The surety market was valued at US$ 16.07 billion in 2019 and is projected to reach US$ 25.18 billion by 2027; it is expected to grow at a CAGR of 6.4%from 2020 to 2027.
The global surety market encompasses a substantial number of market players operating in it, resulting in a fragmented global market. However, the surety market include a selected number of prominent market players, such as The Travelers Indemnity Company, Liberty Mutual Insurance Company, The Hartford, Chubb, and CNA Financial Corporation, with the considerable customer base and strong market position. At present, the global surety market is dominated by the developed regions, such as North America and Europe, accounting for more than 75% of the global surety market collectively. Factors such as aging infrastructure in developed countries,need for massive restoration investment, and acceptance of P3 models are contributing significant market share consolidation of the surety marketcompanies in North America and Europe. However, the surety market in South Americais anticipated to gain a significant traction and expected to witness the most attractive growth rate during the forecast period.
Impact of COVID-19 Pandemic on Surety Market
The construction industry across the world was witnessing significant growth prior to the emergence of COVID-19 in late 2019. The outbreak of COVID-19 has led the construction industry players to temporarily call off their respective projects. Due to unprecedented impact of COVID-19 and uncertainty in economic conditions of developedand developing countries, the construction industry is expected to witness a slower growth till 2021. Attributing to the fact that surety market is heavily driven by construction industry, a slowdown in the growth of construction industry is reflecting downfall in surety market globally.
Lucrative Regions for Surety Market
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Surety Market Insights
Rising need for innovative insurance solutions to offer prosperous opportunity to surety market
There is a high requirement for innovative construction insurance in high growth markets such as China since, One Belt One Road Initiative is anticipated to offer growth opportunities to the surety market. In 2013, China’s President launched the One Belt, One Road Initiative as a foreign policy directive. The determined investment strategy aims to encourage Chinese as well as global economic growth. Considered as a “mega infrastructure project,” the initiative focus on attracting investment chiefly in the transportation and energy sectors, which includes roads, bridges, railways, ports, and power grids. Commercial insurance is expected to notice consequent progress in project-related premium income across the fastest growing global insurance market.As per Swiss Re, around US$7 million in commercial premium has been already produced by projects in progress. Moreover, an additional expected premium of US$ 27 billion could be generated to fund future investments leading to completion of lined up projects by 2030. Considering these factors, the surety market is anticipated to be benefitted by the One Belt, One Road Initiative.
Bond Type-Based Market Insights
Surety bonds are obtained by principal parties to protect third parties from a failure to meet contractual obligations. There are four main types of bonds that serve different purposes namely: contract surety bond, commercial surety bond, fidelity surety bond, and court surety bond. The most common surety bonds are the commercial and contract surety bond that serve the purpose of protecting the public and private interests. The court and fidelity surety bonds protect against the litigation and theft. Surety bonds of all types cost a premium based on the performance of the business and credit score of the business owner which is between 1% and 15% of the bond value.
Surety Market, by Bond Type– 2019 and2027
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Surety Market: Strategic Insights
Market Size Value in US$ 16.07 Billion in 2019 Market Size Value by US$ 25.18 Billion by 2027 Growth rate CAGR of 6.4% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Surety Market: Strategic Insights
| Market Size Value in | US$ 16.07 Billion in 2019 |
| Market Size Value by | US$ 25.18 Billion by 2027 |
| Growth rate | CAGR of 6.4% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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The players in the surety market focus on strategies such as mergers, acquisitions, and expansion to newer geographiesto maintain their positions in the market. A few developmentsby key players are listed below:
In 2019,Liberty Mutual Insurance Company entered into an agreement to acquire the global surety and credit reinsurance operations of AmTrust Financial Services, including AmTrust Surety, AmTrust Insurance Spain, Nationale Borg, and Nationale Borg Reinsurance. The company believes that this acquisition strengthens its global surety, reinsurance expertise, market leadership, and geographic scope.
In 2018, CNA Financial Corporation opened its new global headquarters in Chicago; this relocation aimed to help the employees to connect all that CNA has to offer its customers.
