Belgium Remittance Market Growth Statistics 2023, Industry Trends, Size, Share, Players Analysis, Demand Status and Forecast 2032

The report provides a comprehensive analysis of the Remittance Market in Europe. The report covers a wide range of aspects including overview, genesis, market size, market restraints, segmentation by flow type( Inbound & Outbound), by Channel( Bank & Non-Bank), by Major Flow Corridors (ASEAN, Middle East, America, Europe, Australia & Oceania), by Income level( Low Income & Middle Income).The report also covers comprehensive details on the recent trends & developments, problems & challenges, SWOT analysis & major acquisition & merger deals in the industry. An elaborated competitive landscape including competitive scenario, cross comparison matrix, strength & weakness of key players, market share is also available. The report concludes with the future projections for the above mentioned market segments & analyst recommendations that involves key strategies for the key players to ensure that they enhance their existing profit levels for the foreseeable future as well as some major suggestions for the potential entrants highlighting the major opportunities available & some cautions.

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Market Overview

Belgium Remittance Market witnessed a steady growth in terms of transaction value supported by an increase in both inbound and outbound remittances. The total transaction value expanded displaying a CAGR of close to ~%. This was majorly fuelled by a rise in the outbound remittances, which is led by a stronger growth in the employment prospects in euro area. Moreover, the appreciation in the currency is also a supportive factor for such growth of remittances in the region.

Belgium has a moderately concentrated remittance market that is still in its growth stage.

The market has been fuelled by increased migration, increasing government support for new competitors, improved banking knowledge and increased awareness towards digitalized remittance services in the space.

Banks dominate the inbound remittance market in terms of volume of transactions followed by MTOs, m-wallets and other channels including postal networks, credit union and informal channels.

Key Trends by Market Segment

By Flow Type: Both Inbound & Outbound remittances accounted for an almost equal share in the market. Although the Inbound remittance accounted for a slightly larger share as compared to outbound remittance.

By Channel: Choice of a remittance channel depends on the ease of access for payer and payee, cost involved, range of products and services offered, amount of remittance and similar. In the recent years, Europe?s inbound remittances are majorly channelled through banks. As of 2022P, banks dominate the inbound remittance market in terms of volume of transactions followed by MTOs, m-wallets and other channels including postal networks, credit union and informal channels. The outbound remittance market of the region is dominated by MTOs in terms of transaction volume as of 2022.

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By Point of Contact: The inbound remittance market is dominated by branch pick-ups and mobile & online transactions equally followed by prepaid cards in terms of remittance transaction volume.

Competitive Scenario:

The Belgium Remittance market is moderately concentrated with formal & informal players operating in the market at the same time. The market has been fuelled by increased migration, increasing government support for new competitors, improved banking knowledge and increased awareness towards digitalized remittance services in the space. The key players operating in the market are HSBC Bank, Lloyds Bank, Visa, American Express, Barclays, Deutsche Bank, Ria Money Transfer. Banks dominate the inbound remittance market in terms of volume of transactions followed by MTOs, m-wallets and other channels including postal networks, credit union and informal channels. The outbound remittance market of the region is dominated by MTOs in terms of transaction volume as of 2022.

Future Outlook

The inbound remittance is expected to showcase a CAGR close to ~% and the outbound remittance is anticipated to showcase a CAGR close to ~% by value of transactions during 2017-2027. In terms of volume of transactions, the inbound remittance is expected to register a CAGR close to ~% and the outbound remittance is expected to showcase a CAGR close to ~% during the same period.

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Market Analysis

Understanding the dynamics of any sector or market requires a thorough understanding of market analysis. It entails examining a range of variables that have an impact on consumer behavior, market trends, and overall business performance. Market insights provide useful information to businesses and investors through thorough research and data analysis, assisting them in making wise decisions and developing winning strategies.

Findings from both primary and secondary research sources are used in the market research report. It provides a thorough study of the current and future market values, including a thorough competition analysis divided by application, kind, and regional expansion. The research also provides a dashboard review of the market's top-performing industries, using a variety of strategies and analytical techniques to provide insightful information.

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