Dublin, Nov. 29, 2024 (GLOBE NEWSWIRE) -- The "Digital Remittance Market by Remittance Channel, Remittance Type, End-User - Global Forecast 2025-2030" report has been added to ResearchAndMarkets.com's offering.
The Digital Remittance Market grew from USD 148.08 billion in 2023 to USD 166.60 billion in 2024. It is expected to continue growing at a CAGR of 12.60%, reaching USD 339.87 billion by 2030. 
Key factors driving market growth include technological advancements, mobile penetration, and financial inclusivity surging among the unbanked population. Emerging markets in Asia, Africa, and Latin America present immense potential, fueled by vast diasporas and growing economic activities. Companies can capitalize on opportunities by bolstering security measures and embracing blockchain technology for transparent, tamper-proof transactions.
However, limitations include stringent regulatory requirements, cybersecurity threats, and the potential for digital fraud. Another challenge is technological barriers in underdeveloped regions lacking internet infrastructure.
Collaborative innovations and partnerships with fintech firms can mitigate these challenges, introducing more robust, accessible solutions. Enhanced user experiences through AI-driven customer service and personalized financial products could further tap into untapped customer segments. Research and development should focus on enhancing security protocols, developing agile digital platforms, and expanding Artificial Intelligence applications for real-time fraud detection.
The Digital Remittance Market is inherently dynamic and competitive, continually reshaping under economic trends, regulatory landscapes, and technological disruptions. For sustained growth, companies must maintain agility, embracing regulatory compliance while optimizing platform efficiencies. By prioritizing innovation, security, and customer-centric solutions, entities can seize emerging opportunities and cement their positions in the evolving digital remittance landscape.
Key Company Profiles
The report delves into recent significant developments in the Digital Remittance Market, highlighting leading vendors and their innovative profiles. These include Wise Payments Limited, Flywire Corporation, Citigroup, Inc., PayPal Holdings, Inc., Ripple Labs Inc., Mavro Imaging, GoCardless Ltd., UAE Exchange, The Currency Cloud Limited, Okremit by Asian Net Co., Ltd., TransferGo Ltd., OrbitRemit Limited, The Western Union Company, Moneygram International, Inc., Nium Pte. Ltd., OSP Labs, American Express Company, OFX Group Limited, Azimo Limited, WorldRemit Limited, Mastercard Incorporated, Remitly Global, Inc., Touch 'n Go Sdn Bhd, and Digital Wallet Corporation.
The report provides a detailed overview of the market, exploring several key areas:
- Market Penetration: A thorough examination of the current market landscape, featuring comprehensive data from leading industry players and analyzing their reach and influence across the market.
- Market Development: The report identifies significant growth opportunities in emerging markets and assesses expansion potential within established segments, providing a roadmap for future development.
- Market Diversification: In-depth coverage of recent product launches, untapped geographic regions, significant industry developments, and strategic investments reshaping the market landscape.
- Competitive Assessment & Intelligence: A detailed analysis of the competitive landscape, covering market share, business strategies, product portfolios, certifications, regulatory approvals, patent trends, technological advancements, and innovations in manufacturing by key market players.
- Product Development & Innovation: Insight into groundbreaking technologies, R&D efforts, and product innovations that will drive the market in future.
Additionally, the report addresses key questions to assist stakeholders in making informed decisions:
- What is the current size of the market, and how is it expected to grow?
- Which products, segments, and regions present the most attractive investment opportunities?
- What are the prevailing technology trends and regulatory factors influencing the market?
- How do top vendors rank regarding market share and competitive positioning?
- What revenue sources and strategic opportunities guide vendors' market entry or exit decisions?
Key Attributes
| Report Attribute | Details |
| No. of Pages | 199 |
| Forecast Period | 2024-2030 |
| Estimated Market Value (USD) in 2024 | $166.6 Billion |
| Forecasted Market Value (USD) by 2030 | $339.87 Billion |
| Compound Annual Growth Rate | 12.6% |
| Regions Covered | Global |
Key Topics Covered
1. Preface
2. Research Methodology
2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update
3. Executive Summary
4. Market Overview
5. Market Insights
5.1. Market Dynamics
5.1.1. Drivers
5.1.1.1. Increasing Number of Migrants Sending Money to Home Country
5.1.1.2. Rising Need for Transparency in Remittances
5.1.1.3. Surging Focus on Reducing Remittance Transaction Fees
5.1.2. Restraints
5.1.2.1. Lack of Awareness and Knowledge About Digital Remittance Platforms
5.1.3. Opportunities
5.1.3.1. Adoption of Blockchain Technology in Digital Remittance Platforms
5.1.3.2. High Level of Amalgamations Activities Among Money Transfer Operators
5.1.4. Challenges
5.1.4.1. Concerns Regarding Cybersecurity
5.2. Market Segmentation Analysis
5.2.1. Remittance Channel: Growing preference towards digital money transfer operators due to their diverse offerings
5.2.2. Remittance Type: Stronger emphasis on favorable exchange rates and cost efficiency in outward remittance
5.2.3. End-User: Expanding application of digital remittance in businesses
5.3. Porter's Five Forces Analysis
5.3.1. Threat of New Entrants
5.3.2. Threat of Substitutes
5.3.3. Bargaining Power of Customers
5.3.4. Bargaining Power of Suppliers
5.3.5. Industry Rivalry
5.4. PESTLE Analysis
5.4.1. Political
5.4.2. Economic
5.4.3. Social
5.4.4. Technological
5.4.5. Legal
5.4.6. Environmental
5.5. Client Customization
6. Digital Remittance Market, by Remittance Channel
6.1. Introduction
6.2. Banks Digital Remittance
6.3. Digital Money Transfer Operators
7. Digital Remittance Market, by Remittance Type
7.1. Introduction
7.2. Inward Digital Remittance
7.3. Outward Digital Remittance
8. Digital Remittance Market, by End-User
8.1. Introduction
8.2. Business
8.3. Personal
9. Americas Digital Remittance Market
9.1. Introduction
9.2. Argentina
9.3. Brazil
9.4. Canada
9.5. Mexico
9.6. United States
10. Asia-Pacific Digital Remittance Market
10.1. Introduction
10.2. Australia
10.3. China
10.4. India
10.5. Indonesia
10.6. Japan
10.7. Malaysia
10.8. Philippines
10.9. Singapore
10.10. South Korea
10.11. Taiwan
10.12. Thailand
10.13. Vietnam
11. Europe, Middle East & Africa Digital Remittance Market
11.1. Introduction
11.2. Denmark
11.3. Egypt
11.4. Finland
11.5. France
11.6. Germany
11.7. Israel
11.8. Italy
11.9. Netherlands
11.10. Nigeria
11.11. Norway
11.12. Poland
11.13. Qatar
11.14. Russia
11.15. Saudi Arabia
11.16. South Africa
11.17. Spain
11.18. Sweden
11.19. Switzerland
11.20. Turkey
11.21. United Arab Emirates
11.22. United Kingdom
12. Competitive Landscape
12.1. Market Share Analysis, 2023
12.2. FPNV Positioning Matrix, 2023
12.3. Competitive Scenario Analysis
12.3.1. UAE's Careem Pay & iPiD Team to Launch Remittances in India
12.3.2. IndusInd Bank & Viamericas Team to Launch Digital Remittances Platform for NRIs
12.3.3. MoneyGram to Launch Non-Custodial Digital Wallet for Cross-Border Payments
For more information about this report visit https://www.researchandmarkets.com/r/5kmiy7
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