The Remittance Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Remittance Global Market Report 2024, The remittance market size has grown strongly in recent years. It will grow from $737.05 billion in 2023 to $785.92 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to global migration trends, labor mobility and diaspora communities, economic disparities, remittance corridor developments, financial inclusion initiatives..
The remittance market size is expected to see strong growth in the next few years. It will grow to $990.33 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to technology-enabled remittance services, economic and social factors, government policies and regulatory changes, access to banking services.. Major trends in the forecast period include digital transformation, blockchain and cryptocurrency, regulatory changes, fintech disruption, mobile wallets and payments..
The rise in overseas migration is significantly contributing to the growth of the remittance market going forward. Overseas migration refers to the procedure through which people cross borders to live and work in another country. Overseas migration results in remittance transactions as migrant workers send money back to their home countries to support their families or make payments. For instance, according to December 2022 data published by the Australian Bureau of Statistics, an Australia-based government organization responsible for statistical collection and analysis, the number of migrant arrivals in Australia increased by approximately 170% from 146,000 in 2021 to 395,000 in 2022. Therefore, the rise in overseas migration is driving the growth of the remittance market.
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The remittance market covered in this report is segmented –
1) By Type: Inward Remittance, Outward Remittance
2) By Channel: Banks, Money Transfer Operators, Online Platforms (Wallets)
3) By Application: Consumption, Savings, Investment
4) By End User: Business, Personal
Product innovation is the key trend gaining popularity in the remittance market. Major companies operating in the remittance market are focusing on integrating new technologies, such as digital wallets, to support growing remittances and sustain their position in the market. For instance, in May 2023, WiPay, a Caribbean-based payment facilitation company, launched WiPay Remittance. The service would enable individuals in Grenada to make rapid fund transfers straight to their WiPay wallet by eliminating the dependency on physical cash handling and lowering waiting times. This revolutionary method improves security and streamlines money collection from senders anywhere in the world. WiPay's goal is to reinvent existing remittance techniques by delivering a seamless, cashless solution.
The remittance market report table of contents includes:
1. Executive Summary
2. Remittance Market Characteristics
3.Remittance Market Trends And Strategies
4. Remittance market analysis
5.Remittance Market Size And Growth
6.Remittance Segmentation
7. Remittance Regional And Country Analysis
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27.Remittance Competitive Landscape And Company Profiles
28.Remittance Key Mergers And Acquisitions
29.Remittance Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Ria Financial Services Ltd.
- The Kroger Co.
- JPMorgan Chase & Co.
- Citigroup Inc.
- Bank of America Corporation
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The global “Remittance Market” research report addresses the need for an industry- and economy-wide database beneficial for the business management that could potentially offer development and profitability in the market.
It also draws focus on technologies, volume, materials & markets, and in-depth market analysis of the Remittance sector.
The study has a section dedicated to profiling the dominant companies in the market while providing their market shares.Avail a Sample to know more about the complete Report @ https://www.reportsanddata.com/sample-enquiry-form/1727The Remittance market intelligence study includes a separate section dedicated to crucial parameters like the pricing structure of vital feedstock and value chain analysis, along with the study of major suppliers of the raw materials.
It also offers other pivotal information about the Remittance market as part of a wide-ranging analysis of the supply chain, along with other aspects like prominent distributors and the consumer base.In market segmentation by manufacturers, the report covers the following companies-InstaReM, Flywire, Western Union, Ria Financial Services, SingX Pte Ltd., WorldRemit, Remitly, Azimo Limited, TransferWise, Ripple, MoneyGram, TNG WalletFurthermore, the research report projects the changes in the supply-demand dynamics, market value, market competition, leading market players, and market estimations from 2019 to 2026.
Please visit @ https://www.reportsanddata.com/discount-enquiry-form/1727Scope of the Research:The report offers an in-depth assessment of the competitive scenario, taking into consideration the market shares held by leading companies.
It also discusses the supply-demand dynamics and key participants with vital business intelligence and helps them with a research-backed forecast for the global Remittance market.The evaluation includes the forecast, a summary of the competitive landscape, the market shares of competitors, as well as the market trends, demands, opportunities and challenges existing in the sector, and elaborate product analysis.
