Press release
Remittance Market Forecast 2025-2034: Analysing Major Trends, Opportunities, and Growth Drivers
Remittance Market
The surge in foreign migration is substantially driving the remittance market's expansion. The term foreign migration pertains to the process in which individuals relocate to another country for work and residency. This migration invariably results in remittance transactions; migrant workers often send money back to their native land in order to assist their families or to fulfill financial obligations. For example, data released by the Australian Bureau of Statistics-an official organization based in Australia that specializes in statistical analysis and collection-in December 2022 revealed a nearly 170% rise in the number of immigrants arriving in Australia, escalating from 146,000 in 2021 to 395,000 in 2022. As a result, the increase in overseas migration is fueling the remittance market's growth.
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What is the future CAGR of the remittance market, and how will it impact industry expansion?
In the past few years, the remittance market has experienced robust growth. It is projected to expand from $782.54 billion in 2024 to $832.57 billion in 2025, delivering a compound annual growth rate (CAGR) of 6.4%. The key factors contributing to this growth throughout the historic period include global migration patterns, the movement and flexibility of labor, diaspora communities, economic inequalities, the evolution of remittance corridors, and efforts to increase financial inclusion.
A robust expansion is projected in the remittance market in the years to come, with the size predicted to reach $1067.54 billion by 2029, demonstrating a compound annual growth rate (CAGR) of 6.4%. The upswing during the forecasting period can be credited to the advent of tech-infused remittance facilities, socio-economic dynamics, alterations in government policies and guidelines, and increased access to banking facilities. Prevailing trends in the forecasted span include digital metamorphosis, application of blockchain and cryptocurrency, regulatory modifications, disruption by financial technology, alongside the rise of mobile wallets and payments.
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How are the latest trends influencing the growth of the remittance market?
The primary trend gaining traction in the remittance market is product innovation. To maintain their market positions and facilitate rising remittances, major players in the remittance market are now focusing on incorporating cutting-edge technologies like digital wallets. One such example is WiPay, a Caribbean payment facilitation firm that in May 2023 introduced WiPay Remittance. This service allows individuals in Grenada to transfer funds quickly directly into their WiPay wallet, bypassing the need for physical cash handling and reducing wait times. It is a groundbreaking approach that enhances security and simplifies the receipt of money from senders around the globe. WiPay aims to transform conventional remittance practices by providing a smooth, cashless solution.
Which key market segments comprise the remittance market and drive its revenue growth?
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
Subsegments:
1) By Inward Remittance: Personal Transfers, Business Payments, Government Transfers
2) By Outward Remittance: Personal Transfers, Business Payments, Investment Payments
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What regions are at the forefront of remittance market expansion?
North America was the largest region in the remittance market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the remittance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the leading players fueling growth in the remittance market?
Major companies operating in the remittance market include 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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What Is Covered In The Remittance Global Market Report?
• Market Size Forecast: Examine the remittance market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the remittance market for a structured understanding.
• Key Players Overview: Analyze major players in the remittance market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the remittance market.
• Segment Contributions: Evaluate how different segments drive overall growth in the remittance market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the remittance market.
• Industry Challenges: Identify potential risks and obstacles affecting the remittance market.
• Competitive Landscape: Review strategic developments in the remittance market, including expansions, agreements, and new product launches.
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