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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
President Emmerson Mnangagwa met this week with Zambia’s former Vice President and Special Envoy Enoch Kavindele to discuss SADC’s candidate for the AfDB
President Mnangagwa, who is SADC Chairperson, reaffirmed his own country’s and SADC’s enthusiastic support for Zambian candidate Sam Maimbo
LUSAKA, Zambia, Dec. 20, 2024 /PRNewswire/ — Special Envoy Kavindele released the following statement following the meeting:
“I am elated to witness the growing success and momentum of Sam Maimbo’s candidacy to become the next President of the African Development Bank. I am filled with gratitude to our friends across both SADC and COMESA for their continued support and good wishes.
Sam has garnered such wide consensus due to his being uniquely qualified to deliver the transformative change and empowerment our continent needs. Sam’s 30 years in development work is defined by driving outcomes, improving processes, and investing in people. The AfDB needs a hands-on leader who is laser focused on delivering results and who is unafraid of making tough decisions in order to best serve our continent. Sam is that leader. Sam has the track record and experience to drastically enhance the pace, scale, and impact of the Bank’s work in service of the people and governments of Africa.
Our region has a proud history of supporting fellow Southern Africans. For example, we all recall Lusaka’s role in hosting the African National Congress’ headquarters during the dark days of Apartheid oppression.
It therefore gives me no pleasure to observe my South African brothers, who have themselves leant on Zambia’s steadfast friendship over many decades, fail to rally behind both SADC and COMESA’s chosen candidate for the AfDB. Africa’s urgent economic development challenges demand transformational leadership at the AfDB, it is all of our responsibility to put forward the best candidate for the job. This is not the time or place for a government to act with narrow self-interest, we all must act in the continent’s and AfDB’s best interest.
I thank Sam Maimbo for his lifelong service to our entire continent, and I am eager to witness his enormous impact as President of the AfDB.”
LONDON, Dec. 20, 2024 /PRNewswire/ — Heimdal Security shares a practical holiday cybersecurity checklist, offering expert insights to help businesses safeguard against cyber threats this festive season.
With reduced staffing, remote work setups, and a surge in online shopping creating heightened vulnerabilities, this guide offers actionable tips to enhance business security.
Going beyond basic advice, the checklist also highlights the most common holiday scams and features videos showcasing real-life examples of Christmas-themed cyber scams and effective prevention strategies.
Key Tips to Protect Businesses This Holiday Season:
- Strengthen endpoints: Ensure devices are updated with antivirus and endpoint protection software; consider Endpoint Detection and Response (EDR) and application whitelisting.
- Prepare for phishing spikes: Train staff to identify suspicious emails, enforce robust email filters, and establish protocols for reporting unusual activity.
- Secure remote access: Mandate VPN usage, monitor unusual logins, and deactivate inactive accounts temporarily.
- Segment and shield networks: Isolate sensitive areas, deploy DNS security and advanced firewalls, and maintain full visibility over network traffic.
- Apply timely patches: Regularly update all systems and test patches in a controlled environment to minimize disruptions.
- Mitigate supply chain risks: Assess vendors thoroughly and limit their access to essential systems.
- Have a response plan ready: Tailor incident protocols for the holidays, create an on-call rotation for the IT team, and enable rapid action against suspicious activity.
“ Cybercriminals thrive on holiday distractions, but with proactive measures like phishing training, secure endpoints, and network segmentation, businesses can stay ahead of potential threats,” said Alex Panait, System Administrator at Heimdal Security.
Common Holiday Scams That Businesses Should Watch For:
Cybercriminals often tailor their tactics to exploit the festive season. The most common scams include:
- Spear phishing: Emails disguised as holiday bonuses or event invitations that steal credentials or spread malware.
- Malicious holiday E-Cards: Festive greetings that contain links deploying ransomware or spyware.
- Fake E-Commerce sites: Fraudulent websites offering discounts to steal payment information.
- Insider threats: Distracted or disgruntled employees mishandling or exploiting sensitive data.
- Corporate travel scams: Fake booking platforms targeting business travelers.
- Business email compromise (BEC): Fraudulent requests for urgent wire transfers during year-end financial rushes.
For more, read the full article here or watch the video on YouTube to see how these threats unfold and learn actionable prevention strategies.
About Heimdal:
Established in Copenhagen in 2014, Heimdal® empowers CISOs, security teams, and IT administrators to improve their security operations, reduce alert fatigue, and implement proactive measures through a unified command and control platform.
Heimdal’s award-winning cybersecurity solutions span the entire IT estate, addressing challenges from endpoint to network levels, including vulnerability management, privileged access, Zero Trust implementation, and ransomware prevention.
For further press information:
Madalina Popovici
Media Relations Manager
[email protected]
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Fintech PR
According to Tickmill survey, 3 in 10 Britons in economic difficulty: Purchasing power down 41% since 2004
The people who have the most problems are women (30%) and are between 35 and 49 years old (39%)
ROME, Dec. 20, 2024 /PRNewswire/ — The purchasing power in the UK has dropped by 41% over the last 20 years. Today, £100,000 left in a bank account since 2004 without being invested would now be worth £59,021.
This figure is one of the findings from a study conducted by Tickmill, an international online trading broker that compared the economic situation in the UK and the European Union through the infographic “Purchasing Power and Cost of Living: UK vs EU”.
The analysis reveals a slight decline of 0.4% in the UK’s purchasing power, which currently stands at £41,573. In contrast, the European Union has seen a modest rise of 0.1%, reaching £40,874.
Why is purchasing power declining in the UK? One key factor is the cost of living. If the UK were still part of the European Union, it would rank as the fifth most expensive country, behind Ireland, Luxembourg, Denmark, and the Netherlands.
Unsurprisingly, 3 in 10 Britons are struggling with the cost of living. Women (3 in 10, compared to 25% of men), those aged between 35 and 49 (4 in 10), households earning less than £15,000 (6 in 10), and single parents (1 in 2) are among the most affected groups.
Among UK nations, Northern Ireland is the hardest hit, with 34% of its population facing financial difficulties, followed by Wales (31%), England (28%), and Scotland (22%). In England, the North East has the highest percentage of people struggling, with 4 in 10 residents affected. Even in London, the high costs impact 1 in 4 adults.
In response to these challenges, Britons are making significant adjustments:
- 53% have cut back or delayed spending on smaller items like eating out, entertainment, subscriptions, clothing, toys, books, etc.;
- 52% have reduced household energy consumption;
- 48% have decreased their grocery spending;
- 41% have scaled back or postponed major expenditures, such as holidays, cars, and weddings;
- 26% are working longer hours, taking on overtime, or pursuing additional jobs to earn extra income.
The British also made changes on the financial side. One in four adults has been forced to dip into their savings or investments to cover daily expenses. Moreover, 44% have stopped saving or investing entirely or have reduced their savings and investments—a 4% increase compared to 2023.
The lack of investment is another critical factor contributing to the decline in purchasing power. It is estimated that 13 million UK residents hold £430 billion in cash deposits but do not invest. The reasons? Seventy-four percent say they cannot compare investment products effectively, and 43% are afraid of losing their money.
A lack of knowledge and fear are preventing many savers from taking advantage of an important opportunity: preserving or increasing their purchasing power in the long term.
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Fintech PR1 day agoAccording to Tickmill survey, 3 in 10 Britons in economic difficulty: Purchasing power down 41% since 2004