Report : South & Central America 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 6.4% CAGR, South & Central America Trade Credit Insurance Market is Projected to be worth US$ 1,532.54 million by 2031, says Business Market Insights
According to Business Market Insights’ research, the South & Central America trade credit insurance market was valued at US$ 935.03 million in 2023 and is expected to reach US$ 1,532.54 million by 2031, registering a CAGR of 6.4% from 2023 to 2031. Significant initiatives to promote AI use in trade credit insurance solutions and supply chain complexities are among the critical factors attributed to drive the South & Central America trade credit insurance market growth.
Companies and associations in the trade credit insurance market are organizing various conferences and webinars to create awareness related to the impact of AI on trade credit insurance. For instance, the International Credit Insurance & Surety Association (ICISA) organized the third edition of the ICISA Trade Credit Insurance Week from October 7 to 10, 2024. This global virtual event emphasized the crucial role that Trade Credit Insurance (TCI) plays in supporting businesses, especially SMEs, in today's rapidly evolving economic landscape. Several market players, policymakers, media, practitioners, other trade associations, and users participate in the webinar to create awareness regarding the impact of AI use on trade credit insurance. For example, Tinubu Square SA’s CEO and co-founder, Olivier Placca, participated in the ICISA Trade Credit Insurance Week 2023 webinar to address the usage and advantages of AI-based trade credit insurance solutions. This webinar mainly focuses on the transformative potential of AI-driven solutions in the market. Further, AI has the potential and capability to revolutionize the field of trade credit insurance underwriting. AI-based solutions ensure compliance with regulatory standards and generate relevant data to support users in optimizing processes with enhanced efficiency. Also, the ICISA Trade Credit Insurance Week 2023 webinar explored key topics such as advancing underwriting practices, harnessing data for informed decisions, enhancing operational efficiency, and navigating regulatory changes to create awareness about the positive impact of AI on the adoption of trade credit insurance worldwide. Hence, significant initiatives to promote AI use in trade credit insurance solutions are expected to create various opportunities in the trade credit insurance market during the forecast period.
On the contrary, the lack of awareness among SMEs hampers the growth of South & Central America trade credit insurance market.
Based on enterprise size, the South & Central America trade credit insurance market is bifurcated into large enterprises and SMEs. The large enterprises segment held 83.6% market share in 2023, amassing US$ 781.58 million. It is projected to garner US$ 1,265.03 million by 2031 to register 6.2% CAGR during 2023–2031.
In terms of application, the South & Central America trade credit insurance market is bifurcated into international and domestic. The international segment held 81.1% share of South & Central America trade credit insurance market in 2023, amassing US$ 758.37 million. It is anticipated to garner US$ 1,266.84 million by 2031 to expand at 6.2% CAGR during 2023–2031.
By end user, the South & Central America 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 agriculture segment held 17.2% share of South & Central America trade credit insurance market in 2023, amassing US$ 161.05 million. It is anticipated to garner US$ 287.86 million by 2031 to expand at 7.5% CAGR during 2023–2031.
By country, the South & Central America trade credit insurance market is segmented into Brazil, Argentina, and the Rest of South and Central America. Our regional analysis states that Brazil captured 48.5% share of South & Central America trade credit insurance market in 2023. It was assessed at US$ 453.58 million in 2023 and is likely to hit US$ 797.22 million by 2031, registering a CAGR of 7.3% during 2023–2031.
Key players operating in the South & Central America 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.
Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@businessmarketinsights.com