Newark, May 08, 2024 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global remittance market is expected to grow from USD 50 billion in 2023 to USD 135.70 billion by 2033, at a CAGR of 10.50% during the forecast period 2024-2033.
Remittance refers to exchanging cash or funds from one individual to another, regularly across borders or from one geological area to another. Remittances are often sent by workers who work in outside nations and send cash back to their nations of origin to help their families or for different purposes. In any case, remittances can be sent by people or organizations for various reasons, including payments for labor and products, salary disbursements, investment capital, or personal financial support. Remittance exchanges can be directed through different channels, including banks, money transfer operators (MTOs), online payment platforms, mobile money services, and traditional cash transfer methods.
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The remittance beneficiary normally gets the funds through an assigned payout location, bank account, mobile wallet, or cash pickup service, contingent upon the chosen transfer method and the availability of financial infrastructure in the beneficiary's country. Remittances play a huge part in the worldwide economy, with billions of dollars moved every year across borders. They add to poverty reduction, economic development, and financial inclusion by offering fundamental monetary help to families, supporting local organizations, and stimulating economic activity in receiving countries. Moreover, remittances act as a wellspring of foreign exchange and income diversification for many developing countries, assisting with balancing their economies and working on the way of life for their residents.
Fluctuations in exchange rates will impact the market's extension. These can affect the value of remittances sent and received, affecting both senders and recipients. Lacking access to formal monetary services, such as banking infrastructure and digital payment platforms, in specific regions can obstruct the uptake of remittance services. Remittance exchanges can be powerless against fraud, identity theft, and cybersecurity threats, especially when directed through online channels or mobile apps.
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Market Growth & Trends
Due to technological innovations such as blockchain, mobile money, and digital wallets, the remittance business is encountering critical disruption. These innovations offer quicker, less expensive, and more helpful ways of sending cash globally, drawing clients away from traditional remittance channels. New Fintech companies are entering the remittance market, offering creative arrangements, and testing conventional incumbents. These disruptors leverage technology to offer competitive pricing and further develop improved user experience and value-added services, drawing in a younger demographic of remittance senders. The adoption of mobile money and digital payment platforms is rapidly increasing, particularly in regions with limited access to traditional banking services. Mobile-based remittance solutions are building momentum, permitting clients to send and get cash utilizing their cell phones, driving development in advanced remittance volumes. Inflation rates and GDP growth rates influence remittance volumes. Financial downturns in sending countries prompt a decrease in remittance, while favorable economic conditions may spur increased remittance flows.
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Key Findings
• In 2023, the non-digital segment accounted for the largest share of the market, with 68% and a market revenue of USD 34 billion.
The mode of transfer segment is divided into non-digital and digital. In 2023, the non-digital segment accounted for the largest share of the market, with 68% and a market revenue of USD 34 billion.
• In 2023, the outward remittance segment dominated the market with the largest market share of 52.25% and market revenue of USD 26.25 billion.
The type segment is divided into outward remittance and inward remittance. In 2023, the outward remittance segment dominated the market with the largest market share of 52.25% and market revenue of USD 26.25 billion.
• In 2023, the money transfer operators segment accounted for the largest share of the market, with 45% and a market revenue of USD 22.50 billion.
The remittance channel segment is divided into money transfer operators, online platforms and banks. In 2023, the money transfer operators segment accounted for the largest share of the market, with 45% and a market revenue of USD 22.50 billion.
• In 2023, the personal segment dominated the market with the largest market share of 51% and market revenue of USD 25.50 billion.
The personal segment is divided into personal and business. In 2023, the personal segment dominated the market with the largest market share of 51% and market revenue of USD 25.50 billion.
Regional Segment Analysis of the Remittance Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the North American region emerged as the largest market for the global Remittance market, with a market share of 48% and USD 24 billion of the market revenue in 2023. The North American region is expected to be the largest market forecast period. The region is at the front line of technological innovation, especially in fintech. Digital remittance platforms and mobile payment solutions are getting some forward movement, offering helpful and cost-effective alternatives in contrast to traditional remittance channels. North America boasts a well-developed financial infrastructure, including banks, money transfer operators (MTOs), digital payment platforms, and mobile banking services. This infrastructure facilitates the efficient transfer of remittance funds both domestically and internationally. The U.S. offers vigorous work potential and higher wages compared to numerous nations, drawing in migrants looking for better financial possibilities.
Key players operating in the global Remittance market are:
• ZEPZ
• Wise US, Inc.
• Western Union Holdings, Inc.
• Wells Fargo
• SCI VENTURES, INC.
• Ria Financial Services, Inc.
• REMITNOW
• PayPal
• NOW MONEY
• MoneyGram International, Inc.
• Mastercard
• Citigroup, Inc.
• Bank of America Corporation
• AZIMO LTD
This study forecasts global, regional, and country revenue from 2020 to 2033. The Brainy Insights has segmented the global remittance market based on the below-mentioned segments:
Global Remittance Market by Mode of Transfer:
• Non-Digital
• Digital
Global Remittance Market by Type:
• Outward Remittance
• Inward Remittance
Global Remittance Market by Remittance Channel:
• Money Transfer Operators
• Online Platforms
• Banks
Global Remittance Market by End User:
• Personal
• Business
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About the report:
The global Remittance market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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