Press release
Exploring the Digital Remittance Market: Trends, Growth, and Future Outlook, Report 2023-2028 | IMARC Group
The global digital remittance market size reached US$ 18.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 42.4 Billion by 2028, exhibiting a growth rate (CAGR) of 14.7% during 2023-2028.
Digital remittance is an online service that allows the transfer of funds from one party to another across different geographies. It is primarily used by migrants to send money to their families in their home countries. These services have revolutionized the traditional money transfer industry, offering benefits such as convenience, speed, lower costs, and the elimination of intermediaries. Digital remittance companies leverage the internet and mobile technologies to provide more accessible and effective money transfer services, transforming how people conduct cross-border transactions.
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Digital Remittance Market Trends:
The significant rise in the global migrant workforce, with workers seeking opportunities abroad, represents the key factor driving the market growth. Besides this, the growing demand for cost-effective, fast, and secure international money transfer services is strengthening the market growth. Moreover, the increasing digital literacy and penetration of smartphones and internet services worldwide have made digital platforms accessible to a broader demographic, creating a favorable outlook for the market.
Additionally, the emergence of innovative financial technologies, or fintech startups, offering digital remittance services with lower fees and enhanced user experiences compared to traditional remittance methods are presenting remunerative growth opportunities for the market. Furthermore, the presence of a favorable regulatory landscape for digital transactions and financial inclusion initiatives combined with the ongoing advancements in blockchain technology and the increasing acceptance of cryptocurrencies for cross-border transactions are aiding in market expansion.
Some of the Top Competitive Landscape Operating in the Market are Given Below:
• Azimo Limited
• Digital Wallet Corporation
• Moneygram International Inc.
• NIUM Pte. Ltd.
• PayPal Holdings Inc.
• Remitly Inc.
• Ria Financial Services Ltd.
• Ripple Labs Inc.
• TransferGo Ltd.
• Western Union Holdings Inc.
• Wise (Earlier TransferWise Limited)
• WorldRemit Ltd
Explore the Full Report with Charts, Table of Contents, and List of Figures: https://www.imarcgroup.com/digital-remittance-market
Key Market Segmentation:
Breakup by Type:
• Inward Digital Remittance
• Outward Digital Remittance
Breakup by Channel:
• Bank Transfer
• Money Transfer Operators
• Online Platforms
• Others
Breakup by End Use:
• Migrant Labor Workforce
• Individual
• Small Businesses
• Others
Breakup by Region:
• North America (United States, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the Report:
• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• COVID-19 Impact on the Market
• Porter's Five Forces Analysis
• Historical, Current and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Structure of the Market
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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IMARC Group
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic, and technological developments for business leaders in pharmaceutical, industrial, and high-technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology, and novel processing methods are at the top of the company's expertise.
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