In 2018, American Financial Group announced entering into an agreement to acquire ABA Insurance Services Inc. for approximately US$ 28 million. This acquisition is aimed to strengthen the position of the company in the surety market
Surety Market – by Bond Type
- Contract Surety Bond
- Commercial Surety Bond
- Court Surety Bond
- Fidelity Surety Bond
Surety Market– by Geography
North America
- US
- Canada
- Mexico
Europe
- France
- Germany
- Italy
- UK
- Spain
- Rest of Europe
Asia Pacific (APAC)
- China
- India
- South Korea
- Japan
- Australia
- Rest of APAC
Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
South America (SAM)
- Brazil
- Rest of SAM
Company Profiles
- Crum & Forster
- CNA Financial Corporation
- American Financial Group, Inc.
- The Travelers Indemnity Company
- Liberty Mutual Insurance Company
- The Hartford
- HCC Insurance Holdings Inc.
- Chubb
- AmTrust Financial Services
- IFIC Security Group
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Bond Type , and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
Contractbonds protects the owners in case a contractor backs out after winning a bid after the contractor wins a bid accepts to work on the project bid bond is replaced by a performance bond. The erformance surety bond protects the owner if the work done by the contractor is not according to the terms in the contract. The contract bond captures a significant share of the surety market and is growing continuously due to rapid increase in construction activities in various regions like APAC, Europe, and MEA. The contract surety bonds are replacing other guarantee methods like bank guarantees and pay on demand services.
The surety market penetration rates in North America region is higher than any other markets across the globe. This is attributed to most of U.S. State governments’ laws that mandate surety bonds. Both the U.S. and Canada surety markets are ruled by insurers, and banks play only a minor role.
Ageing power generation and distribution infrastructure are becoming a key biggest challenges for utilities in developed countries. For instance, in the U.S., the power grid is believed to be valued an estimated US $876 Bn, renovating infrastructure would cost hundreds of US$ Bn, as per the U.S Department of Energy. Furthermore, certain countries in the European region are citing the same issues.Upgrading generation, as well as transmission facilities in these countries, would draw significant investments hence, the Surety market is expected to bolster.
1. INTRODUCTION
1.1 Scope of the Study
1.2 The Insight Partners Research Report Guidance
2. key takeaways
3. Surety market landscape
3.1 market overview
3.2 market segmentation
3.2.1 Global Surety Market – By Bond Type
3.2.2 Global Surety Market – By Geography
3.3 pest analysis
3.3.1 North America PEST Analysis
3.3.2 Europe PEST Analysis
3.3.3 Asia Pacific PEST Analysis
3.3.4 Middle East and Africa PEST Analysis
3.3.5 South America PEST Analysis
4. Surety market – key industry dynamics
4.1 key market drivers
4.1.1 Ageing infrastructure of developed economies creating a need for massive investments in its restoration
4.1.2 Global acceptance of Public Private Partnership Model anticipated to drive the Surety market growth
4.2 Key market restraints
4.2.1 Shortage of properly trained underwriter in the Surety Industry
4.3 key market opportunities
