Dublin, April 10, 2024 (GLOBE NEWSWIRE) -- The "Australia International Remittance Market Business and Investment Opportunities - Analysis by Transaction Value & Volume, Inbound and Outbound Transfers to and from Key States, Consumer Demographics - Q1 2024" report has been added to ResearchAndMarkets.com's offering.
In the first quarter of 2024, the Australian international remittance market exhibited robust growth, signaling a strong and dynamic sector within the nation's financial landscape. Detailed analyses forecast significant continuous expansion through to 2028, underpinned by an increasing demand for cross-border financial transactions and the proliferation of digital transfer methods.
The transaction value of inbound remittances to Australia reached US$1.73 billion in 2024, an increase of 16.9% over the previous year. Projections suggest a compound annual growth rate (CAGR) of 10.6% from 2024 to 2028, potentially resulting in a market size of US$2.60 billion by the end of the forecast period.
Similarly, the outbound remittance market also experienced notable growth at a rate of 28.5%, achieving a total transaction value of US$10.11 billion in 2024. Future estimations place the CAGR at 16.2%, with expectations for the market to expand to US$18.46 billion by 2028.
Digitalization and Innovation
With the integration of digital technologies, the remittance industry has seen a transition towards more versatile and efficient transfer channels. Digital remittances alone underline the broader trend of technological adoption within financial services, underscoring its importance in providing remittance services that are both accessible and user-friendly.
Notably, the mobile remittance segment has contributed to this growth, displaying a significant shift in consumer behavior towards mobile transactions. The convenience and efficiency offered by mobile platforms are transforming how consumers manage cross-border transfers.
Consumer Demographics and Preferences
An in-depth analysis of consumer demographics has revealed critical insights into the profile of remittance senders and receivers. Variables such as age group, income level, and occupation have been instrumental in understanding the dynamics of the remittance market. Moreover, the purposes behind these international financial transfers shed light on the broader socio-economic factors influencing remittance flows.
The established data leverages a meticulous understanding of market developments, empowering stakeholders to navigate the intricacies of the remittance ecosystem. Financial institutions, regulators, and market participants can utilize these insights to tailor their services accordingly and address the specific needs of their customer base.
Future Projections
Looking ahead, the Australian international remittance market is set to continue its upward trajectory, propelled by innovation, consumer preferences, and a supportive regulatory environment.
The unprecedented growth experienced in the early months of 2024 affirms the vitality and resilience of the sector, portending a prosperous horizon for all stakeholders involved in the foreseeable future.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 130 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $1.7 Billion |
| Forecasted Market Value (USD) by 2028 | $2.6 Billion |
| Compound Annual Growth Rate | 10.6% |
| Regions Covered | Australia |
Report Scope
International Inbound Market Opportunity Trend Analysis in Australia
- By Transaction Value
- By Transaction Volume
- By Average Value Per Transaction
Market Share of Key Players in Australia
International Inbound Market Opportunity Trend Analysis by Channel in Australia
- Digital (transaction value, transaction volume, average value per transaction)
- Mobile (transaction value, transaction volume, average value per transaction)
- Non-Digital (transaction value, transaction volume, average value per transaction)
International Inbound Remittance Analysis of Consumer Profile in Australia
- Analysis by age group of senders
- Analysis by income of senders
- Analysis by occupation of senders
- Analysis by occupation of beneficiaries
- Analysis by purpose
International Inbound Remittance Flow Analysis (Country to State / Region) in Australia
- Market opportunity by key sending countries (transaction value, transaction volume, average value per transaction)
- Market share by transfer channel by key state / regions
International Outbound Market Opportunity Trend Analysis in Australia
- By Transaction Value
- By Transaction Volume
- By Average Value Per Transaction
International Outbound Market Opportunity Trend Analysis by Channel in Australia
- Digital (transaction value, transaction volume, average value per transaction)
- Mobile (transaction value, transaction volume, average value per transaction)
- Non-Digital (transaction value, transaction volume, average value per transaction)
International Outbound Remittance Analysis of Consumer Profile in Australia
- Analysis by age group of senders
- Analysis by income of sender
- Analysis by occupation of sender
- Analysis by occupation of beneficiaries
- Analysis by purpose
International Outbound Remittance Flow Analysis (State / Region to Country) in Australia
- Market opportunity by key sending countries (transaction value, transaction volume, average value per transaction)
- Market share by transfer channel by key state / regions
For more information about this report visit https://www.researchandmarkets.com/r/h6h9q5
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