Press release
Projected: Remittance Market to Hit $1,227.22 Billion by 2030, with Asia-Pacific Leading the Way
Remittance Market
Allied Market Research published a report, titled, "Remittance Market By Application (Consumption, Savings, and Investment), Remittance Channel (Banks, Money Transfer Operator, and Others), and End User (Business and Personal): Global Opportunity Analysis and Industry Forecast, 2021-2030". According to the report, the global remittance industry was estimated at $701.93 billion in 2020, and is anticipated to hit $1.23 trillion by 2030, registering a CAGR of 5.7% from 2021 to 2030.
Drivers, Restraints, and Opportunities
Surge in cross-border transactions & mobile-based payment channels, lowered cost & transfer time, and increase in adoption of banking & financial services fuel the growth of the global remittance market. On the other hand, lack of awareness regarding digital remittance and slowdown in the Asia-Pacific region impede the growth to some extent. However, technological innovations and increase in penetration of smartphones & the internet create new opportunities in the industry.
๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐ก๐ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ ๐๐ ๐๐ก๐ข๐ฌ ๐๐๐ฉ๐จ๐ซ๐ญ: https://www.alliedmarketresearch.com/request-sample/3948
COVID-19 Scenario:
The outbreak of Covid-19 paralyzed the economy of the majority of countries, especially during the initial phase, thereby impacting the global remittance market negatively.
A fall in remittance flows also imposed economic, fiscal, and social burdens across the world.
However, the market is projected to recoup soon.
The Consumption Segment to Dominate By 2030
Based on application, the consumption segment accounted for nearly three-fifths of the global remittance market share in 2020, and is anticipated to rule the roost by 2030. A huge sum of money is remitted every month by the workers to their home country for food, clothing, and other expenditures. This factor drives the growth of the segment. The investment segment, however, would cite the fastest CAGR of 8.1% throughout the forecast period. This is due to the fact that it helps developed countries regenerate new revenue stream by investing the remitted money in different investment schemes, which boosts the GDP of the country.
The Banks Segment to Maintain the Dominant Share
Based on remittance channel, the banks segment held nearly half of the global remittance market revenue in 2020, and is expected to lead the trail by 2030. The fact that banks are joining forces to develop cross-border real-time services propels the segment growth. The money transfer operator segment, on the other hand, would manifest the fastest CAGR of 8.1% from 2020 to 2030. This is because an array of digital-only players such as WorldRemit, Xoom, Transfer Wise, and InstaReM enable direct global money transfers sent from and received through mobile wallets held on personal devices.
Asia-Pacific, Followed By LAMEA, Europe, and North America, Garnered the Major Share in 2020
Based on region, Asia-Pacific, followed by LAMEA, Europe, and North America, held the major share in 2020, generating nearly half of the global remittance market. The same region would also grow at the fastest CAGR of 6.4% by 2030. This is attributed to rapidly advancing technologies, evolving customer expectations, and changing regulatory setting in the region.
๐๐ง๐ช๐ฎ๐ข๐ซ๐ฒ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ - https://www.alliedmarketresearch.com/purchase-enquiry/3948
Key Players in the Industry
Citigroup Inc.
XOOM
JPMorgan Chase & Co.
RIA Financial Services Ltd.
TransferWise Ltd.
MoneyGram International Inc.
Bank of America
UAE Exchange
Wells Fargo
Western Union Holdings Inc.
๐๐ซ๐๐ ๐ญ๐ก๐ ๐จ๐ฉ๐ฉ๐จ๐ซ๐ญ๐ฎ๐ง๐ข๐ญ๐ฒ !!! ๐๐๐๐๐๐๐-๐๐๐๐ ๐๐ ๐ ๐๐ - ๐๐ฎ๐ฒ ๐๐จ๐ฐ & ๐๐๐ญ ๐๐ฑ๐๐ฅ๐ฎ๐ฌ๐ข๐ฏ๐ ๐๐ % ๐๐ข๐ฌ๐๐จ๐ฎ๐ง๐ญ ๐จ๐ง ๐ญ๐ก๐ข๐ฌ ๐๐๐ฉ๐จ๐ซ๐ญ :- https://www.alliedmarketresearch.com/checkout-final/d91b1f3fbd3905dfb4e33508cb61cabd
Key Benefits For Stakeholders
The study provides an in-depth analysis of the remittance market forecast along with the current trends and future estimations to explain the imminent investment pockets.
Information about key drivers, restraints, & opportunities and their impact analysis on the global remittance market is provided in the report.
Porter's five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
The quantitative analysis of the market from 2021 to 2030 is provided to determine the market potential.
