history of providing these types of guarantees. North America accounted for the largest share of the global surety market in 2022 because of several factors, including a strong economy, a robust construction industry, and a favorable regulatory environment. The report also notes that the surety market in North America is expected to continue to grow over the next several years.
Surety Market Segmentation
By Bond Type:
- Contract Surety Bond
- Commercial Surety Bond
- Fidelity Surety Bond
- Court Surety Bond
Based on Bond Type, Contract surety bonds segment is expected to hold dominant position in Surety Market during the forecast period
There are several types of surety bonds, including contract surety bonds, which are used to guarantee the performance of contractors on construction projects; commercial surety bonds, which are used to guarantee the performance of non-construction contracts; and fidelity surety bonds, which are used to protect against employee theft and other dishonest acts. Contract surety bonds are typically required for construction projects to ensure that contractors perform their work according to the terms of the contract. Commercial surety bonds provide financial assurance for non-construction related industries, such as licensing and permits. Fidelity surety bonds protect against employee dishonesty and theft.
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By End-User:
- Individuals
- Enterprises
Surety Market Key Players Include:
- Zurich Insurance Group
- Liberty Mutual Insurance Group
- Chubb Limited
- The Travelers Companies, Inc.
- CNA Financial Corporation
- HCC Insurance Holdings
- The Hartford Financial Services Group, Inc.
- American International Group, Inc.
- Old Republic Surety Company
- The Hanover Insurance Group
- AmTrust Financial Services, Inc.
- Tokio Marine HCC
- Arch Insurance Group
- Markel Corporation
- QBE Insurance Group Limited
- Berkshire Hathaway Specialty Insurance
- Hiscox Ltd.
- Nationwide Mutual Insurance Company
- XL Catlin
- Everest Re Group, Ltd.
Zurich Insurance Group:
Zurich Insurance Group is a leading multi-line insurance provider based in Switzerland. The company operates in more than 215 countries and territories, providing a wide range of insurance products and services to individuals, small businesses, and large corporations.
Liberty Mutual Insurance Group:
Liberty Mutual Insurance Group is a multinational insurance company headquartered in Boston, Massachusetts, United States. The company offers a wide range of insurance products and services, including personal and commercial property and casualty insurance, life insurance, and specialty insurance.
Key questions answered in the Surety Market are:
- What is Surety?
- What was the Surety market size in 2021?
- What is the expected Surety market size by 2029?
- What is the growth rate of the Surety Market?
- Which are the factors expected to drive the Surety market growth?
- Which factors are expected to restrain the Surety market growth?
- Which segment dominated the Surety market growth?
- What is the demand pattern for the Surety market?
- Which region held the largest share in the Surety market?
- Who are the key players in the Surety market?
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Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size & Forecast by different segment | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
- Market Segmentation – A detailed analysis by Bond Type, End-User
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology, and communication, cars, and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