4.3.1 Rising need for innovative insurance solutions to offer prosperous opportunity to Surety market
4.4 Future trends
4.4.1 Adoption of Surety bond by diverse end-use industries
4.5 impact analysis of Drivers and restraints
5. Surety – global market analysis
5.1 Global Surety Market Overview
5.2 Global surety market Forecast and Analysis
6. surety market revenue and forecasts to 2027 – bond type
6.1 Overview
6.2 Global surety Market Breakdown, By bond type, 2019 & 2027
6.3 contract surety bond
6.3.1 Overview
6.3.2 Contract Surety Bond Market Forecasts and Analysis
6.4 commercial surety bond
6.4.1 Overview
6.4.2 Commercial Surety Bond Market Forecasts and Analysis
6.5 fidelity surety bond
6.5.1 Overview
6.5.2 Fidelity Surety Bond Market Forecasts and Analysis
6.6 court surety bond
6.6.1 Overview
6.6.2 Court Surety Bond Market Forecasts and Analysis
7. Global surety market – Geographical ANalysis
7.1 Overview
7.2 North America Surety Market Revenue and Forecasts to 2027
7.2.1 North America Surety Market Revenue and Forecasts to 2027 (US$ Million)
7.2.2 North America Surety Market, by Bond Type
7.2.3 North America Surety Market Breakdown, by Key Countries
7.2.3.1 U.S. Surety Market Revenue and Forecasts to 2027 (US$ MILLION)
7.2.3.1.1 US Surety Market, by Bond Type
7.2.3.2 Canada Surety Market Revenue and Forecasts to 2027 (US$ Million)
7.2.3.2.1 Canada Surety Market, by Bond Type
7.2.3.3 Mexico Surety Market Revenue and Forecasts to 2027 (US$ Million)
7.2.3.3.1 Mexico Surety Market, by Bond Type
7.3 Europe surety Market Revenue and Forecasts to 2027
7.3.1 Overview
7.3.2 Europe Surety Market, by Bond Type
7.3.3 Europe Surety Market Breakdown by Key Countries
7.3.3.1 UK Surety Market Revenue and Forecasts to 2027 (US$ Million)
7.3.3.1.1 UK Surety Market, by Bond Type
7.3.3.2 Germany Surety Market Revenue and Forecast to 2027 (US$ Million)
7.3.3.2.1 Germany Surety Market, by Bond Type
7.3.3.3 France Surety Market Revenue and Forecast to 2027 (US$ Million)
7.3.3.3.1 France Surety Market, by Bond Type
7.3.3.4 Spain Surety Market Revenue and Forecast to 2027 (US$ Million)
7.3.3.4.1 Spain Surety Market, by Bond Type
7.3.3.5 Italy Surety Market Revenue and Forecast to 2027 (US$ Million)
7.3.3.5.1 Italy Surety Market, by Bond Type
7.3.3.6 Rest of Europe Surety Market Revenue and Forecast to 2027 (US$ Million)
7.3.3.6.1 Rest of Europe Surety Market, by Bond Type
7.4 asia-pacific surety Market REVENUE AND FORECASTS TO 2027
7.4.1 Overview
7.4.2 APAC Surety Market, by Bond Type
7.4.3 Asia-Pacific Surety Market Breakdown by Key Countries
7.4.3.1 South Korea Surety Market Revenue and Forecasts to 2027 (US$ Million)
7.4.3.1.1 South Korea Surety Market, by Bond Type
7.4.3.2 China Surety Market Revenue and Forecast to 2027 (US$ Million)
7.4.3.2.1 China Surety Market, by Bond Type
7.4.3.3 Australia Surety Market Revenue and Forecast to 2027 (US$ Million)
7.4.3.3.1 Australia Surety Market, by Bond Type
7.4.3.4 India Surety Market Revenue and Forecast to 2027 (US$ Million)
7.4.3.4.1 India Surety Market, by Bond Type
7.4.3.5 Japan Surety Market Revenue and Forecast to 2027 (US$ Million)
7.4.3.5.1 Japan Surety Market, by Bond Type
7.4.3.6 Rest of APAC Surety Market Revenue and Forecast to 2027 (US$ Million)
7.4.3.6.1 Rest of APAC Surety Market, by Bond Type
7.5 mea surety Market REVENUE AND FORECASTS TO 2027
7.5.1 Overview
7.5.2 MEA Surety Market, by Bond Type
7.5.3 MEA Surety Market Breakdown by Key Countries