๐๐จ๐ซ๐ ๐๐ซ๐๐ง๐๐ข๐ง๐ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ:
Extended Warranty Market https://www.alliedmarketresearch.com/extended-warranty-market
AI in BFSI Market https://www.alliedmarketresearch.com/artificial-intelligence-in-BFSI-market
Consumer Credit Market https://www.alliedmarketresearch.com/consumer-credit-market-A68827
BFSI in IT Market https://www.alliedmarketresearch.com/bfsi-in-it-market-A11751
Budgeting Software Market https://www.alliedmarketresearch.com/budgeting-software-market-A11766
Contact:
David Correa
1209 Orange Street, Corporation Trust Center, Wilmington, New Castle, Delaware 19801 USA.
Int'l: +1-503-894-6022 Toll Free: +1-800-792-5285
UK: +44-845-528-1300
India (Pune): +91-20-66346060 Fax: +1-800-792-5285 help@alliedmarketresearch.com
https://pooja-bfsi.blogspot.com/
https://www.quora.com/profile/Pooja-BFSI
https://medium.com/@psaraf568
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Projected: Remittance Market to Hit $1,227.22 Billion by 2030, with Asia-Pacific Leading the Way here
News-ID: 3395403 • Views: โฆ
More Releases from Allied Market Research
Sports Sponsorship Market Set to Expand at a Staggering 7.1% CAGR, Reaching $151 โฆ
The sports sponsorship market size was estimated at USD 73.8 billion in 2022 and is projected to reach USD 151.4 billion by 2031, growing at a CAGR of 7.1% from 2023 to 2032.
Request The Sample PDF Of This Report: https://www.alliedmarketresearch.com/request-sample/121649
The term "sports sponsorship" is a contractual arrangement in which a firm or brand contributes money or other resources to a sports team, event, or athlete in exchangeโฆ
Table top Games Market Anticipated to Attain $5.3 billion By 2035, at 5.9% CAGR
According to a new report published by Allied Market Research, titled, "Table Top Games Market," The table top games market was valued at $2.7 billion in 2023, and is estimated to reach $5.3 billion by 2035, growing at a CAGR of 5.9% from 2024 to 2035.
Request The Sample PDF Of This Report: https://www.alliedmarketresearch.com/request-sample/14818
Tabletop games, including role-playing games and miniature war games, play a vital role in children'sโฆ
Luxury Travel Market is Probable to Influence the Value of $2149.7 billion by 20 โฆ
According to a new report published by Allied Market Research, titled, "Luxury Travel Market," The luxury travel market size was valued at $890.8 billion in 2023, and is estimated to reach $2149.7 billion by 2035, growing at a CAGR of 7.4% from 2024 to 2035.
Get Sample PDF Of This Report: https://www.alliedmarketresearch.com/request-sample/1662
Luxury travel refers to travel experiences that offer exceptional comfort, exclusivity, and personalized services, typically catering toโฆ
High Purity Alumina Market Size 2026 | Exclusive Report on Growth Opportunities โฆ
Allied Market Research published a report, titled, "High Purity Alumina Market by Type (2N, 3N, and 4N+), and Application (LED, Semiconductor, Li-ion Batteries, Sapphire Glass, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the "high purity alumina market" was valued at $2.3 billion in 2023, and is estimated to reach $16 billion by 2033, growing at a CAGR of 21.3% from 2024 to 2033. โฆ
More Releases for Remittance
Mobile Remittance Service Market Report 2024 - Mobile Remittance Market Trends A โฆ
"The Business Research Company recently released a comprehensive report on the Global Mobile Remittance Service Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
According to The Business Research Company's, The mobile remittance serviceโฆ
The Rise of Digital Remittance: Transforming the Global Money Remittance Landsca โฆ
The global remittance industry has made headlines recently, with stunning figures that defy expectations in the midst of a global pandemic and a war in Ukraine. Despite the economic turmoil caused by COVID-19, remittance flows to low- and middle-income nations (LMICs) have remained robust, quickly recovering from a brief dip at the outset of the crisis. In fact, certain nations saw significant increases in remittances during the pandemic, including Mexico,โฆ
Asia-Pacific Digital Remittance Market by Remittance Type (Inward Digital Remitt โฆ
Digital remittance involves the transfer of money by foreign migrants cross-border to another person via digital platforms. It serves as a latest service, which makes transferring funds easier, quicker, and enables remote sends. The remittance industry is shifting its focus on being digitally remastered. Factors such as growth in base of customers comfortable with using mobile devices in Asia-Pacific, rise in competition from new entrants, and margin pressures due toโฆ
Asia-Pacific Digital Remittance Market by Remittance Type (Inward Digital Remitt โฆ
Digital remittance involves the transfer of money by foreign migrants cross-border to another person via digital platforms. It serves as a latest service, which makes transferring funds easier, quicker, and enables remote sends. The remittance industry is shifting its focus on being digitally remastered. Factors such as growth in base of customers comfortable with using mobile devices in Asia-Pacific, rise in competition from new entrants, and margin pressures due toโฆ
Asia-Pacific Digital Remittance Market by Remittance Type (Inward Digital Remitt โฆ
Digital remittance involves the transfer of money by foreign migrants cross-border to another person via digital platforms. It serves as a latest service, which makes transferring funds easier, quicker, and enables remote sends. The remittance industry is shifting its focus on being digitally remastered. Factors such as growth in base of customers comfortable with using mobile devices in Asia-Pacific, rise in competition from new entrants, and margin pressures due toโฆ
Asia-Pacific Digital Remittance Market by Remittance Type (Inward Digital Remitt โฆ
According to a recent report published by Allied Market Research, titled, Asia-Pacific digital remittance market by Remittance Type, Remittance Channel, and End User: Global Opportunity Analysis and Industry Forecast, 2018-2025, the Asia-Pacific digital remittance market was valued at $31,234 million in 2016, and is projected to reach at $215,817 million by 2025, growing at a CAGR of 24.2% from 2018 to 2025.
Get the sample report: https://www.alliedmarketresearch.com/request-sample/4726
Rise in cross-border transactions &โฆ
