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Remittance Global Market Analysis, Size, Share, Growth And Industry Forecast 2023-2032
Remittance Market Report
The Business Research Company's Remittance Global Market Report 2023 identifies the rise in overseas migration as the major driver for the remittance market's growth in the forecast period. Overseas migration refers to the procedure through which people cross borders to live and work in another country. Overseas migration results in remittance transactions as migrant workers send money back to their home countries to support their families or make payments.
The global remittance market size is expected to grow from $686.51 billion in 2022 to $737.05 billion in 2023 at a compound annual growth rate (CAGR) of 7.36%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The size of remittance market is expected to reach $928.21 billion in 2027 at a CAGR of 5.93%.
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Major competitors in the remittance market are Ria Financial Services Ltd., The Kroger Co., JPMorgan Chase & Co., Citigroup Inc., Bank of America Corporation.
A key trend in the remittance market includes product innovation. Major companies operating in the remittance market are focusing on integrating new technologies, such as digital wallets, to support growing remittances and sustain their position in the market. For instance, in May 2023, WiPay, a Caribbean-based payment facilitation company, launched WiPay Remittance. The service would enable individuals in Grenada to make rapid fund transfers straight to their WiPay wallet by eliminating the dependency on physical cash handling and lowering waiting times. This revolutionary method improves security and streamlines money collection from senders anywhere in the world. WiPay's goal is to reinvent existing remittance techniques by delivering a seamless, cashless solution.
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The remittance market is segmented -
•By Type: Inward Remittance, Outward Remittance
•By Channel: Banks, Money Transfer Operators, Online Platforms (Wallets)
•By Application: Consumption, Savings, Investment
•By End User: Business, Personal
•By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the remittance market.
The Business Research Company's "Global Remittance Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Remittance Market Include:
1. Executive Summary
2. Remittance Market Characteristics
3. Remittance Market Trends And Strategies
4. Remittance Market - Macro Economic Scenario
5. Global Remittance Historic Market Size and Growth, 2017 - 2022, Value ($ Billion)
……
32. Global Remittance Market Competitive Benchmarking
33. Global Remittance Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Remittance Market
35. Remittance Market Future Outlook and Potential Analysis
29. Appendix
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