Surety Market

Surety Market Size, Share, Trends, Growth, and Industry Analysis, Information by Bond Type (contract surety bonds, commercial surety bond, fidelity surety bonds, court surety bonds), By End User (businesses, contractors, construction organisations, government agencies, suppliers, service providers and individuals), Regional Analysis, Competitor Analysis and Forecast 2032.

Consumer Goods & Services | March 2024 | Report ID: EMR00674 | Pages: 259

Global Surety Market is predicted to reach approximately USD 35.66 billion by 2032, at a CAGR of 7.5 % from 2022 to 2032.


The surety market is part of the insurance sector and provides financial guarantees or bonds to ensure that the bonded party fulfils their obligations. A surety bond comprises three parties: the principal (the person who needs the bond), the obligee (the person who requests the bond), and the surety company (the company that provides the bond). These bonds are used in industries such as construction, finance, real estate, and transportation to protect the obligee from noncompliance by the principal. Increased construction activity, infrastructure projects, government regulations, economic conditions, and technological improvements are likely to promote expansion in the worldwide surety business.



Report Attribute


Estimated Market Value (2022)

18.6 Bn

Projected Market Value (2032)

35.66 Bn

Base Year


Forecast Years

2023 - 2032

Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- By Bond Type, By End User & Region

Segments Covered

By Bond Type, By End User & Region

Forecast Units

Value (USD Billion or Million), and Volume (Units)

Quantitative Units

Revenue in USD million/billion and CAGR from 2023 to 2032

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World

Countries Covered

U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others

Report Coverage

Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis.

Delivery Format

Delivered as an attached PDF and Excel through email, according to the purchase option.


 Global Surety Market Dynamics

The growing use of digital payment services around the world to enable quicker client payments is driving the global surety market. In contactless payments, innovative software, clever hardware, and astute services combine to improve conventional payment methods and usher in intelligent transactions. Additionally, card issuers are expanding the use of contactless payment card technologies globally at a rapid pace, contributing to the growth of the industry. The market is growing due to innovations and developments in payment security technologies, both in terms of products and services continuity. Moreover, a lack of confidence brought on by data theft, security concerns, and unauthorised use of contactless payment methods is probably going to restrict market expansion over the course of the forecast period.


Global Surety Market Drivers

  • Lower Interest Rates and Reduced Risk

Surety bonds are essential for lowering risk for lenders, which benefits borrowers by lowering interest rates. Surety bonds provide lenders trust by offering a financial guarantee, which encourages them to extend loans at favorable terms. This risk-reduction component acts as a powerful engine, luring additional players into the surety market and fostering its expansion.

  • Localization and Global Expansion

The surety industry has changed in favour of globalization, whereas it had previously given preference to local businesses. Major players in the sector are opening up shop in developing countries, taking advantage of the opportunities provided by growing economic activity. Global companies can also successfully compete by using local underwriters who understand the specifics of their local market. This dual approach of global expansion and localization will enable the surety market to reach a larger audience and grow faster.



In the surety market, certain constraints can affect its dynamics. One such restraint is the limited availability of surety bonds for larger projects due to the maximum guarantee amount imposed by regulatory authorities. This restriction, like the Insurance Regulatory and Development Authority of India's (IRDAI) 30% cap on project value, may limit surety companies' capacity to provide comprehensive coverage. Furthermore, market limits might occur as a result of the stringent underwriting standards and capital requirements imposed on surety companies, particularly affecting smaller competitors with limited resources, who may encounter compliance and market entry issues.



The evolving technological landscape creates substantial opportunity for surety organisations to improve their operations and client experience. Surety organisations are capable of enhancing their risk assessment and underwriting processes by integrating data analytics and artificial intelligence, resulting in more accurate and timely choices. Furthermore, developments in digital platforms enable consumers to apply and maintain surety bonds through online channels, giving real-time information and self-service capabilities. The use of technology, such as blockchain, improves claims administration by increasing transparency and decreasing the risk of fraud. Overall, employing technology in the surety business provides prospects for increased efficiency, cost savings, and greater client satisfaction.


Segment Overview

  • By Bond Type

Bonds are classified into four types: contract surety bonds, commercial surety bonds, fidelity surety bonds, and court surety bonds. Commercial and contract surety bonds are the most common, protecting both public and private interests, whereas court and fidelity surety bonds protect against lawsuit and theft. Premiums for all types of surety bonds are determined by the performance of the firm and the credit score of its owner, and normally range from 1% to 15% of the bond amount.

