Remittance Software Market Forecast (2024-2031)
The remittance software market size is projected to reach US$ 71.72 billion by 2031 from US$ 21.63 billion in 2023. The market is expected to register a CAGR of 16.1% in 2023—2031. An increasing number of mobile and internet users and increasing demand for flexible and secure payment solutions are likely to remain key remittance software market trends.
Remittance Software Market Analysis
The growing prevalence of digitalization is a factor that is critical to the development of the global market for money transfer and remittance software. Some of the key drivers propelling this market's expansion have been the growing use of smartphones for financial transactions and the rise in the acceptance of digital payment solutions. The government and regulatory agencies' growing emphasis on developing a safe and effective remittance infrastructure has also been a significant growth driver for the business.
Remittance Software Market Overview
Remittance software is a type of money transfer software that facilitates online money transfers via mobile applications, online portals, and money transfer apps. Furthermore, the emergence of mobile-first online money transfer companies has created an intriguing dynamic in the remittance business.
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Remittance Software Market: Strategic Insights
Market Size Value in US$ 1279.64 Million in 2017 Market Size Value by US$ 3323.41 Million by 2025 Growth rate CAGR of 12.7% from 2018-2025 Forecast Period 2018-2025 Base Year 2018
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Remittance Software Market: Strategic Insights
Market Size Value in | US$ 1279.64 Million in 2017 |
Market Size Value by | US$ 3323.41 Million by 2025 |
Growth rate | CAGR of 12.7% from 2018-2025 |
Forecast Period | 2018-2025 |
Base Year | 2018 |
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Speak to AnalystRemittance Software Market Drivers and Opportunities
Rising Number of Mobile and Internet Users to Favor Market
Globally, the use of online remittance services has increased due to the exponential development in the number of Internet and mobile users. This has made it possible for more people to access money transfer options by greatly expanding the pool of clients who can use remittance services. The quickness and ease of use of these services have also greatly increased their popularity with clients.
Increasing Demand for Flexible and Secure Payment Solutions
Consumers want to know that their funds are immediately accessible when needed and that they are safe and secure during transfers. Remittance software suppliers have started to provide a variety of capabilities, including multi-currency transfers, data security, encryption, and more, in order to satisfy this demand.
Remittance Software Market Report Segmentation Analysis
Key segments that contributed to the derivation of the remittance software market analysis are software, deployment type, and application.
- Based on software, the remittance software market is divided into web-based and app-based. The web-based segment is anticipated to grow in the forecast period.
- By deployment type, the market is segmented into cloud and on-premise. The cloud segment is anticipated to grow in the forecast period.
- Based on application, the remittance software market is divided into personal remittance, business remittance, and public services remittance. The personal remittance segment is anticipated to grow in the forecast period.
Remittance Software Market Share Analysis by Geography
The geographic scope of the remittance software market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. North America has dominated the remittance software market. High technology adoption trends in various industries in the APAC region have fuelled the growth of the remittance software market. Factors such as increased adoption of digitalization and high technological spending by government agencies are expected to drive the APAC remittance software market growth. Moreover, a strong emphasis on research and development in the developed economies of China and Japan is forcing the APAC players to bring technologically advanced solutions into the market. All these factors contribute to the region's growth of the Remittance software market.
Remittance SoftwareMarket Report Scope
Remittance Software Market News and Recent Developments
The remittance software market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:
- In April 2024, - Velmie announced a strategic partnership with Transi, an ambitious company from the US founded by a team of experienced finance professionals. This collaboration signifies the launch of a groundbreaking remittance solution facilitating transactions between the USA and the Dominican Republic.
(Source: Velmie, Press Release, 2024)
- In December 2023, State-owned BASIC Bank Limited launched its remittance software ‘REMIT365’ to support and make remittance collection faster and easier for people using banking channels.
(Source: December, Press Release, 2023)
Remittance Software Market Report Coverage and Deliverables
The "Remittance Software Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Market size and 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/Porter's Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Software ; Deployment Type ; & Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
The global remittance software market is expected to reach US$ 71.72 billion by 2031.
The key players holding majority shares in the global remittance software market are Remit One Ltd , Remit Anywhere., Fincode LTD, MTS Money Transfer System, Girmiti Software Private Limited, Grey systems, ControlBox Corp., NXGN Management, LLC, Fiserv, Inc., Remitly, Inc.
Increasing Demand for flexible and secure payment solutions are which is anticipated to play a significant role in the global remittance software market in the coming years.
An increasing number of mobile and internet users and an increasing number of migrants are the major factors that propel the global remittance software market growth.
The global remittance software market was estimated to be US$ 21.63 billion in 2023 and is expected to grow at a CAGR of 16.1% during the forecast period 2024 - 2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.