Performance Bank Guarantee Market to Reach $20.67 billion, Globally, by 2032 at 9.2% CAGR: Allied Market Research

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Prime Determinants of Growth

The performance bank guarantee market is expected to witness notable growth owing to reduction in the chances of financial risks for importers and exporters, which facilitates importers and exporters to increase cross border transactions and digitalization of the performance bank guarantee platforms. Moreover, rise in import and export activities between the countries is expected to provide lucrative opportunity for the growth of the market during the forecast period. On the contrary,  lack of credit facilities for SMEs and trade wars between countries limits the growth of the performance bank guarantee market.

Report Coverage & Details:

Report Coverage

Details

Forecast Period

2023–2032

Base Year

2022

Market Size in 2022

$8.79 billion

Market Size in 2032

$20.67 billion

CAGR

9.2 %

No. of Pages in Report

387

Segments Covered

Application, Enterprise Size, End User and Region.

Drivers

Performance bank guarantee reduces the chances of financial risks for importers and exporters

Facilitates importers and exporters to increase cross border transactions

Digitalization of the performance bank guarantee platforms

Opportunities

Rise in import and export activities between the countries

Restraints

Lack of credit facilities for SMEs

Trade wars between countries

The international segment to maintain its leadership status throughout the forecast period

Based on the application, the international segment held the highest market share in 2022, accounting for more than three-fourths of the global performance bank guarantee market revenue and is estimated to maintain its leadership status throughout the forecast period. This is primarily attributed to the fact that there is an increased need for assurances that contractual obligations will be met, even in unfamiliar jurisdictions as businesses expand their operations across borders. International transactions often involve higher risks due to varying legal and economic environments, making performance bank guarantees a critical component in fostering trust between parties from different countries. Furthermore, international trade and commerce rely heavily on timely and reliable delivery of goods and services, further emphasizing the importance of performance guarantees in cross-border transactions. However, the domestic segment is projected to attain the highest CAGR of 12.0% from 2023 to 2032. This can be attributed to the resurgence of local economies and increased government emphasis on infrastructure development and domestic projects. There is a surge in demand for performance bank guarantees to ensure that contractors and suppliers meet their obligations as countries invest in their own infrastructure, construction, and development projects.

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The large enterprises segment to maintain its leadership status throughout the forecast period

Based on the enterprise size, the large enterprises segment held the highest market share in 2022, accounting for more than three-fifths of the global performance bank guarantee market revenue. This is due to their extensive operations and involvement in complex, high-value projects. These enterprises often engage in large-scale contracts, such as infrastructure development, construction, and major supply chain agreements. In such scenarios, performance bank guarantees offer a crucial layer of assurance for both parties involved. However, the small and medium-sized enterprises segment is projected to attain the highest CAGR of 10.9% from 2022 to 2032. This is due to the fact that these enterprises increasingly find themselves engaging in larger contracts and projects, where performance guarantees become essential.  In addition, as SMEs strive to compete on a global scale, they are more likely to engage in international transactions, where the use of performance bank guarantees is common practice. Moreover, with advancements in technology and accessibility to financial services, SMEs now have better access to banking facilities and can more easily obtain these guarantees.

The importers segment to maintain its leadership status throughout the forecast period

Based on end user, the importers segment held the highest market share in 2022, accounting for nearly three-fifths of the global performance bank guarantee market revenue. Importers, who bring in goods or services from foreign markets, often require performance guarantees from their suppliers to ensure the timely and satisfactory delivery of the contracted items. This is particularly crucial in international trade where distances and regulatory differences can pose challenges. By obtaining a performance bank guarantee, importers mitigate the risk of non-compliance or substandard deliveries, thereby safeguarding their investments and maintaining the integrity of their supply chains.  However, the exporters segment is projected to attain the highest CAGR of 11.1% from 2022 to 2032. This surge can be attributed to an increasing trend in global commerce. Exporters, seeking to expand their market reach and tap into international opportunities, are increasingly recognizing the importance of offering performance guarantees to their overseas clients. Providing such assurances not only instills confidence in their capabilities but also establishes a competitive edge in the global market.

Asia-Pacific to maintain its dominance by 2032

Based on region, Asia-Pacific held the highest market share for more than two-fifths in terms of revenue in 2022 and it is expected to witness the fastest CAGR of 11.3% from 2023 to 2032 and is likely to dominate the market during the forecast period. This can be attributed to the region's rapid economic expansion, driven by emerging markets like China, India, and Southeast Asian nations. As businesses in Asia-Pacific increasingly engage in cross-border transactions and international contracts, there is an increased demand for performance bank guarantees to mitigate risks associated with unfamiliar partners or suppliers.

Leading Market Players: -

HDFC Bank LtdDBS BankWells Fargo & CompanyCitigroupUnited Overseas Bank LimitedJPMorgan Chase & CoUBS Group AGMacquarie Group LimitedDuetsche BankFederal Bank

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Key Benefits for Stakeholders

The study provides in-depth analysis of the global performance bank guarantee market share along with current trends and future estimations to illustrate the imminent investment pockets.Information about key drivers, restrains, and opportunities and their impact analysis on the global performance bank guarantee market size are provided in the report.The Porter's five forces analysis illustrates the potency of buyers and suppliers operating in the performance bank guarantee market opportunity.An extensive analysis of the key segments of the industry helps to understand the performance bank guarantee market trends.The quantitative analysis of the global performance bank guarantee market forecast from 2021 to 2030 is provided to determine the market potential.

Performance Bank Guarantee Market

By Application

InternationalDomestic

By Enterprise Size

Large EnterprisesSmall and Medium-sized Enterprises

By End User

ExportersImporters

By Region

North America (U.S., Canada)Europe (UK, Germany, France, Italy, Spain, Rest of Europe)Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)LAMEA (Latin America, Middle East, Africa)

The report provides a detailed analysis of these key players in the global performance bank guarantee market. These players have adopted different strategies such as product launch, partnership, and agreement to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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