WASHINGTON, May 09, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the global Digital Remittance Market finds that the rising number of cross-border transactions is expediting market growth. Primarily driven by rising accessibility of mobile phones and e-payments, the total global Digital Remittance Market is estimated to reach USD 39.8 Billion by the year 2028.
The Global Market is valued at a revenue of USD 17.5 Billion in the year 2021 and is projected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 14.7%.
Furthermore, the increase in internet and smartphone penetration is also anticipated to augment the growth of the Global Digital Remittance Market, states Vantage Market Research, in a report, titled “Digital Remittance Market Size, Share & Trends Analysis Report by Type (Inward Digital Remittance, Outward Digital Remittance), by Channel (Bank Transfer, Money Transfer Operators, Online Platforms, Others), by End Use (Migrant Labor Workforce, Individual, Small Businesses, Others), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Market Dynamics:
Rising Number of Cross-Border Transactions to Fuel Global Digital Remittance Market
The rising number of cross-border transactions is expected to fuel the growth of the Digital Remittance Market during the forecast period. This is attributable to the changing customer demands along with emerging market growth. As per EY, the global cross-border payment flows are expected to reach USD 156t in 2022. Within this, the business-to-business (B2B) transactions is projected to dominate by far, and account for USD 150t whereas consumer-to-business (C2B) transactions, such as cross-border e-commerce and offline tourism expenditure is projected to reach USD 2.8t. Further, it also stated that business-to-consumer (B2C) transactions are expected to amount to USD 1.6t in 2022 and the consumer-to-consumer (C2C), or remittance payments are likely to reach USD 0.8t in 2022. This is owing to the increasing penetration of smartphones, and growing popularity of digital access points such as alternative payment mechanisms (APMs) for remittances, which have created new expectations that incumbents are straining to meet. Further, the rush of new entrants that promise to solve long-standing pain points is also expected to support the growth of the market in near future.
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Digital Remittance market is predicted to grow at a CAGR of roughly 14.7% during the forecast period.
- The Digital Remittance market was estimated to be worth roughly USD 17.5 Billion in 2021 and is expected to reach USD 39.8 Billion by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Digital Remittance market.
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Segmentation of the Global Digital Remittance Market:
- Type
- Inward Digital Remittance
- Outward Digital Remittance
- Channel
- Bank Transfer
- Money Transfer Operators
- Online Platforms
- Others
- End Use
- Migrant Labor Workforce
- Individual
- Small Businesses
- Others
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Increasing Accessibility of Mobile Phones and E-Payments to Augment Market Growth
The increasing accessibility of mobile phones and e-payments is anticipated to augment the growth of the Digital Remittance Market within the estimated period. Most of the people across the world have access to financial services and e-payment solutions as mobile phone ownership rises. Global mobile wallet usage at the point-of-sale (POS) is predicted to increase from 22% in 2019 to 30% by 2023, while mobile wallet usage in e-commerce is expected to increase to more than half (52%) in 2023, up from 42% in 2019. The volume of cross-border trade is expanding as a result of this expansion. These factors, taken together, necessitate new business models and value propositions that solve the flaws in the current correspondent banking process thereby increasing the market potential across the globe.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the IT & communication industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges such as disruptions in the supply chain. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The Report on Digital Remittance Market Highlights:
- Assessment of the Market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
North America to Dominate the Global Digital Remittance Market
North America has dominated the global Digital Remittance Market in 2021 and is likely to continue the same trend during the forecast period. The United States dominated North America in 2021. This is attributable to the rising trend of faster money transfer in the region. Furthermore, the increasing number of immigrants in search of better education and job opportunities is also anticipated to fuel the growth of the market in the region. Additionally, presence of prominent financial service and communication companies is also expected to support regional growth of the market in the years to come.
List of Prominent Players in the Digital Remittance Market:
- Azimo Limited
- Digital Wallet Corporation
- Money gram International Inc.
- NIUM PTE. Ltd.
- PayPal Holdings Inc.
- Remitly Inc.
- Ria Financial Services Ltd.
- Ripple Labs Inc.
- Transfer Go Ltd.
- Western Union Holdings Inc.
- Wise (Earlier TransferWise Ltd.)
- World Remit Ltd.
Browse market data Tables and Figures spread through 144 Pages and in-depth TOC on "Digital Remittance Market Size, Share & Trends Analysis Report by Type (Inward Digital Remittance, Outward Digital Remittance), by Channel (Bank Transfer, Money Transfer Operators, Online Platforms, Others), by End Use (Migrant Labor Workforce, Individual, Small Businesses, Others), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/digital-remittance-market-802170
Recent Developments:
June, 2021: Telcoin, a blockchain-powered fintech disrupting the USD 700 Billion international remittance industry, announced plans to extend its digital money transfer service to 23 additional mobile money platforms in 16 countries.
June, 2021: Wise announced the launch of its low cost and international money transfers from India. With this launch, Indian users will be able to send money from the country to 44 countries globally, including the UK, US, Singapore, Malaysia, UAE and countries in the Eurozone. The service is available across Android, iOS and the web.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Digital Remittance Market?
- How will the Digital Remittance Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Digital Remittance Market?
- What is the Digital Remittance market drivers and restrictions?
- What will be the CAGR and size of the Digital Remittance Market throughout the forecast period?
This report titled “Digital Remittance Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered |
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| Region & Counties Covered |
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| Companies Covered |
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| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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- Top Companies in Digital Remittance Market: - https://v-mr.biz/digital-remittance-market
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