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Digital Remittance Market CAGR of 27.6% | North America is expected to have the greatest digital remittance market share | Valuates Reports
The global Digital Remittance market size is projected to reach US$ 21420 million by 2027, from US$ 3889.5 million in 2020, at a CAGR of 27.6% during 2021-2027.
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The major factor driving the growth of the Digital Remittance Market are
Payment automation and digitalization are projected to drive Digital Remittance Market expansion. Many digitally knowledgeable clients throughout the world are opting for digital remittances, which is propelling the sector forward.
Residents of diverse rural and semi-rural areas are being drawn to urban areas by rapid urbanization and industrialization. Many people are relocating to new countries and areas in pursuit of work or education. As a result, the number of cross-border transactions rises thereby increasing the digital remittance market growth.
Trends Influencing Digital Remittance Market Size
Consumers benefit from the high level of security and privacy provided by digital remittance services. As a result of this capability, the digital remittance market is likely to expand.
Digital remittances are likely to become the primary means of remittance as financial institutions opt for a transparent and data-driven environment. As a result, the size of the digital remittance market is likely to expand. The need for digital remittances will continue to rise as service providers focus on expanding their networks so that everyone has access to their banking and financial services. Consumers are quickly adopting digital remittance services due to low remittance prices and faster money transfer times.
The rising acceptance of banking and financial services, combined with an increase in the number of digitization campaigns, is propelling the digital remittance market to new heights. Due to their simplicity of use and lower usage costs, digital remittance operators are challenging cash-in-hand suppliers. Furthermore, these operators have a digital network that necessitates user-friendly mobile apps and eliminates the need for time-consuming form-filling procedures. Banking and financial services are being embraced by consumers all around the world because they provide a faster and more convenient way to pay.
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Based on type, the digital money transfer segment holds a comparatively larger share in the global digital remittance market, which accounts for about 86%. This is attributed to the wider acceptance among customers in low- and medium-income economies.
Based on application, the migrant labor workforce holds a comparatively larger share in terms of applications and accounts for 67% of the market share.
Other top companies analyzed in the digital remittance market report include:
• TransferWise
• WorldRemit
• MoneyGram
• Remitly
• Azimo
• TransferGo
• InstaReM
• TNG Wallet
• Toast Me
• OrbitRemit
• Smiles Mobile Remittance
• Avenues India Pvt Ltd
Digital Remittance Market by Type
• Banks Digital Remittance
• Digital Money Transfer Operators
The segment of digital money transfer holds a comparatively larger share in global market, which accounts for about 86%.
Digital Remittance Market by Application
• Migrant Labor Workforce
• Study Abroad and Travel
• Small Businesses
• Others
The migrant labor workforce holds an important share in terms of applications and accounts for 67% of the market share.
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