Global Remittance Market & COVID-19's Impact (2020-2024): Slowdown in Major Economies, Decline in Global GDP, Change in Organic Traffic, Rise in Unemployment

DUBLIN, April 21, 2020 /PRNewswire/ -- The "Global Remittance Market: Insights & Forecast with Potential Impact of COVID-19 (2020-2024)" report has been added to ResearchAndMarkets.com's offering.

The Global Inflow of Remittances is expected to reach US$705.87 billion in 2024, witnessing a growth at a CAGR of 1.04%, over the period 2020-2024.

The growth of the market has been driven by a reduction in remittance costs, rising international migration, accelerating economic growth, improving youth unemployment rate, surging urbanization, increasing refugee population and rising disposable income.

Growth of the market would be challenged by fluctuating remittance costs by region, de-risking practices and stringent government regulations. To overcome the challenges in the market, noteworthy trends like escalating remittance flows, growing demand for mobile payment transactions, surging options of sending money and high pressures to reduce remittance fees on MTOs are expected to boost the market in future.

The global remittance market is categorized on the basis of remittance inflows and remittance outflows by countries. Lower-middle income regions act as the major sources of remittance inflow whereas high-income regions are usually the sources of remittance outflows. East Asia & Pacific acquired a lion's share in global inflow of remittances. In terms of countries, India remained the largest remittance-receiving country followed by China. Whereas, the U.S. persisted as the largest source of remittance outflow.

Scope of the Report

• The report provides a comprehensive analysis of the global remittance market with the potential impact of COVID-19, segmented on the basis of remittance inflows and remittance outflows by countries.
• The major regional markets (East Asia & Pacific, Europe & Central Asia, Latin America and the Caribbean, Middle East & North Africa and South Asia, Sub-Saharan Africa) have been analyzed.
• The market dynamics such as growth drivers, market trends and challenges are analyzed in-depth.
• The competitive landscape of the market, along with the company profiles of leading players (PayPal Holdings, The Western Union Company, Euronet Worldwide, MoneyGram International, U.S. Bancorp and Absa Group Limited) are also presented.

Key Topics Covered

1. Overview
1.1 Remittance
1.2 Components of Remittance Marketplace
1.3 Remittance Market Value Chain

2. Impact of COVID-19
2.1 Slowdown in Major Economies
2.2 Decline in Global GDP
2.3 Change in Organic Traffic
2.4 Rise in Unemployment
2.5 Regional Impact

3. Global Market Analysis
3.1 Global Remittance Inflow
3.2 Global Remittance Inflow Forecast
3.3 Global Remittance Inflow to Low-Middle Income Region
3.4 Global Remittance Inflow to Low-Middle Income Region Forecast
3.5 Global Remittance Inflow by Countries
3.5.1 India Remittance Inflow Forecast
3.5.2 China Remittance Inflow Forecast
3.5.3 Mexico Remittance Inflow Forecast
3.5.4 Philippines Remittance Inflow Forecast
3.5.5 Egypt, Arab Republic Remittance Inflow Forecast
3.6 Global Remittance Outflow by Countries
3.6.1 The U.S. Remittance Outflows Forecast
3.6.2 United Arab Emirates Remittance Outflows Forecast
3.6.3 Saudi Arabia Remittance Outflows Forecast
3.6.4 Switzerland Remittance Outflows Forecast
3.6.5 Germany Remittance Outflows Forecast

4. Regional Market Analysis
4.1 Lower Middle Income Region Remittance Inflow
4.2 East Asia-Pacific Remittance Inflow Forecast
4.3 South Asia Remittance Inflow Forecast
4.4 Latin America & Caribbean Remittance Inflow Forecast
4.5 Europe & Central Asia Remittance Inflow Forecast
4.6 The Middle East & North Africa Remittance Inflow Forecast
4.7 Sub-Saharan Africa Remittance Inflow Forecast

5. Market Dynamics
5.1 Growth Drivers
5.1.1 Reduction in Remittance Costs
5.1.2 Rising International Migration
5.1.3 Improving Youth Unemployment Rate
5.1.4 Surging Urbanization
5.1.5 Increasing Refugee Population
5.1.6 Rising Disposable Income
5.2 Key Trends and Developments
5.2.1 Growing Demand for Mobile Payment Transactions
5.2.2 Surging Options of Sending Money
5.2.3 High Pressures to Reduce Remittance Fees on MTOs
5.3 Challenges
5.3.1 Fluctuating Remittance Costs by Region
5.3.2 Support from World Bank
5.3.3 De-risking Practices
5.3.4 Stringent Government Regulations

6. Competitive Landscape
6.1 Global Market
6.1.1 Revenue Comparison of Key Players
6.1.2 Market Capitalization Comparison of Key Players
6.1.3 Cross Border Money Transfer Volume Comparison of Key Players
6.1.4 Comparison of Services Offered by Money Transfer Operators

7. Company Profiles
(Business & Financial Overview, Business Strategies)
7.1 PayPal Holdings Inc.
7.2 The Western Union Company
7.3 Euronet Worldwide Inc.
7.4 MoneyGram International Inc.
7.5 U.S. Bancorp
7.6 Absa Group Limited

For more information about this report visit https://www.researchandmarkets.com/r/9ytf5x

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