The global demand for Remittance Market is presumed to reach the market size of nearly USD XX MN by 2028 from USD XX MN in 2021 with a CAGR of XX% under the study period 2022 - 2028.
Remittance is the act of foreign migrant-sending money across a border to another individual via electronic payments, draughts, and checks. There are multiple benefits of remittance like transferring money via digital channels, such as fast speed, 24 hour availability of digital channels, transparency, ease of use, high security. Furthermore, most remittance service providers focus on digital remittance to grow their business and give customers more convenient and faster transfer services.
Market Dynamics
The remittance market is growing because of increased mobile-based payment channels and cross-border transactions and a decrease in remittance transfer time and cost. Furthermore, the rise of the remittance business is fueled by an increase in the use of banking and financial sectors worldwide. Moreover, technical improvements in the digital remittance market are projected to give profitable growth prospects. The remittance market's growth is projected to be hampered by the rise in the number of financial crimes and a lack of understanding about digital remittance.
The research report covers Porter’s Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry’s structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of remittance. The growth and trends of remittance industry provide a holistic approach to this study.
Market Segmentation
This section of the remittance market report provides detailed data on the segments at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.
By Application
- Consumption
- Savings
- Investment
By Remittance Channel
- Banks
- Money Transfer Operator
- Others
By End User
Regional Analysis
This section covers the regional outlook, which accentuates current and future demand for the Remittance market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.
Global Remittance Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the remittance market include Bank of America, Citigroup Inc., JPMorgan Chase & Co., MoneyGram International Inc., RIA Financial Services Ltd., TransferWise Ltd., UAE Exchange, Wells Fargo, Western Union Holdings Inc. and XOOM. This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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