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Performance Bank Guarantee Market to Reach $20.67 billion, Globally, by 2032 at 9.2% CAGR: Allied Market Research
One major growth factor for the performance bank guarantee market is increased global trade and business expansion. As companies look to expand their operations internationally, they often need assurances that their partners or contractors will fulfill their obligations. This is where performance bank guarantees come in handy. They provide a level of confidence to parties involved in a transaction that if one party doesn’t meet their commitments, the bank will step in and make sure the terms of the contract are fulfilled. With globalization and businesses operating across borders, the demand for these guarantees has been steadily rising. This growth is driven by the need for trust and security in complex international business transactions, making performance bank guarantees a crucial tool for facilitating global commerce
WILMINGTON, Del., Nov. 14, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Performance Bank Guarantee Market by Application (International and Domestic), Enterprise Size (Large Enterprises and Small and Medium-sized Enterprises), and End User (Exporters and Importers): Global Opportunity Analysis and Industry Forecast, 2023–2032″. According to the report, the global performance bank guarantee market size was valued at $8.79 billion in 2022, and is projected to reach $20.67 billion by 2032, growing at a CAGR of 9.2% from 2023 to 2032.
A performance bank guarantee (PBG) is a type of surety bond that is used in construction contracts. It is a guarantee from a bank or a financial institution that the contractor will complete the project according to the terms of the contract. If the contractor fails to complete the project, the surety will pay the owner the amount of the bond. The PBG can be established between the main contractor and the client/sub-contractor or between the supplier and the main contractor. PBGs are typically required for large or complex construction projects, where the owner is concerned about the contractor’s ability to complete the project on time and within budget. They can also be required for projects that are funded by government agencies, as a way of protecting the public interest.
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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 Ltd
- DBS Bank
- Wells Fargo & Company
- Citigroup
- United Overseas Bank Limited
- JPMorgan Chase & Co
- UBS Group AG
- Macquarie Group Limited
- Duetsche Bank
- Federal 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
- International
- Domestic
By Enterprise Size
- Large Enterprises
- Small and Medium-sized Enterprises
By End User
- Exporters
- Importers
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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Fintech PR
DAY TWO OF HONG KONG INVESTOR SUMMIT TACKLES MEGATRENDS IMPACTING THE PLANET’S EIGHT BILLION CITIZENS
HONG KONG, Dec. 8, 2023 /PRNewswire/ — The Future Investment Initiative PRIORITY Summit Hong Kong today reconvened leaders from finance and government for a second day to address global matters of concern to humanity.
One thousand global investors, policy makers, innovators and business leaders were joined by counterparts from across Asia to discuss ‘megatrends’ including the unstoppable rise of Asia as an economic power, the impact of technology on lifestyles and jobs, and the deployment of capital between diverse markets and economies.
The day began with a presentation by FII Institute CEO Richard Attias and COO Rakan Tarabzoni of the Priority Compass Report, a global survey of 53,000 people across 23 countries. The survey revealed a sharp drop of 20% worldwide in people’s overall satisfaction with their lives, with respondents reporting concerns over cost of living, loneliness, technology, and climate concerns. 65% of people in countries polled are worried about day-to-day living costs. Loneliness has leaped up the list of concerns, with 41% of Asia’s population reporting frequent feelings of loneliness. 55% of people worldwide are worried about access to affordable and accessible healthcare and climate concerns continue to deepen as 78% of people across the Global South are worried about pollution.
Laurence Moroney, Lead AI Advocate at Google addressed concerns about AI and the risk of biases emerging because of reliance on narrow English language datasets. Moroney pointed out that 60% of information on Web 2.0 is generated by bots.
He also argued that innovators in AI need to account for distinctive local cultural identities in the development of AI models and explained that Google’s Gemini is working to condense and preserve cultures into small models, allowing people to interact with, learn about, and preserve individual distinctive cultures.
A panel discussion on cost of living heard Jerry Li, Founder and Managing Partner eWTP Arabia Capital describe data as the new oil, a resource driving innovation and progress. The 120 zettabytes (120, 000,000,000,000,000,000,000 bytes) generated in 2023 is expected to increase by over 150% in 2025, to 181 zettabytes.
During a panel discussion on the future of work Edith Yeung of Race Capital suggested that AI will free people from doing the things that they do not want to do, freeing them for more meaningful activities. The average person will spend 90,000 hours at work over a lifetime.
Raymond Yuan, CEO & Chairman CTH Group pointed out synergies between blockchain and AI starting to emerge in healthcare, life sciences, as well as financial services. The global Blockchain Market size was estimated to be approximately $7.4 billion in 2022 and the global artificial intelligence market $428 billion.
