Dublin, April 09, 2024 (GLOBE NEWSWIRE) -- The "Colombia 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.
The international remittance market in Colombia has demonstrated significant growth, with the inbound remittance market growing at a rate of 6.0% during 2023, reaching a formidable US$ 10.52 billion in 2024. The market is anticipated to continue expanding with a Compound Annual Growth Rate (CAGR) of 3.7% from 2024 through 2028, projecting a market size of US$ 12.17 billion by the end of the forecast period.
The newly released report offers a comprehensive analysis of the trends in transaction values and volumes, covering both the inbound and outbound remittance markets in Colombia. It sheds light on the average value per transaction and the variance in the use of digital, mobile, and non-digital transfer channels. The research presents an in-depth profile of consumers participating in the remittance space, taking into account age, income, and occupation of senders and beneficiaries, as well as the purposes for which remittances are being sent.
Outbound Remittance Market Trends
Parallel to the incoming remittances, Colombia's outbound remittance market has also been on an uptrend, with a 4.8% growth in 2023, and a projected CAGR of 3.1% from 2024 to 2028. The outbound remittance transactions are expected to scale from US$443.2 million in 2023 to US$524.8 million by end of the forecast period in 2028, suggesting a robust environment for both inward and outward financial flows.
Strategic Opportunities for Stakeholders
The study’s findings underline strategic opportunities for market participants, offering a granular view of the market opportunities by various channels. It includes a high-level overview of the competitive landscape, providing crucial insights into the market share held by key players. Furthermore, the report delineates transfer patterns, highlighting important sending and receiving states and regions, thereby enabling key stakeholders to make well-informed strategic decisions.
Future Market Projections
For businesses and investors operating within the remittance ecosystem, the report serves as a valuable tool offering projections for future market growth. This assists in informed planning and strategizing to capitalize on upcoming market opportunities within Colombia's vibrant remittance industry.
Conclusion
The data derived from the report suggests that Colombia's international remittance market is not only thriving but also presents significant opportunities for businesses and investors focused on the financial services industry. Accurate, data-driven insights pave the way for assessing risks, uncovering new opportunities, and making strategic business decisions to engage with this dynamic market effectively.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 130 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $10.5 Billion |
| Forecasted Market Value (USD) by 2028 | $12.2 Billion |
| Compound Annual Growth Rate | 3.7% |
| Regions Covered | Colombia |
For more information about this report visit https://www.researchandmarkets.com/r/k0ehln
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