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Remittance Global Market Report 2024 - By Share, Growth, Trends, Demand, Outlook By 2033
Remittance Market
The Business Research Company offers in-depth market insights through Remittance Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The remittance market size has grown strongly in recent years. It will grow from $737.05 billion in 2023 to $785.92 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to global migration trends, labor mobility and diaspora communities, economic disparities, remittance corridor developments, financial inclusion initiatives..
The remittance market size is expected to see strong growth in the next few years. It will grow to $990.33 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to technology-enabled remittance services, economic and social factors, government policies and regulatory changes, access to banking services.. Major trends in the forecast period include digital transformation, blockchain and cryptocurrency, regulatory changes, fintech disruption, mobile wallets and payments..
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Market Segmentation:
The remittance market covered in this report is segmented -
1) By Type: Inward Remittance, Outward Remittance
2) By Channel: Banks, Money Transfer Operators, Online Platforms (Wallets)
3) By Application: Consumption, Savings, Investment
4) By End User: Business, Personal
Major Driver - Remittance Market Surges Amidst Soaring Overseas Migration Trends
The rise in overseas migration is significantly contributing to the growth of the remittance market going forward. 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. For instance, according to December 2022 data published by the Australian Bureau of Statistics, an Australia-based government organization responsible for statistical collection and analysis, the number of migrant arrivals in Australia increased by approximately 170% from 146,000 in 2021 to 395,000 in 2022. Therefore, the rise in overseas migration is driving the growth of the remittance market.
Competitive Landscape:
Major companies operating in the remittance market report are Ria Financial Services Ltd., The Kroger Co., JPMorgan Chase & Co., Citigroup Inc., Bank of America Corporation, Wells Fargo & Company, Banco Bradesco S.A., PayPal Inc., U.S. Bancorp, Absa Group Limited, UAE Exchange, Western Union Holdings Inc., Instarem, XE Money Transfer, MoneyGram International Inc., Remitly Inc., Wise Ltd., Payoneer Inc, ZEPZ, WorldRemit Ltd, ZelleAirWallex, Skrill, OFX, CurrencyFair Limited, Azimo Limited, Popmoney, TransferGo, Bithumb
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Top Trend - Innovative Solutions Transforming Fund Transfers
Product innovation is the key trend gaining popularity in the remittance market. 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.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Remittance Market Characteristics
3. Remittance Market Trends And Strategies
4. Remittance Market - Macro Economic Scenario
5. Remittance Market Size And Growth
…..
27. Remittance Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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