Dublin, Jan. 05, 2024 (GLOBE NEWSWIRE) -- The "Global Digital Remittance Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global digital remittance market has marked a significant milestone as it is projected to escalate from $19.06 billion in 2022 to an impressive $21.85 billion in 2023, showing a robust compound annual growth rate (CAGR) of 14.6%. Amidst the labyrinth of economic challenges posed by the Russia-Ukraine conflict, which impeded the recovery from the COVID-19 pandemic, the market has shown resilience and is poised for continued growth. By 2027, forecasts suggest that the market will reach an exceptional $37.36 billion, maintaining a steady CAGR of 14.4%.
An upsurge in international transactions is a key driver fueling the expansion of the digital remittance market. The pivotal role of international money transactions, encompassing cross-border payments to individuals or business bank accounts, has benefited from the integration of advanced digital platforms. These platforms have enhanced the speed and efficiency of such transactions, adding to the market's buoyancy. Highlighting this trend, the World Bank reported that officially recorded remittances to low- and middle-income countries are anticipated to rise by 4.2% in 2022, culminating in $630 billion.
Keeping pace with the rapid market evolution, product innovation stands out as a prime trend within the digital remittance industry. Leading entities are focused on unveiling cutting-edge products to strengthen their market presence. Illustratively, Velmie's introduction of its white-label international remittance software in June 2023 exemplifies this pursuit. This platform is designed to expedite international transactions, steering clear of conventional cross-border payment constraints. Its cloud-native construction promises clients an expedited product launch and broader currency support, encompassing over 38 currencies globally.
In geographic terms, North America has clinched the position of the largest contributor in the digital remittance market as of 2022. Nonetheless, the Asia-Pacific region is gaining momentum, projected to be the fastest-growing region during the forecast period. The comprehensive report encompasses detailed insights into the market across various regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa, and countries such as Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, and Canada.
The competitive landscape of the digital remittance market is characterized by key players who persistently innovate and expand their services. These include Remitly Inc., Citigroup Inc., American Express Company, PayPal Holdings Inc., and a wide array of other prominent brands. Strategic acquisitions are also redefining the market, as evinced by Remitly’s acquisition of Rewire, a melding that promises to advance customer engagement and operational efficiency.
For more information about this report visit https://www.researchandmarkets.com/r/wof85d
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
