PUBLISHER: Allied Market Research | PRODUCT CODE: 1414786
PUBLISHER: Allied Market Research | PRODUCT CODE: 1414786
According to a new report published by Allied Market Research, titled, "Performance Bank Guarantee Market," The performance bank guarantee market was valued at $8.8 billion in 2022, and is estimated to reach $20.7 billion by 2032, growing at a CAGR of 9.2% from 2023 to 2032.
The bank guarantee reduces the chances and financial risks for importers and exporters as in the event that a buyer fails to pay on time, the seller may rest certain that payment will be made on behalf of the bank. Moreover, it decreases the seller's risk of financial fraud, because it includes funding both foreign and domestic trade flows. These factors notably contribute toward the growth of the global performance bank guarantee market. However, lack of funding for small and medium-sized businesses in emerging nations, as well as a growth in trade conflicts between countries like India and China are some of the factors that hamper the market growth. On the contrary, digitization of bank guarantee platforms and surge in new trade agreements and development in existing contracts of trade in various countries are expected to provide lucrative opportunities for the market growth in the coming years.
The performance bank guarantee market is segmented into application, enterprise size, end user, and region. By application, the market is categorized into international and domestic. Depending on enterprise size, it is segregated into large enterprises and small and medium-sized enterprises. On the basis of end user, it is segmented into exporters and importers. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The performance bank guarantee market analysis includes top companies operating in the market such as HDFC Bank Ltd, DBS Bank, Wells Fargo & Company, Citigroup, United Overseas Bank Limited, JPMorgan Chase & Co, UBS Group AG, Macquarie Group Limited, Duetsche Bank, and Federal Bank. These players have adopted various strategies to increase their market penetration and strengthen their position in the performance bank guarantee industry.
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