Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Remittance Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
Driven by the surge in overseas migration and technological advancements within the sector, the report indicates that the remittance market is expected to grow significantly in the coming years.
The international community is witnessing substantial growth within the remittance marketplace. Our recent study reveals fascinating trends, such as a rise in digital wallet applications and innovative financial service platforms transforming traditional money transfer methods. It spotlights the North American region's dominant market share and anticipates Asia-Pacific to be the fastest-growing region within the forecast period.
The study explores the effects of international socio-economic events on the market, providing insights into the impact of the Russia-Ukraine conflict and the subsequent global inflationary trends. It also details the growth driven by the ongoing increase in global migration, with a spotlight on key demographic shifts and their subsequent effect on the remittance market.
Key Offerings of the Report:
- An extensive evaluation of market size, share, and growth prospects
- In-depth segmentation analysis — from inward and outward remittances to end-user applications
- Emergent trend dissection, with a focus on product innovations such as the integration of digital wallets
- Competitive landscape detailing major market players and their business strategies
Within this market research, notable mergers and acquisitions are chronicled as strategic moves by major industry players to expand services and reach. The acquisition of Rewire by Remitly Global Inc., as one example, demonstrates the industry's direction towards consolidation and diversification.
Furthermore, the report encapsulates the revenue generation within the remittance industry, including compliance and tracking services. It provides an authoritative source of information for businesses and individuals seeking to understand the dynamics and prospects of the remittance market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $737.05 billion |
| Forecasted Market Value (USD) by 2027 | $928.21 billion |
| Compound Annual Growth Rate | 5.9% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes
- 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
For more information about this report visit https://www.researchandmarkets.com/r/9rhu8
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