Press release
Remittance Market Forecast 2025-2034: Analysing Major Trends, Opportunities, and Growth Drivers
Which drivers are expected to have the greatest impact on the over the remittance market's growth?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.
Get Your Remittance Market Report Here:
https://www.thebusinessresearchcompany.com/report/remittance-global-market-report
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.
Get Your Free Sample Now - Explore Exclusive Market Insights:
https://www.thebusinessresearchcompany.com/sample.aspx?id=11909&type=smp
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
Unlock Exclusive Market Insights - Purchase Your Research Report Now!
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=11909
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
Customize Your Report - Get Tailored Market Insights!
https://www.thebusinessresearchcompany.com/sample.aspx?id=11909&type=smp
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.
Connect with us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company,
Twitter: https://twitter.com/tbrc_info,
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ.
Contact Us
Europe: +44 207 1930 708,
Asia: +91 88972 63534,
Americas: +1 315 623 0293 or
Email: mailto:info@tbrc.info
Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.
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 Remittance Market Forecast 2025-2034: Analysing Major Trends, Opportunities, and Growth Drivers here
News-ID: 3898166 • Views: …
More Releases from The Business Research Company

Emerging Trends to Reshape the Vertical Farming Market: Technological Advancemen …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
Vertical Farming Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The size of the vertical farming market has seen rapid growth in recent years. Predictions estimate it will increase from $7.74 billion in 2024 to $9.55 billion in 2025. This represents a compound annual growth…

Plant Breeding And CRISPR Plants Market Landscape to 2034: Key Forces Shaping th …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
How Large Will the Plant Breeding And CRISPR Plants Market Size By 2025?
In recent years, the market size for plant breeding and CRISPR plants has seen considerable growth. It stands projected to escalate from $13.56 billion in 2024 to a noteworthy $15.5 billion in 2025, boasting a compound…

Soaring Demand Set to Propel Livestock Monitoring Market to $7.14 Billion by 202 …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Is the Expected CAGR for the Livestock Monitoring Market Through 2025?
In recent times, there has been a significant increase in the livestock monitoring market size. The market, which stands at $3.48 billion in 2024, is projected to rise to $3.94 billion by 2025, depicting a compound annual…

Emerging Trends to Drive Forestry And Logging Market Growth at 7.9% CAGR Through …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
Forestry And Logging Market Size Growth Forecast: What to Expect by 2025?
The market size for forestry and logging has seen a substantial growth in the past couple of years. It is expected to increase from $980.05 billion in 2024 to $1055.36 billion in 2025, with a compound annual…
More Releases for Remittance
Mobile Remittance Service Market Report 2024 - Mobile Remittance Market Trends A …
"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 service…
The Rise of Digital Remittance: Transforming the Global Money Remittance Landsca …
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,…
Asia-Pacific Digital Remittance Market by Remittance Type (Inward Digital Remitt …
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 to…
Asia-Pacific Digital Remittance Market by Remittance Type (Inward Digital Remitt …
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 to…
Asia-Pacific Digital Remittance Market by Remittance Type (Inward Digital Remitt …
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 to…
Asia-Pacific Digital Remittance Market by Remittance Type (Inward Digital Remitt …
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 &…