A panel of leading Asian venture capitalists debated ways in which Asia can grow vibrant and successful startup ecosystems, with $22.3 billion invested in Asian startups between July and September 2023.
Discussing the impact of investment on longevity and ageing Joshua Fink, Founder Luma Group, explained that revolutionary regenerative medicine, inspired by Nobel Prize-winning research, can reverse cells to a pre-disease state, offering hope against genetic diseases.
His Royal Highness Prince Faisal bin Bandar bin Sultan, Chairman, Saudi Esports Federation described the spectacular growth of gaming over the last 20 years at 12% per year. By the end of 2023 it is projected there will be 3.75 billion gamers in the world.
In a ‘titan of industry’ fireside chat with Sir Martin Sorrell, Richard Attias and Sorrell surveyed the global media sector, worth $950 billion, with digital projected to comprise 70% by 2025. On the future of platforms such as TikTok Sorrell explained that with young people’s views being shaped by new forms of social media, issues surrounding data safety and privacy will continue. Discussing ‘hyper personalization’ he pointed out that Coca Cola is thinking about the potential for AI to target individual messages to consumers.
Rakan Tarabzoni, COO, FII Institute presented the summit with FII’s inclusive ESG tool, launched to help companies in emerging markets improve sustainability and help investment capital find current and future performance leaders. The tool, which has been made publicly available will address biases inbuilt in other ESG methods and may unlock a $5.4 trillion funding gap of investments into emerging markets.
In the final session HE Kjell Magne Bondevik former Prime Minister of Norway and President, Oslo Centre for Peace and Human Right declared himself convinced that businesses that take more seriously the concerns of common people will be the businesses that will thrive in the future.
The FII Institute has worked with HKEX and consulting firm Deloitte to offset the carbon emissions generated by the summit, by purchasing credits on the HKEX Core Climate exchange, exemplifying a shared conviction that purposeful markets and business can serve humanity as a force for good.
During the summit BOC International signed a strategic cooperation framework agreement with SPIC International Finance (Hong Kong) Company Ltd. on green finance, bond investment and issuance, and global capital management. The signing was witnessed by Mr. Paul Chan, Financial Secretary of Hong Kong SAR.
The summit, held in partnership with Hong Kong Exchanges and Clearing Limited (HKEX), took place at HKEX Connect Hall.
The FII PRIORITY Summit Hong Kong continues conversations held in Riyadh last month. It is part of an ongoing global programme of summits, to be held next year in Miami (February) Brazil (June) and Africa (September))
Richard Attias, CEO of the Future Investment Initiative Institute said:
“I should like to thank Hong Kong Government, the Hong Kong Exchange and the people of this fabulous city for the welcome they have shown us this week. As the world charts its forward course we must be mindful at every turn of the issues that matter. Whether it’s cost of living, developing new modes of payment, new social media platforms, or poverty, it is investment and innovation that can make the difference. The investors and innovators here this week have taken these issues seriously and the conversations and hard work will continue as we strive for a better tomorrow.”
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Email: [email protected]
About FII Institute
The Future Investment Initiative (FII) Institute is a global non-profit foundation driven by data with an investment arm and one agenda: Impact on Humanity. Global and inclusive, we foster great minds from around the world and turn ideas into real-world solutions in four critical areas: Artificial Intelligence (AI) & Robotics, Education, Healthcare and Sustainability.
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VICTORIA, Seychelles, Dec. 8, 2023 /PRNewswire/ — OrangeX, a global cryptocurrency exchange, is proud to unveil its $5 million Innovation Fund. Designed to bolster the Bitcoin ecosystem and propel blockchain innovation, the Fund’s core focus is on investing in promising projects within the Bitcoin ecosystem, including Ordinals Protocols and BRC-20 standard tokens.
In the dynamic landscape of the evolving Bitcoin ecosystem, various features and functionalities are continually reshaping its potential. Notably, the BRC-20 token standard has emerged as a key player, attracting significant attention.
Recognizing the surging demand and immense potential of BRC-20 standard token projects, OrangeX’s Innovation Fund stands ready to provide crucial capital and infrastructure support to empower the community in building a resilient and flourishing Bitcoin ecosystem.
Exciting Bitcoin Ecosystem Initiatives
OrangeX is proud to introduce a range of products and services tailored for the Bitcoin ecosystem and projects, catering to user preferences. Key offerings include:
- Bitcoin-based Token Trading: Facilitating the listing and trading of Bitcoin-based tokens. ORDI, the largest BRC-20 token, is now available on both OrangeX Spot and Perpetual Contracts.
- Bitcoin Ecosystem Information: Providing valuable insights and analytics on the Bitcoin ecosystem.
