Press release
Digital Remittance Market Forecasted to Reach US$ 69.4 Billion by 2032, At 13.8% CAGR - [Research Report 2024]
The global digital remittance market size reached US$ 21.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 69.4 Billion by 2032, exhibiting a growth rate (CAGR) of 13.8% during 2024-2032.
Digital remittance is the electronic transfer of funds from one individual to another, often across borders, using digital platforms and financial services. This modern-day financial solution has made sending money faster, more secure, and accessible even in remote areas. The types of digital remittances vary and can include mobile payments, online bank transfers, and specialized remittance platforms. Aspects such as transaction speed, low fees, and the security of the transfer are crucial features of these services. The advantages of digital remittance are numerous: it cuts down transaction time compared to traditional methods, ensures greater accuracy and security through advanced encryption technologies, and offers the convenience of making transfers without visiting a physical location. Moreover, digital remittance enables real-time fund transfer tracking, providing users transparency and peace of mind.
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Digital Remittance Market Trends:
The global digital remittance market is experiencing robust growth, propelled by the increasing rate of globalization, which has resulted in a higher number of cross-border transactions. Coupled with this is the rise of the freelance and gig economy, where payments frequently need to be transferred internationally. Along with this, technological advancements, including the adoption of blockchain and machine learning algorithms, have further improved transaction speed and security, making digital remittance more appealing to consumers.
In addition, demographic factors, such as growing urbanization and a burgeoning young population adept at using digital platforms, also contribute to the market expansion. Apart from this, regulatory support promoting financial inclusion and secure transactions is another pivotal factor in the growth trajectory of this market. Furthermore, the COVID-19 pandemic has accelerated the shift towards digital methods due to social distancing norms and the limitations on physical interactions, thereby providing an unforeseen catalyst for market growth.
By the IMARC Group, 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 (2018-2023)
• Market Outlook (2024-2032)
• 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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Email: Sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
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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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