7.5.3.1 Saudi Arabia Surety Market Revenue and Forecasts to 2027 (US$ Million)
7.5.3.1.1 Saudi Arabia Surety Market, by Bond Type
7.5.3.2 UAE Surety Market Revenue and Forecast to 2027 (US$ Million)
7.5.3.2.1 UAE Surety Market, by Bond Type
7.5.3.3 South Africa Surety Market Revenue and Forecast to 2027 (US$ Million)
7.5.3.3.1 South Africa Surety Market, by Bond Type
7.5.3.4 Rest of MEA Surety market Revenue and Forecasts to 2027 (US$ Million)
7.5.3.4.1 Rest of MEA Surety Market, by Bond Type
7.6 South america surety Market Revenue and Forecasts to 2027
7.6.1 Overview
7.6.2 SAM Surety Market, by Bond Type
7.6.3 SAM Surety Market Breakdown by Key Countries
7.6.3.1 Brazil Surety Market Revenue and Forecasts to 2027 (US$ Million)
7.6.3.1.1 Brazil Surety Market, by Bond Type
7.6.3.2 Rest of SAM Surety Market Revenue and Forecasts to 2027 (US$ Million)
7.6.3.2.1 Rest of SAM Surety Market, by Bond Type
8. Impact of COVID-19 Outbreak
8.1 Impact of COVID-19 Pandemic on Global Surety Market
8.1.1 North America: Impact Assessment of COVID-19 Pandemic
8.1.2 Europe: Impact Assessment of COVID-19 Pandemic
8.1.3 Asia-Pacific: Impact Assessment of COVID-19 Pandemic
8.1.4 Middle East and Africa: Impact Assessment of COVID-19 Pandemic
8.1.5 South America: Impact Assessment of COVID-19 Pandemic
9. Industry Landscape
9.1 Market Initiative
9.2 Merger and Acquisition
10. Competitive Landscape
10.1 Competitive Service Mapping
10.2 Market Positioning – Global Top 5 Players Ranking
11. Surety Market, Key Company Profiles
11.1 Crum & Forster
11.1.1 Key Facts
11.1.2 Business Description
11.1.3 Financial Overview
11.1.4 SWOT Analysis
11.1.5 Key Developments
11.2 CNA FINANCIAL CORPORATION
11.2.1 Key Facts
11.2.2 Business Description
11.2.3 Financial Overview
11.2.4 SWOT Analysis
11.2.5 Key Developments
11.3 American Financial Group, Inc.
11.3.1 Key Facts
11.3.2 Business Description
11.3.3 Financial Overview
11.3.4 SWOT Analysis
11.3.5 Key Developments
11.4 The Travelers Indemnity Company
11.4.1 Key Facts
11.4.2 Business Description
11.4.3 Financial Overview
11.4.4 SWOT Analysis
11.4.5 Key Developments
11.5 Liberty Mutual Insurance Company
11.5.1 Key Facts
11.5.2 Business Description
11.5.3 Financial Overview
11.5.4 SWOT Analysis
11.5.5 Key Developments
11.6 The Hartford
11.6.1 Key Facts
11.6.2 Business Description
11.6.3 Financial Overview
11.6.4 SWOT Analysis
11.6.5 Key Developments
11.7 HCC Insurance Holdings, Inc. (Tokio Marine & Nichido Fire Insurance Co., Ltd.)
11.7.1 Key Facts
11.7.2 Business Description
11.7.3 Financial Overview
11.7.4 SWOT Analysis
11.7.5 Key Developments
11.8 Chubb
11.8.1 Key Facts
11.8.2 Business Description
11.8.3 Financial Overview
11.8.4 SWOT Analysis
11.8.5 Key Developments
11.9 AmTrust Financial Services
11.9.1 Key Facts
11.9.2 Business Description
11.9.3 Financial Overview
11.9.4 SWOT Analysis
11.9.5 Key Developments
11.10 IFIC Security Group
11.10.1 Key Facts
11.10.2 Business Description
11.10.3 Financial Overview
11.10.4 SWOT Analysis
11.10.5 Key Developments
12. Appendix
12.1 About The Insight Partners
12.2 Glossary
12.3 Methodology
12.3.1 COVERAGE
12.3.2 Secondary Research
12.3.3 Primary Research
LIST OF TABLES
TABLE 1. Global surety Market Revenue and Forecasts to 2027 (US$ MILLION)
TABLE 2. global Surety Market Revenue and Forecasts to 2027 – By regions (US$ Million)
TABLE 3. North America SURety Market, by bond type – Revenue and Forecast to 2027 (US$ Million)
