Report : Middle East & Africa Trade Credit Insurance Market Forecast to 2031 - Regional Analysis - by Enterprise Size (Large Enterprises and SMEs), Application (International and Domestic), and End User (Energy, Automotive, Aerospace, Chemicals, Metals, Agriculture, Food and Beverages, Financial Services, Technology and Telecommunication, Transportation, and Others)
At 7.1% CAGR, Middle East & Africa Trade Credit Insurance Market is Projected to be Worth US$ 2,710.62 Million by 2031, says Business Market Insights
According to Business Market Insights’ research, the Middle East & Africa trade credit insurance market was valued at US$ 1,562.16 million in 2023 and is expected to reach US$ 2,710.62 million by 2031, registering a CAGR of 7.1% from 2023 to 2031. Development of cloud-based trade credit insurance solutions and significant initiatives to promote ai use in trade credit insurance solutions are among the critical factors attributed to drive the Middle East & Africa trade credit insurance market growth.
Cloud-based credit solutions are transforming the trade credit insurance market owing to the growing demand for solutions that are capable of addressing structural challenges by making credit products more affordable or cost-effective for businesses. A few of the major players in the trade credit insurance market are making significant investments to adopt cloud technology to streamline business processes. For instance, Aon plc has announced its strategic plan to develop cloud-based trade credit solutions tools through its CreditHub ecosystem. This cloud-based trade credit solution allows an automatic connection between businesses and selected insurers, leading to an improved insurer relationship with a transparent IT investment. Moreover, cloud-based trade credit solutions are developed with a credit risk management framework and policy conditions validated by industry experts. This framework is further converted into a software language, which supports automation by complying with all types of policy conditions. Similarly, Cube Logic Limited provides an end-to-end credit insurance platform to support trade credit and surety insurers in automating and customizing their onboarding process. The platform helps insurers enhance underwriting and provides improved insights related to credit and market risk exposure. Additionally, the end-to-end credit insurance platform helps users create proposals and in-depth analysis required to quickly create a policy. Thus, the development of cloud-based trade credit insurance solutions is anticipated to boost the trade credit insurance market growth in the coming years.
On the contrary, lack of awareness among SMEs hampers the growth of Middle East & Africa trade credit insurance market.
Based on enterprise size, the Middle East & Africa trade credit insurance market is bifurcated into large enterprises and SMEs. The large enterprises segment held 82.3% market share in 2023, amassing US$ 1,285.88 million. It is projected to garner US$ 2,201.16 million by 2031 to register 7.0% CAGR during 2023–2031.
In terms of application, the Middle East & Africa trade credit insurance market is bifurcated into international and domestic. The international segment held 77.3% share of Middle East & Africa trade credit insurance market in 2023, amassing US$ 1,208.02 million. It is anticipated to garner US$ 2,146.55 million by 2031 to expand at 7.5% CAGR during 2023–2031.
By end user, the Middle East & Africa trade credit insurance market is segmented into energy, automotive, aerospace, chemicals, metals, agriculture, food and beverages, financial services, technology and telecommunication, transportation, and others. The energy segment held 18.4% share of Middle East & Africa trade credit insurance market in 2023, amassing US$ 288.13 million. It is anticipated to garner US$ 549.07 million by 2031 to expand at 8.4% CAGR during 2023–2031.
By country, the Middle East & Africa trade credit insurance market is segmented into Saudi Arabia, the UAE, South Africa, and the Rest of Middle East & Africa. Our regional analysis states that Saudi Arabia captured 32.4% share of Middle East & Africa trade credit insurance market in 2023. It was assessed at US$ 505.52 million in 2023 and is likely to hit US$ 928.40 million by 2031, registering a CAGR of 7.9% during 2023–2031.
Key players operating in the trade credit insurance market are Allianz Trade, Credendo, American International Group Inc, Chubb Ltd, Aon Plc, Atradius NV, Chubb Ltd, COFACE SA, QBE Insurance Group Ltd, and Zurich Insurance Group AG, among others.
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