Press release
Future of the Remittance Market: Trends, Innovations, and Key Forecasts Through 2034
Remittance
Remittance Market Size Growth Forecast: What to Expect by 2025?
In recent years, the remittance market has seen considerable growth. It is predicted to expand from a $782.54 billion value in 2024 to $832.57 billion in 2025, resulting in a compound annual growth rate (CAGR) of 6.4%. This growth over the historical period is due to factors such as global migration trends, labor movement and diaspora communities, economic discrepancies, developments in remittance corridors, and initiatives related to financial inclusion.
How Will the Remittance Market Size Evolve and Grow by 2029?
The forecast anticipates a robust expansion in the remittance market size over the coming years. The market is projected to escalate to an impressive $1067.54 billion by 2029, experiencing a compound annual growth rate (CAGR) of 6.4%. Factors contributing to this growth over the projected period include advances in technology-led remittance services, dynamics of economic and social aspects, alterations in government regulations, and increased accessibility to banking services. Emerging trends during this forecast timeline would encompass digital transformation, blockchain utilization and cryptocurrencies, regulatory shifts, disruption by fintech, and an uptick in mobile wallets and payments.
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What Drivers Are Propelling the Growth of Remittance Market Forward?
The escalating trend of people relocating internationally plays a major role in propelling the expansion of the remittance market. The term 'overseas migration' refers to the process wherein individuals cross national boundaries to reside and earn in a different country. This migration usually leads to remittance transactions, with migrant laborers sending funds back to their native countries to assist their families or handle payments. To illustrate, the Australian Bureau of Statistics, an Australian government body responsible for gathering and analyzing statistical data, released information in December 2022 stating a remarkable hike of around 170% in migrant arrivals in Australia, moving up from 146,000 in 2021 to 395,000 in 2022. Consequently, the surge in overseas migration is fueling the expansion of the remittance market.
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Which Emerging Trends Are Transforming the Remittance Market in 2025?
The current trend dominating the remittance market is product innovation. This is seen as major players in this market are investing in the integration of new technologies, such as digital wallets, to cater to the increasing remittances and maintain their market standing. For example, in May 2023, WiPay, a payment facilitation company based in the Caribbean, unveiled their WiPay Remittance service. This service allows users in Grenada to swiftly transfer funds directly to their WiPay wallets, thereby removing the need for handling physical cash and reducing waiting periods. This trailblazing approach enhances safety measures and optimizes the collection of money from senders globally. With this, WiPay aims to revolutionize conventional remittance methods by offering a smooth, cashless alternative.
What Are the Key Segments in the Remittance Market?
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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Who Are the Key Players Shaping the Remittance Market's Competitive Landscape?
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
What Geographic Markets Are Powering Growth in the Remittance Market?
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.
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