Remittance Market Trending Technologies, Development Plans and Future Growth by ReportsWeb by Product (Bank Money Transfer Services, Money Transfer App, and Others) and End User (Personal Remittances, Business Remittances,Global Opportunity Analysis and I

The global remittance market size was valued at $682.60 billion in 2018 and is projected to reach $930.44 billion by 2026, growing at a CAGR of 3.9% from 2019 to 2026. Remittance refers to transfer of money by foreign migrants to their home countries. It consists of several channels such as banks, money transfer operators, mobile network operators, and others. Furthermore, remittance has increased massively in recent years due to businesses involved with customers & clients working overseas.

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The key players profiled in the remittance market analysis are Bank of America, Citigroup Inc., JPMorgan Chase & Co., MoneyGram International Inc., RIA Financial Services Ltd., TransferWise Ltd., UAE Exchange, Wells Fargo, Western Union Holdings Inc. and XOOM. These key players have adopted various strategies such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations to increase their market penetration and strengthen their position in the industry.
Top Impacting Factors
Reduced Remittance Cost and Transfer Time
Adoption of digital transfer network such as mobile phone technology, mobile money, digital currencies, distributed ledgers, electronic identification, and others to remit money has made cross-border payments negligible in cost, instant, auditable, and accessible to everyone. Adoption of digital remittance is projected to reduce the dependency on cash agents in both the send and receive countries, which currently contribute toward sustaining high transaction fees.

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Key Benefits For Stakeholders:
The study provides an in-depth analysis of the global remittance market share along with the current & future trends to elucidate the imminent investment pockets.
Information about key drivers, restrains, and opportunities and their impact analysis on the market size is provided in the report.
Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
An extensive analysis of the key segments of the industry helps to understand the global remittance market trends.
The quantitative analysis of the global remittance market from 2019 to 2026 is provided to determine the market potential.

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