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Digital Remittance Market Analysis, Current Trends, Market Share, Top Players, Size & Forecast To 2032
Digital Remittance Market Analysis
The Business Research Company's Digital Remittance Global Market Report 2023 identifies rising number of international transactions as the major driver for the digital remittance market's growth in the forecast period. International money transactions refer to the process by which money is paid directly to a person's or company's overseas bank account. One can make international money transfers with the aid of a bank, an international money transfer service, online platforms, or specific agents. Digital remittances can provide quicker and more effective transfers with other money transfer operator developments since they use new money movement networks and, in many cases, avoid correspondent banking movements.
The global digital remittance market is expected to grow from $19.06 billion in 2022 to $21.85 billion in 2023 at a compound annual growth rate (CAGR) of 14.6%. 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 digital remittance market is expected to reach $37.36 billion in 2027 at a CAGR of 14.4%.
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Major competitors in the digital remittance market are Remitly Inc., Citigroup Inc., American Express Company, PayPal Holdings Inc., Mastercard Inc., Western Union Holdings Inc., MoneyGram International Inc.
A key trend in the digital remittance market includes product innovation. Major players operating in the digital remittance market are focused on innovating new products and solutions to sustain their position in the market. For instance, in June 2023, Velmie, a US-based financial technology provider, launched its white-label international remittance software, an international money transfer platform. It will make international transactions faster and more affordable than conventional cross-border payment methods and international money transfers. Its cost-effective, flexible, and scalable cloud-native software enables clients to launch their products in an average of three months. With an innovative currency translation engine powered by real-time market data and revenue optimization algorithms, the system now supports more than 38 currencies around the globe.
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The digital remittance market is segmented -
1) By Type: Inward Digital Remittance, Outward Digital Remittance
2) By Channel: Banks, Money Transfer Operators, Online Platforms, Other Channels
3) By End Use: Migrant Labor Workforce, Individual, Small Businesses, Other End Uses
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the digital remittance market.
The Business Research Company's "Global Digital 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 Digital Remittance Market Include:
1. Executive Summary
2. Digital Remittance Market Characteristics
3. Digital Remittance Market Trends And Strategies
4. Digital Remittance Market - Macro Economic Scenario
5. Global Digital Remittance Market Size and Growth
……..
32. Global Digital Remittance Market Competitive Benchmarking
33. Global Digital Remittance Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Digital Remittance Market
35. Digital Remittance Market Future Outlook and Potential Analysis
36. Appendix
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