IBISWorld Industry Market Research: The U.S. Bail Bond Services Industry is Expected to Earn Revenue of $2.4 billion in 2016
Changes in the regulatory landscape will ultimately determine the industry's fortune. For this reason, industry research firm IBISWorld has updated a report on Bail Bond Services.
NEW YORK, Dec. 7, 2016 /PRNewswire/ -- The Bail Bond Services industry has grown steadily over the past five years. IBISWorld expects industry revenue to increase at an annualized rate of 2.7% to $2.4 billion over the five years to 2016, including a 0.2% decrease over this year as the crime rate falls.
For the full report, visit IBISWorld's Bail Bond Services in the U.S. industry report page.
The Bail Bond Services industry is in the business of posting bail for individuals who are unable to pay their own bail. Bail bondsmen, who work as bail agents of insurance underwriters, usually charge a premium of about 10.0% of the face value of the bond they write. Bail bondsmen are responsible for paying the full value of the bail bond in case an individual skips their court hearing, thus, assuming most of the risk of posting bail for someone else.
According to IBISWorld Industry Analyst Kelsey O'Hollaren, "This industry is being increasingly viewed as exploitative and social movements are developing to limit commercial bail activities." However, the industry has a strong lobby that tries to prevent external competition for this industry from growing. Many lobbyists are trying to prevent obligatory access to state-provided pretrial services because they eat into the industry's revenue. Given these challenges, industry revenue is projected to expand over the five years to 2016 and then remain relatively stagnant over the five years to 2021, growing at an estimated annualized rate of 0.2%.
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