Press release
Remittance Software Market with highest growth in the near future Leading Players Remit One, Remit Anywhere, FinCode, MTS, Girmiti Software
Global remittance software market is expected to grow from US$ 1279.64 Mn in 2017 to US$ 3323.41 Mn by 2025 at a CAGR of 12.7% during the forecast period.The scope of study involves B2B, B2C and money transaction between families living abroad by using smartphone, tablet and computer. Also, provides the estimate and forecast of the revenue and market share analysis and also spots the significant remittance software market players in the market and their key developments.
Remittance Software Market to 2025 - Global Analysis and Forecast by Software Web-Based Software, and Application Based Software, Deployment type On-Premise and Cloud, and by Application Personal Remittance Software, Business Remittance Software and Public Remittance Software is expected to grow US$ 3323.4 Mn by 2025 from US$ 1279.6 Mn in 2017. Due to the growing migrants across the globe has given rise to the growth of remittance software market. However, concerning factor such as, cyber security issues can be hindrance to remittance software market.
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The application segment of remittance software is further classified into: personal remittance software, business remittance software and personal remittance software. Out of which personal remittance software market contribute the largest market share and expected to have the highest growth rate during the forecast period. Due to the growing migrants across countries and increasing adoption of smartphone and tablets has been the most responsible factor for the growth of personal remittance software. This is due to the remittance transaction cross border with the growing migration of people from country to country. Thus, creates an opportunity in personal remittance software market.
The report profiles key players such as Remit One Ltd., Remit Anywhere, FinCode Ltd., MTS, Girmiti Software Private Limited, Grey Systems, ControlBox Corp. NextGen Systems UK Limited, Fiserv, Inc., and Daemon Software among others. Some of the remarkable developments done by top key players such as, WorldRemit introduced its money transfer service in New York. Through a smartphone or online website, customers can make international transfers to other 147 countries across the globe, eliminating visit to banks and agents. Similarly, WorldRemit and Wing Cambodia Limited Specialised Bank, a mobile banking service provider has introduced instant money transfer services in Cambodia. This new service simplify money transfer for the Cambodians to send money to Wing's mobile banking accounts. Apart from this, WorldRemit and QuickCash launched money transfer services in Ivory Coast (West Africa). The partnership enable customers to transfer money to 400+ new cash pick up locations throughout Ivory Coast.
The global remittance software market by geography is segmented into six region including, North America, Europe, Asia Pacific, Middle East & Africa and South America. North America is expected to account for the largest share of the global software remittance market in 2017. APAC is expected to account for the highest growth rate during the forecast period.
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Table of Content:
1.1 List of Tables 9
1.2 List of Figures 11
2 Introduction 14
2.1 Scope of the Study 14
2.2 The Insight Partners Research Report Guidance 14
3 Key Takeaways 16
4 Market Landscape 19
4.1 Market Overview 19
4.2 Market Segmentation 21
4.2.1 Global Remittance Software Market - By Software 22
4.2.2 Global Remittance Software Market - By Deployment Type 23
4.2.3 Global Remittance Software Market - By Application 23
4.2.4 Global Remittance Software Market - By Geography 23
4.3 PEST Analysis 25
4.3.1 North America PEST Analysis 25
4.3.2 Europe PEST Analysis 27
4.3.3 Asia Pacific PEST Analysis 30
4.3.4 Middle East & Africa PEST Analysis 33
4.3.5 South America PEST Analysis 36
5 Global Remittance Software Market - Key Industry Dynamics 38
5.1 Key Market Drivers 38
5.1.1 Proliferation in Adoption of Mobile App based Remittance Service 38
5.1.2 Increasing Number of Migrants 39
5.1.3 Decline in Remittance Cost 39
5.2 Key Market Restraints 40
5.2.1 Limited Money Distribution Methods 40
5.2.2 Cyber Security Concern 40
5.3 Key Market Opporunities 41
5.3.1 Emergence of New Technologies 41
5.3.2 Focusing on Customer Experience 41
5.4 Future Trends 41
5.4.1 Emerging Economies Gain More Prominence 42
5.5 Impact Analysis of Drivers and Restraints 43
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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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