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At 23.2% CAGR, Remittance Software Market is Surging with $3323.4 Million by 2025 - Remit Anywhere, FinCode Ltd., MTS, Girmiti Software Private Limited, Grey Systems, ControlBox Corp. NextGen Systems UK Limited

06-09-2020 08:48 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: The Insight Partners

/ PR Agency: The Insight Partners
Remittance software is a money transfer software which provides online transfer of money by the use of, online portal, money transfer app, and mobile phone apps. In addition to this, the entry of mobile based money transfer online players has put the remittance market dynamics into an interesting situation.

Latest market study on "Remittance Software Market 2025 by Software (Web-based, and App based); Deployment Type (Cloud, and On-premise); & Application (Personal Remittance, Business Remittance, Public Services Remittance) - Global Analysis and Forecast", the Remittance Software market is estimated to reach US$ 3323.4 million by 2025 from US$ 1279.6 million in 2017. The report include key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.

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The propagation of smartphone and mobile app based remittance service are some of the trends contributing to the emerging remittance software market. Almost all the industry verticals are increasingly demanding Remittance software capabilities that improve the mobile workers' collaboration and productivity while limiting security risks. Similarly, with the increase in customer demands and expectation remittance industry also innovating with the growth of smartphones and other smart devices by providing online transfer more convenient and cheaper. Although, emerging technologies such as blockchain, AI, and big data has created massive opportunities in remittance market by reducing inefficiencies and inaccuracy with the help of automation.

There has been constant development in remittance software industry. Recently, Fiserv declared that BDO Unibank (Philippines) has extended its relationship with the company. Based on a pervious relationship with Fiserv for more than18 years, the bank will modify Signature core account processing platform with the latest version and to increase managed services from Fiserv. Also, RemitONE and Daytona (Europe) join hands to monitor online, agent, and mobile-based transactions with high security across multiple corridors. Providers have entered into an agreement to implement advanced remittance technology that includes AML & KYC procedures so as to provide range of appropriate money transfer services across Africa, the UK, South Asia and Middle East.

Some of the leading remittance software market players include 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.

The banking industry had already established their own remittance system but lack of availability of these banks or their networks in the remote areas of developing countries has left large scopes for improvement in the remittance services industry. As a result, there has been a marked rise in the awareness amongst the masses about the various available modes for money transfers. The market for remittance software is highly fragmented market with the top ten companies accounting for approximately 20% of the market share.

APAC is largest adopter of remittance software, followed by North America and South America region. This is attributable to growing numbers of migrants across border and increasing technological trends is anticipated to be the fastest growing region in terms of remittance software market.

The report focuses on an in-depth segmentation of remittance software market based by software, by deployment type, and by application. The geographic segmentation of the report covers five major regions including; North Americas, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America (SAM). The regional market has been further bifurcated by respective countries. By application segment personal remittance software accounted for the largest market share and highest market growth in 2017; whereas, APAC region is expected to grow at the highest CAGR during the forecast period.

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