Remittance Market Developments by 2031
The remittance market size is expected to grow at a CAGR of 11.3% from 2023 to 2031. The market's growth is driven by an increase in cross-border transactions and mobile payment channels, as well as decreasing remittance costs and money transfer times. Furthermore, the increased use of banking and financial sectors around the world drives market growth. Furthermore, ongoing technology advances in the digital remittance business, as well as increased internet and mobile usage, are likely to create attractive potential for remittance market expansion.
Remittance Market Analysis
Remittance is the cross-border transfer of money by a foreign migrant to another individual using electronic payments, drafts, or checks. Furthermore, the bulk of remittance service providers are focused on digital remittance to grow their business and provide clients with better and faster-transferring options. Multiple advantages of using digital channels for money transfer, including fast speed, 24-hour availability, transparency, ease of use, high security, and others, generate multiple potential for the remittance sector.
Remittance Market Industry Overview
- Cross-border remittances have several economic benefits, including greater financial inclusion and economic development. Migrants and their families rely heavily on remittances. The majority of migrant households' income comes from money obtained in their home countries, which is often spent on needs like medication, education, food, and housing.
- Sending money abroad has always been time-consuming and expensive, as indicated by endless networks of intermediaries, hidden fees, and tedious procedures. Fortunately, industry improvements in recent years have resulted in cheaper, faster, and value-added overseas fund transfer services for individuals and small-to-medium-sized organizations alike.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Remittance Market: Strategic Insights
Remittance Market
-
CAGR (2023 - 2031)
11.3%
-
Market Size 2023
US$ XX Million
-
Market Size 2031
US$ XX Million
Market Dynamics
GROWTH DRIVERS
- Surge Mobile-based Payment Channels, Increasing Cross-border Transactions
FUTURE TRENDS
- Integration of Advanced Technologies such as Blockchain
OPPORTUNITIES
- Technological Advancements in the Remittance Market, Reduced Remittence Cost
Key Players
- Bank of America Corporation
- ZEPZ
- Citigroup Inc
- Ria Financial Services Inc
- OFX
- Wells Fargo
- Western Union Holdings Inc
- PayPal
- MoneyGram International Inc
- Wise US Inc
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Mode of Transfer
- Digital and Traditional
Type
- Inward Remittance and Outward Remittance
Channel
- Banks
- Money Transfer Operators
- Online Platforms
End-use
- Migrant Labor Workforce
- Personal
- Small Businesses
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Remittance Market: Strategic Insights
-
CAGR (2023 - 2031)11.3% -
Market Size 2023
US$ XX Million -
Market Size 2031
US$ XX Million
Market Dynamics
- Surge Mobile-based Payment Channels, Increasing Cross-border Transactions
- Integration of Advanced Technologies such as Blockchain
- Technological Advancements in the Remittance Market, Reduced Remittence Cost
Key Players
- Bank of America Corporation
- ZEPZ
- Citigroup Inc
- Ria Financial Services Inc
- OFX
- Wells Fargo
- Western Union Holdings Inc
- PayPal
- MoneyGram International Inc
- Wise US Inc
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
- Digital and Traditional
- Inward Remittance and Outward Remittance
- Banks
- Money Transfer Operators
- Online Platforms
- Migrant Labor Workforce
- Personal
- Small Businesses
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Remittance Market Driver and Opportunities
Surge Mobile-based Payment Channels and Cross-border Transactions to Drive the Remittance Market
- Market players are focusing on delivering services for cross-border transactions. For instance, in December 2019, Mastercard entered into a strategic alliance with a provider of real-time payment solutions, ProgressSoft, to enable the integration of Mastercard Cross-Border Services and accelerate international remittances throughout the Middle East and Africa (MEA) region.
- Similarly, in August 2022, an open banking payments company named Trustly entered into a partnership with a Poland-based multi-currency company, Conotoxia, to deliver users with a fast, secure, and safe method to transfer money internationally through their bank accounts.
Technological Advancements in the Remittance Market to Create Lucrative Market Opportunities
- Two prominent trends in the global remittance industry include the disruption potential of small technology-driven startups and market consolidation by large players.
- Blockchain is one of the important underlying technologies that can transform the money transfer industry. Although the majority of large financial institutions are reluctant to waive traditional currency and cash for digital currency, acceptance among remittance startups has grown primarily as they use blockchain to deliver faster, better, and cheaper financial services. Thus, technological advancement in the remittance market is expected to create lucrative growth opportunities during the forecast period.
Remittance Market Report Segmentation Analysis
The key segment that contributed to the derivation of the Remittance market analysis is type.
- In 2023, the traditional (non-digital) category generated the major revenue. Cheques and ATMs are among the traditional methods of remitting cash. The consumer's sense of trust and safety when remitting payments via an offline channel is a crucial factor driving the segment's rise.
- In 2023, the outward remittances segment dominated the market. Most businesses are part of the global economy. An external remittance facilitates international commerce and capitalizes on commercial opportunities that would not have existed otherwise.
Remittance Market Share Analysis By Geography
- The scope of the Remittance market is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- Asia-Pacific is predicted to have significant growth over the projection period. The growth is due to the fact that the biggest remittance recipient countries, such as India, the Philippines, and China, are in Asia-Pacific. Furthermore, several significant firms from around the world have made efforts to enter the thriving regional market. Thus, these elements are likely to drive regional growth during the predicted period.
Remittance Market Report Scope
Report Attribute | Details |
---|---|
Market size in 2023 | US$ XX Million |
Market Size by 2031 | US$ XX Million |
Global CAGR (2023 - 2031) | 11.3% |
Historical Data | 2021-2022 |
Forecast period | 2024-2031 |
Segments Covered |
By Mode of Transfer
|
Regions and Countries Covered | North America
|
Market leaders and key company profiles |
|
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Remittance Market News and Recent Developments
Companies adopt inorganic and organic strategies such as mergers and acquisitions in the Remittance market. Some of the recent key market developments are listed below:
- In 2022, Payments Enabler Currencycloud entered into a collaboration with Future FinTech (FTFT) Labs to launch the remittance application Tempo for US immigrants. FTFT Labs offers its customers a multi-currency wallet with beneficial fees over the competition through this partnership. [Source: Currencycloud, Company Website]
Remittance Market Report Coverage & Deliverables
The Remittance market forecast is estimated based on various secondary and primary research findings, such as key company publications, association data, and databases. The market report "Remittance Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-
- Market size & forecast at global, regional, and country levels for all the key market segments covered under the scope.
- Market dynamics such as drivers, restraints, and key opportunities.
- Key future trends.
- Detailed PEST & SWOT analysis
- Global and regional market analysis covering key market trends, key players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, key players, and recent developments.
- Detailed company profiles.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
Asia Pacific is anticipated to grow with a high growth rate during the forecast period.
The major players holding majority shares are Bank of America Corporation, ZEPZ, Citigroup, Inc., Ria Financial Services, Inc., and OFX.
Technological innovations and a surge in demand for alternative lending options in the global remittance market in the coming years.
Less operating costs and a growing focus on serving underbanked individuals are the major factors that propel the global remittance market.
The global Remittance market was estimated to grow at a CAGR of 11.3% during 2023 - 2031.