Global Remittance Market Report 2023: Rise in Mobile-Based Payment Channels Fuels Sector

DUBLIN, June 6, 2023 /PRNewswire/ -- The "Global Remittance Market Outlook to 2027" report has been added to  ResearchAndMarkets.com's offering.

The report provides a comprehensive analysis of the potential of the Global Remittance Market. The report covers an overview and genesis of the industry, market size in terms of product demand.

According to publisher estimates, the Global Remittance Market which has seen a steady growth in last few years excluding the pandemic year is driven by rise in mobile-based payment channels and cross-border transactions and decrease in remittance transfer time & cost drives the growth of the market.

In addition, increase in adoption of banking & financial sectors across the globe fuels the remittance market growth. However, rise in number of financial crimes and lack of awareness for digital remittance is expected to impede the market growth.

Furthermore, technological advancements in digital remittance market is expected to provide lucrative opportunities for the market growth. The most important growth driver is the remittance flows coming via migrant workers.

The digital segment is projected to witness significant growth over the forecast period. The growth can be attributed to the growing wave of digitalization in developing countries such as India and China.

The inward remittance segment is anticipated to witness the fastest growth over the forecast period. The segment's growth is ascribed to the determination of migrants to support their families back home during the difficult post-pandemic recovery period.

The Asia Pacific is expected to emerge as the fastest-growing region owing to a wider customer base & a substantial number of key market players as well as innovators in the region.

Key Trends by Market Segment:

• By Mode of Transfer: The traditional (non-digital) segment accounted for the largest revenue share of more than 75.0% in 2021.The major factor contributing to the segment's growth is the sense of security and safety the consumer experiences while remitting funds through an offline channel. However, in the upcoming years, digital mode of transfer is anticipated to register massive growth. -By Type: The outward remittance segment dominated the market in 2022 and accounted for a revenue share of more than 54.0%. Most businesses are a part of the global economy, and a company must deal with competition everywhere to compete on this grand scale
• By Channel: The money transfer operators segment accounted for the largest revenue share & the online platforms (wallets) segment is anticipated to register significant growth over the forecast period. The segment's growth can be attributed to the fact that online platforms save a lot of time. People no longer have to stand in lines, write cheques, or wait for paper bills, and they are not required to wait for banks to clear their cheques before accessing the funds

Competitive Landscape

Global Remittance Market is concentrated among the top 10 players. Prominent players are pursuing various strategies, such as research & development initiatives, product innovations, joint ventures & strategic partnerships, expansion, and mergers & acquisitions to gain a competitive edge in the market. Market players are focusing on leveraging the capabilities of newly emerged fintech companies to offer their consumers the utmost convince of remitting funds. The major companies dominating the Global Remittance market for its products, services, and continuous product developments are Bank of America, Citi Group Inc., Pay Pal, Wells Fargo, JP Morgan Chase among others.

Future Outlook

According to publisher estimates, the Global Remittance Market which was valued at USD ~701 Bn in 2020 to USD ~1000 Bn by 2027 is driven by rise in mobile-based payment channels and cross-border transactions and decrease in remittance transfer time & cost drives the growth of the market. In addition, increase in adoption of banking & financial sectors across the globe fuels the remittance market growth. However, rise in number of financial crimes and lack of awareness for digital remittance is expected to impede the market growth. Furthermore, technological advancements in digital remittance market is expected to provide lucrative opportunities for the market growth.

Key Topics Covered:

1. Executive Summary
1.1 How is Remittance Market Positioned Globally?

2. Country Wise Overview of Remittance Market
2.1 Global Demographics, 2022
2.2 Economic Analysis, 2022

3. Global Remittance Market Overview
3.1 Business Cycle and Genesis of Global Remittance Market
3.2 Ecosystem of Major Entities in Global Remittance Market
3.3 Value Chain Analysis for Global Lubricant Market
3.4 Timeline of Major Players in Global Remittance Market (1/2)
3.5 Timeline of Major Players Global Remittance Market
3.6 Timeline of Major Players in Global Remittance Market (2/2)

5. Market Size of Global Remittance Market
5.1 Global Remittance Market Size, 2017-2022

6. Market Segmentation of Global Remittance Market
6.1 Global Remittance Market Segmentation, 2022
6.2 Segmentation of Remittance by Mode, 2022
6.3 Segmentation of Remittance by Types, 2022
6.4 Segmentation of Remittance by End Uses, 2022
6.5 Segmentation of Remittance by Geography, 2022

7. Industry Analysis of Remittance Market
7.1 SWOT Analysis of Global Remittance Market
7.2 Porter's Five Forces Analysis of Global Remittance Market
7.3 Growth Drivers of Global Remittance Market
7.4 Bottlenecks and Challenges in the Global Remittance Market
7.5 Trends and Developments in Global Remittance Market
7.6 SWOT Analysis of Global Remittance Market
7.7Overview of how the COVID-19 Pandemic impacted the Global Remittance Market

8. End User Analysis of Global Remittance Market
8.1 End-User Analysis

9. Competition Framework of Global Remittance Market
9.1 Market Share of Major Manufacturers in Global Remittance Market, 2022
9.2 Competitive Landscape of Global Remittance Market
9.3 Cross Comparison of Major Players in Global Remittance Market (1/8)

10. Future Outlook of Global Remittance Market
10.1 Global Remittance Market Size, 2022-2027
10.2 Global Remittance Market Segmentation, 2027

11. Analyst Recommendation
11.1 Analyst Recommendation

12. Research Methodology

A selection of companies mentioned in this report includes

• Citi Group
• JP Morgan Chase
• Bank Of America
• Pay Pal
• OFX
• UAE Exchange
• Ria Financial Services
• Digital Wallet Corporation
• InstaRem
• Transfer Go
• Fly Remit
• Western Union

For more information about this report visit https://www.researchandmarkets.com/r/t7ukbc

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