Saudi Arabia International Remittance Market Report 2023 - Inbound Remittance Market to Reach US$328.7 million by 2028 with Outbound Remittance Market Reaching US$ 42.70 billion by 2028

DUBLIN , Dec. 21, 2023 /PRNewswire/ -- The "Saudi Arabia International Remittance Market Business and Investment Opportunities - Analysis by Transaction Value & Volume, Inbound and Outbound Transfers to and from Key States, Consumer Demographics - Q2 2023" report has been added to ResearchAndMarkets.com's offering.

The international inbound remittance market in Saudi Arabia has increased at -1.6% during 2022 to reach US$287 million in 2023. Over the forecast period (2023-2028), market size is expected to record a CAGR of 2.7%, increasing from US$291.7 million in 2022 to reach US$328.7 million by 2028.

The international outbound remittance market in Saudi Arabia has increased at 2.0% during 2022 to reach US$ 39.34 billion in 2023. Over the forecast period (2023-2028), market size is expected to record a CAGR of 1.7%, increasing from US$ 38.56 billion in 2022 to reach US$ 42.70 billion by 2028.

The remittance market in the Kingdom of Saudi Arabia is projected to record strong growth over the next few quarters. Inflation cooldown, coupled with the rising migrant population in the country, is expected to emerge as the major growth driver for the remittance industry in Q4 2023 and Q1 2024. Remittance outflows, especially to Kenya, have reported strong growth in H1 2023, and the trend is projected to further continue.

To tap into the larger pool of migrant communities, digital remittance firms are seeking to forge strategic alliances for launching new services in the Kingdom. Going forward, this trend is expected to aid the competitive landscape, driving innovation and market growth in Saudi Arabia. Overall, the publisher maintains a positive growth outlook for the industry over the next three to four years in the Kingdom.

The consistent decline in inflation is expected to aid the growth of the remittance industry in Saudi Arabia

The Consumer Price Index (CPI), in October 2023, reported a decline for the fifth month in a row in the Kingdom of Saudi Arabia. The inflation rate declined by 1.6% in the month, which is 0.1% lower compared to the 1.7% decline reported in September 2023. This stability in the inflation rate indicates the strength of the Saudi Arabian economy, and as a result, the publisher expects remittance outflows to increase over the next few quarters.

Remittances from Saudi Arabia to Kenya surged significantly on the back of growing migrant population

Kenyans living and working in Saudi Arabia are now sending more money back home than those in the United States. This shift highlights the ongoing impact of high inflation on people's incomes in the United States.

Based on the data revealed by the Kenyan Central Bank, remittances from Saudi Arabia increased by 30.28% to reach US$246 million in the first eight months of 2023. During the same period in 2022, the remittance outflows from Saudi Arabia to Kenya stood at US$188.8 million.

The two countries are expected to sign a labor agreement over the next few months, which means more professionals will enter the Saudi Arabian market from Kenya. This will further aid the growth of the remittance market in the Kingdom over the next three to four years.

As of now, majority workers are hired and linked to employers through agencies operating under the GCC's kafala system. This system mainly oversees migrant workers, especially in domestic and construction roles.

Firms are entering into strategic collaborations to provide remittance services to Nepalese in Saudi Arabia

With the market projected to report strong growth over the next three to four years, players in the segment are looking to garner more market share by launching remittance services for more and more migrant communities.

This report provides a comprehensive analysis of the international inbound and outbound remittance market in Saudi Arabia. It covers the market opportunity by transaction value, transaction volume, average value per transaction, key market players, market opportunity by channel, consumer profile, and by sending/receiving countries.

Report Scope

International Inbound Market Opportunity Trend Analysis in Saudi Arabia

• By Transaction Value
• By Transaction Volume
• By Average Value Per Transaction

Market Share of Key Players in Saudi Arabia

International Inbound Market Opportunity Trend Analysis by Channel in Saudi Arabia

• Digital (transaction value, transaction volume, average value per transaction)
• Mobile (transaction value, transaction volume, average value per transaction)
• Non-Digital (transaction value, transaction volume, average value per transaction)

International Inbound Remittance Analysis of Consumer Profile in Saudi Arabia

• Analysis by age group of senders
• Analysis by income of senders
• Analysis by occupation of senders
• Analysis by occupation of beneficiaries
• Analysis by purpose

International Inbound Remittance Flow Analysis (Country to State/Region) in Saudi Arabia

• Market opportunity by key sending countries (transaction value, transaction volume, average value per transaction)
• Market share by transfer channel by key state/regions

International Outbound Market Opportunity Trend Analysis in Saudi Arabia

• By Transaction Value
• By Transaction Volume
• By Average Value Per Transaction

International Outbound Market Opportunity Trend Analysis by Channel in Saudi Arabia

• Digital (transaction value, transaction volume, average value per transaction)
• Mobile (transaction value, transaction volume, average value per transaction)
• Non-Digital (transaction value, transaction volume, average value per transaction)

International Outbound Remittance Analysis of Consumer Profile in Saudi Arabia

• Analysis by age group of senders
• Analysis by income of sender
• Analysis by occupation of sender
• Analysis by occupation of beneficiaries
• Analysis by purpose

International Outbound Remittance Flow Analysis (State/Region to Country) in Saudi Arabia

• Market opportunity by key sending countries (transaction value, transaction volume, average value per transaction)
• Market share by transfer channel by key state/regions

For more information about this report visit https://www.researchandmarkets.com/r/yy2f0l

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