TABLE 4. US Surety Market, by bond type –Revenue and Forecast to 2027 (US$ Million)
TABLE 5. Canada Surety Market, by bond type –Revenue and Forecast to 2027 (US$ Million)
TABLE 6. Mexico Surety Market, by bond type –Revenue and Forecast to 2027 (US$ Million)
TABLE 7. Europe SURety Market, by bond type – Revenue and Forecast to 2027 (US$ Million)
TABLE 8. UK SURety Market, by bond type – Revenue and Forecast to 2027 (US$ Million)
TABLE 9. GERMany SURety Market, by bond type – Revenue and Forecast to 2027 (US$ Million)
TABLE 10. France SURety Market, by bond type – Revenue and Forecast to 2027 (US$ Million)
TABLE 11. SPain SURety Market, by bond type – Revenue and Forecast to 2027 (US$ Million)
TABLE 12. ITALY SURety Market, by bond type – Revenue and Forecast to 2027 (US$ Million)
TABLE 13. rest of europe SURety Market, by bond type – Revenue and Forecast to 2027 (US$ Million)
TABLE 14. APAC SURety Market, by bond type – Revenue and Forecast to 2027 (US$ Million)
TABLE 15. South korea SURety Market, by bond type – Revenue and Forecast to 2027 (US$ Million)
TABLE 16. china SURety Market, by bond type – Revenue and Forecast to 2027 (US$ Million)
TABLE 17. Australia SURety Market, by bond type – Revenue and Forecast to 2027 (US$ Million)
TABLE 18. India SURety Market, by bond type – Revenue and Forecast to 2027 (US$ Million)
TABLE 19. Japan SURety Market, by bond type – Revenue and Forecast to 2027 (US$ Million)
TABLE 20. REST OF APAC SURety Market, by bond type – Revenue and Forecast to 2027 (US$ Million)
TABLE 21. MEA SURety Market, by bond type – Revenue and Forecast to 2027 (US$ Million)
TABLE 22. Saudi Arabia SURety Market, by bond type – Revenue and Forecast to 2027 (US$ Million)
TABLE 23. UAE SURety Market, by bond type – Revenue and Forecast to 2027 (US$ Million)
TABLE 24. South africa SURety Market, by bond type – Revenue and Forecast to 2027 (US$ Million)
TABLE 25. REst of MEa SURety Market, by bond type – Revenue and Forecast to 2027 (US$ Million)
TABLE 26. sam SURety Market, by bond type – Revenue and Forecast to 2027 (US$ Million)
TABLE 27. BRAzil SURety Market, by bond type – Revenue and Forecast to 2027 (US$ Million)
TABLE 28. Rest of SAM SURety Market, by bond type – Revenue and Forecast to 2027 (US$ Million)
TABLE 29. Glossary of terms, Surety market
LIST OF FIGURES
FIGURE 1. Surety market Overview
FIGURE 2. Surety Market, by Bond type
FIGURE 3. Surety market segmentation
FIGURE 4. north america – pest analysis
FIGURE 5. europe – pest analysis
FIGURE 6. asia pacific – pest analysis
FIGURE 7. middle east and africa – pest analysis
FIGURE 8. SOUTH AMERICA – pest analysis
FIGURE 9. Surety Market Impact Analysis of Driver and Restraints
FIGURE 10. Global surety Market
FIGURE 11. Global Surety Market Forecast and Analysis, (US$ Million)
FIGURE 12. surety Market Breakdown, By bond type, 2019 & 2027 (%)
FIGURE 13. contract surety bond Market Revenue and Forecasts to 2027 (US$ MIllion)
FIGURE 14. Global commercial surety bond Market Revenue and Forecasts to 2027 (US$ MIllion)
FIGURE 15. Fidelity Surety BOnd Market Revenue and Forecasts to 2027 (US$ MIllion)
FIGURE 16. court surety bond Market Revenue and Forecasts to 2027 (US$ MIllion)
FIGURE 17. Surety Market, Global Breakdown by Geography, 2019 & 2027 (%)
FIGURE 18. North America surety Market Revenue and Forecasts to 2027 (US$ Million)