- Bitcoin Ecosystem Token Launchpad: Offering a fair and efficient token distribution service for promising Bitcoin ecosystem projects with financial, technical, and marketing assistance. Share early ecosystem returns with a larger customer base. Interested project owners can contact [email protected] for more information.
OrangeX CEO, Alexandra K, expressed confidence in the potential of outstanding Bitcoin Ecosystem projects. He stated, “These projects not only stand to receive financial backing from OrangeX but also gain access to a suite of services, resources, and connections available through our platform. With these tools, we believe our supported projects will thrive, succeed, and have a positive impact on the world.”
Empowering the Bitcoin Ecosystem: OrangeX’s Pioneering Role
Bitcoin, the original cryptocurrency, remains the bedrock of blockchain finance. Every trading platform benefits from the development of Bitcoin. If there is no Bitcoin, cryptocurrency exchange will no longer exist. With 15 years since its inception, the Bitcoin revolution continues to unfold, presenting a dynamic and evolving ecosystem. Anticipate groundbreaking innovations that will redefine possibilities.
As a central figure in this domain, every cryptocurrency exchange is urged to actively contribute to the ongoing development of the Bitcoin ecosystem. OrangeX, as a trailblazer, introduces the Innovation Fund, a platform committed to integrating Bitcoin ecosystem products. This initiative aims to address user needs in exchanging, managing, and investing in Bitcoin-based projects.
OrangeX invites collaboration from institutions, communities, and projects to join forces in propelling the growth and diversification of the Bitcoin ecosystem. Together, let’s forge a future where Bitcoin is more accessible, versatile, and inclusive – ensuring its enduring significance in the ever-evolving landscape of blockchain-based finance.
About OrangeX
Founded in 2021 in Seychelles, OrangeX stands as a worldwide cryptocurrency trading platform renowned for its cutting-edge technology, proficient team, and seasoned financial knowledge. With more than 1 million active users, OrangeX has built a comprehensive product line, dedicated to empowering investors to make a better future. OrangeX futures trading offers 3 service options: USDT-M Perpetual Contracts, One-Click Copy Trading and Powerful API. According to Coinmarketcap(CMC) and CoinGecko, OrangeX Spot now supports over 100 coins with approximately 130 trading pairs.
For more information, please visit: Website | Twitter | Telegram | CoinMarketCap | CoinGecko
For media inquiries, please contact: [email protected]
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SHENZHEN, China, Dec. 8, 2023 /PRNewswire/ — On December 8, the 2023 Shenzhen Global Investment Promotion Conference was held in Shenzhen, China. Over 380 projects were signed, with a total investment of 1 trillion yuan. The event was attended by more than 1,000 distinguished guests from countries and regions including the United States, Japan, and the EU.
Shenzhen, an open city, is extending invitations to global investors. Under the theme of “Create New Paradigms, Embrace Shared Opportunities — Invest in Shenzhen, Build a Winning Future”, the Conference took place in the format of “1+1+12+N” events, according to the Commerce Bureau of Shenzhen Municipality. Specifically, it consists of one main event, namely the Investment Promotion Conference and the Shenzhen City Summary Meeting on Investment Promotion; one Investment Outcome Exhibition Area; 12 district-level investment promotion conferences; and several overseas parallel sessions and industrial investment promotion activities. Ten overseas parallel sessions were staged in Madrid, Zurich, Hawaii, Vancouver, San Diego, Brisbane, Chicago, Tokyo, Sydney, and Milan. 12 industry investment promotion activities were held on various topics, including energy storage, digital energy, finance, consumption, talent attraction, and high-tech industries.
A favorable business environment serves as the best “Chinese parasol tree”, the greatest “magnet”, and the core competitiveness of a city. The Conference showcased investment opportunities and policies for investing in Shenzhen as well as presented Shenzhen’s first-class business environment to the world. Shenzhen has ranked among the top in China’s business environment evaluations for all 18 indicators. With a flourishing private economy, Shenzhen boasts a total of 4.16 million registered business entities and ranks first nationwide for the total quantity and density of entrepreneurship.
The excellent business environment has made Shenzhen a popular land for international investment, and multinational companies maintain promising prospects for investment in the city. Thomas Triomphe, Global Executive President of Sanofi Pasteur, expressed confidence in the tremendous potential Shenzhen holds for the future. “This is an incredible city. The technological and economic development in Shenzhen has been impressive over the past few years,” said David Kohler, Chairman and CEO of Kohler Group.
This year, the Conference set up the Investment Outcome Exhibition Area for the first time to present the investment outcomes and development plans of the districts and departments of the city in recent years. An area was also set up for an exhibition on local renowned brands to display products in advanced manufacturing, consumer electronics, trendy lifestyles, and the new-style tea industry.
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