Portland, OR, April 16, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the Asia-Pacific digital remittance market garnered $49.85 billion in 2018, and is expected to generate $269.78 billion by 2026, growing at a CAGR of 23.5% from 2019 to 2026. The report provides an extensive analysis of changing market dynamics, market size & projections, key investment pockets, major segments, and competitive performance.
Increase in cross-border transactions & mobile-based payment channels, less cost & transfer time for remittance, and surge in adoption of banking & financial services drive the growth of the Asia-Pacific digital remittance market. However, low awareness regarding digital remittance hinders the market growth. On the other hand, surge in penetration of Internet & smartphones along with technological innovations create new opportunities in the coming years.
Download Report Sample (Tables, Figures and Insights): https://www.alliedmarketresearch.com/request-sample/4726
Based on remittance type, the inward digital remittance segment accounted for more than two-thirds of the total market share in 2018, and is expected to continue its lead position during the forecast period. However, the outward digital remittance segment is estimated to witness the largest CAGR of 24.4% from 2019 to 2026.
Based on remittance channel, the money transfer operator segment accounted for the highest market share with nearly half of the total share in 2018, and is expected to continue its leadership position during the forecast period. On the other hand, the banks segment is estimated to witness the highest CAGR of 24.7% from 2019 to 2026.
Based on country, China contributed to the highest market share with more than one-fourth of total share of the Asia-Pacific digital remittance market in 2018, and is estimated to maintain its highest contribution by 2026. This is due to the major shift toward digital payments in the country. However, Singapore is expected to witness the highest CAGR of 27.1% from 2019 to 2026. On the other hand, India is projected to register a CAGR of 22.3% during the forecast period. The research also analyzes countries including Japan, Hong Kong, Taiwan, Indonesia, and rest of Asia-Pacific.
Interested to Procure the Data? Enquire Here: https://www.alliedmarketresearch.com/purchase-enquiry/4726
Key players of the Asia-Pacific digital remittance market analyzed in the report include InstaReM, Flywire, Remitly, Inc., Azimo Limited, SingX Pte Ltd., TransferWise Ltd., WorldRemit Ltd., MoneyGram, Ripple, and TNG Wallet. They have adopted various strategies including collaborations, partnerships, mergers and acquisitions, new product launches, joint ventures, and others to gain a strong position in the coming years.
Access Avenue (Premium on-demand, subscription-based pricing model) @ https://www.alliedmarketresearch.com/Avenue-Membership-details
Avenue, a user-based library of global market report database, provides comprehensive reports pertaining to the world's largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements.
Related Studies:
Peer to Peer Lending Market Trends by 2030 - Global Business Strategies
Direct Carrier Billing Platform Market Trends by 2030 - Global Business Strategies
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.