Published Date : Jul 23, 2018
ALBANY, New York, July 23, 2018 - The global credit insurance market is foretold to see strong expansion in the coming years. Although it may have low penetration, the market could grow massively during the course of the forecast period 2017-2023. In a report put on sale by MarketResearchReports.biz, the market is comprehensively assessed from different angles and factors deemed significant for growth. It is titled “Global Credit Insurance Market by Manufacturers, Countries, Type and Application, Forecast to 2023.” According to the report, the market could rise at a 2.0% CAGR to earn an US$8.5 bn by the final forecast year. In 2017, it bagged revenues worth a US$7.7 bn.
The world credit insurance market is anticipated to have a colossal yet unrealized potential for growth. Different countries may have different insolvency and regulatory frameworks. In other words, they could change from country to country. Comparison could be a challenging task since reporting standards and frameworks have their own differences, albeit corporate insolvencies are usually observed to show an upward trend. As a result, trade risks on credit have been highly focused upon and increased their awareness in the recent years.
As per the report, the world credit insurance market could be segregated into export and domestic trades according to segmentation by application. In terms of type, there could be segments such as types I and II. Among different regions of the market, Europe is prognosticated to take the driver’s seat on the basis of share. In 2016, the regional market collected revenue that exceeded 72.0%. The U.S. could tread upon the heels of Europe in the next few years. However, faster growth could be shown by two of the most populous nations, i.e. India and China.
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Asia Pacific could be in the hunt of acquiring a handsome share of the international credit insurance market. Southeast Asia is also predicted to make hasty efforts for exhibiting quick growth in the market. Nevertheless, players operating in the industry may not afford to turn a blind eye to the significant role played by North America, especially in the U.S. The market’s development trend could be tellingly impacted with any changes observed in the U.S.
With an aggregate market share of 72% achieved in 2016, Coface, Atradius, and Euler Hermes, three players from Europe are prophesied to take charge of the international credit insurance market in the near future. Other players mentioned in the report are CESCE, QBE Insurance, Credendo Group, and Zurich. In the report, all of the companies are studied based on their applications and products. Their market shares, gross margins, and revenues are also taken into account in their reports. Each region is analyzed according to its different countries considered in the report. On the whole, the report provides complete information about the market.
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