FIGURE 19. North America Surety Market Revenue Share, by Bond type, (2019 and 2027)
FIGURE 20. North America surety Market Breakdown by Key Countries, 2019 & 2027(%)
FIGURE 21. U.S. surety Market Revenue and Forecasts to 2027 (US$ MILLION)
FIGURE 22. Canada Surety Market Revenue and Forecasts to 2027 (US$ MILLION)
FIGURE 23. Mexico Surety Market Revenue and Forecasts to 2027 (US$ MILLION)
FIGURE 24. europe SURETY Market REVENUE AND FORECASTS TO 2027 (US$ Million)
FIGURE 25. Europe Surety Market Revenue Share, by Bond type, (2019 and 2027)
FIGURE 26. europe SURETY Market Breakdown by Key Countries, 2019 & 2027 (%)
FIGURE 27. uk SURETY Market REVENUE AND FORECASTS TO 2027 (US$ Million)
FIGURE 28. germany SURETY Market REVENUE AND FORECASTS TO 2027 (US$ MILLION)
FIGURE 29. france SURETY Market REVENUE AND FORECASTS TO 2027 (US$ MILLION)
FIGURE 30. spain SURETY Market REVENUE AND FORECASTS TO 2027 (US$ MILLION)
FIGURE 31. italy SURETY Market REVENUE AND FORECASTS TO 2027 (US$ MILLION)
FIGURE 32. rest of europe SURETY Market REVENUE AND FORECASTS TO 2027 (US$ MILLION)
FIGURE 33. asia-pacific SURETY Market REVENUE AND FORECASTS TO 2027 (US$ million)
FIGURE 34. APAC Surety Market Revenue Share, by Bond type, (2019 and 2027)
FIGURE 35. asia-pacific SURETY Market Breakdown by Key Countries, 2019 & 2027 (%)
FIGURE 36. south korea SURETY Market REVENUE AND FORECASTS TO 2027 (US$ Million)
FIGURE 37. china SURETY Market REVENUE AND FORECASTS TO 2027 (US$ MILLION)
FIGURE 38. Australia SURETY Market REVENUE AND FORECASTS TO 2027 (US$ MILLION)
FIGURE 39. India SURETY Market REVENUE AND FORECASTS TO 2027 (US$ MILLION)
FIGURE 40. japan SURETY Market REVENUE AND FORECASTS TO 2027 (US$ MILLION)
FIGURE 41. Rest of apac SURETY Market REVENUE AND FORECASTS TO 2027 (US$ MILLION)
FIGURE 42. mea SURETY Market REVENUE AND FORECASTS TO 2027 (US$ million)
FIGURE 43. MEA Surety Market Revenue Share, by Bond type, (2019 and 2027)
FIGURE 44. MEA SURETY Market Breakdown by Key Countries, 2019 & 2027 (%)
FIGURE 45. saudi arabia SURETY Market REVENUE AND FORECASTS TO 2027 (US$ Million)
FIGURE 46. uae SURETY Market REVENUE AND FORECASTS TO 2027 (US$ MILLION)
FIGURE 47. South Africa SURETY Market REVENUE AND FORECASTS TO 2027 (US$ MILLION)
FIGURE 48. Rest of MEA Surety market Revenue and Forecasts to 2027 (US$ Million)
FIGURE 49. SAM Surety Market Revenue and Forecasts to 2027 (US$ Million)
FIGURE 50. SAM Surety Market Revenue Share, by Bond type, (2019 and 2027)
FIGURE 51. SAM Surety MARKET Breakdown by Key Countries, 2017 & 2027(%)
FIGURE 52. Brazil surety Market Revenue and Forecasts to 2027 (US$ million)
FIGURE 53. Rest of SAM Surety Market Revenue and Forecasts to 2027 (US$ million)
FIGURE 54. Impact of COVID-19 Pandemic in North American Country Markets
FIGURE 55. Impact of COVID-19 Pandemic in Europe Country Markets
FIGURE 56. Impact of COVID-19 Pandemic in Asia Pacific Country Markets
FIGURE 57. Impact of COVID-19 Pandemic in Middle East and Africa Country Markets
FIGURE 58. Impact of COVID-19 Pandemic In South America Country Markets
The List of Companies - Surety Market
- CRUM & FORSTER
- CAN Financial Corporation
- American Financial Group, Inc.
- The Travellers Indemnity Company
- Liberty Mutual Insurance Company
- The Hartford
- HCC Insurance Holdings, Inc.
- CHUBB
- AmTrust Financial Services
- IFIC Security Group
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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