  • By End User

The worldwide surety market serves a wide range of end consumers from various industries. The primary end users include businesses, contractors, construction organisations, government agencies, suppliers, service providers, and individuals. Among these, the enterprises sub-segment is expected to increase significantly. This is due to the growing use of surety agreements, in which one party bears responsibility for a borrower's debt obligations in the event of default. Such agreements shield consumers from potential financial losses caused by untrustworthy businesses, fuelling the expansion of the enterprises sub segment in the global surety market.


Global Surety Market Overview by Region

North America

North America is poised to maintain its dominance in the surety market throughout the forecast period. This can be attributed to several factors. Firstly, the region benefits from a robust construction industry, which drives the demand for contract bonds. Additionally, North America has well-established regulatory frameworks and a mature surety market infrastructure, providing stability and confidence to market participants. Furthermore, the presence of major economies like the United States and Canada contributes to the region's strong market position. With these advantages, North America is expected to continue leading the surety market in the coming years.


The Asia Pacific surety market is expanding rapidly as a result of numerous factors. Major factors are the region's rapid economic development and large expenditures in construction and infrastructure projects. Surety bonds are in high demand as cities and populations develop in nations such as China and India. Furthermore, favourable government policies and activities boosting infrastructure development fuel the market's expansion. With these favourable conditions and the region's rising economies


 Global Surety Market Competitive Landscape

The glass dinnerware market is highly competitive, with multiple established players competing for dominance. These significant industrial players have a substantial market presence and well-established reputations. To acquire a competitive advantage, these players invest in ongoing research and development. They also actively pursue strategic expansion activities such as new product launches, alliance formation, and joint venture exploration, all with the goal of strengthening their market position and extending their consumer base. The glass tableware market's competitive landscape displays a dynamic and growing sector driven by the pursuit of innovation and market leadership. Some of the prominent players in the Anchor Hocking LLC, ARC International S.A., Bormioli Rocco SpA, Cristar, Duralex USA, Glass & Glass, glassia (Hidalglass S.A. de C.V.), Lenox Corporation, Libbey Inc., Nadir Figueiredo, Rigolleau S.A., Santos Décor, and Sisecam Group (Pasabahce)


Scope of Global Surety Market Report

Global Surety Market Report Segmentation



By Bond Type

  • Contract Surety Bonds
  • Commercial Surety Bond
  • Fidelity Surety Bonds
  • Court Surety Bonds

By End User

  • Businesses
  • Contractors
  • Construction organisations
  • Government agencies
  • Suppliers
  • Service providers and individuals

By Geography

  • North America (USA, and Canada)
  • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, and Rest of Latin America)
  • Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)

Customization Scope

  • Available upon request


  • Available upon request


Objectives of the Study

The objectives of the study are summarized in 5 stages. They are as mentioned below:

  •  Global Surety Market Size and Forecast: To identify and estimate the market size for Global Surety Market segmented by Bond Type, By End User, vertical, and by value (in U.S. dollars). Also, to understand the consumption/ demand created by consumers of contactless payment between 2020 and 2032.
  • Market Landscape and Trends: To identify and infer the drivers, restraints, opportunities, and challenges for the global contactless payment market
  • Market Influencing Factors: To find out the factors which are affecting the sales of contactless payment among consumers
  • Impact of COVID-19: To identify and understand the various factors involved in Global Surety Market affected by the pandemic
  • Company Profiling: To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.

Research Methodology

Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region.  The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.

Data Collection

Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.

Primary Research

After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market. 

Secondary Research

A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.

Top-Down Approach & Bottom-Up Approach

In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.

In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.

This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.

Market Analysis & size Estimation

Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.

Quality Checking & Final Review

The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.

Frequently Asked Questions

Global Surety Market forecast period is 2023 - 2032.
According to contactless payment market research, the market is expected to grow at a CAGR of ~7.5 %over the next ten years.
North America is expected to register the highest CAGR during 2023 - 2032.
North America held the largest share in 2023.
The major companies operating in the Surety Market include American Financial Group, Inc., The Travelers Indemnity Company, Liberty Mutual Insurance Company, The Hartford, HCC Insurance Holdings Inc., Chubb, AmTrust Financial Services, and IFIC Security Group.

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