Remittance Market is set for a Rapid Growth and is Expected to Reach USD 1334.69 Billion by 2032

Zion Market Research has published a new report titled “Remittance Market by Type (Inward Remittance and Outward Remittance) by Platform (Digital and Non Digital) by Channel (Banks, Money Transfer Operators, Mobile Banking, and Other) by End User (Migrant Labor Workforce, Businesses, and Individual/Personal): Global Industry Perspective, Comprehensive Analysis and Forecast, 2024 – 2032.” According to the report, global demand for remittance market was valued at USD 36.53 Billion in 2023, and is expected to reach USD 1334.69 Billion in 2032, growing at a rate of 25.9% between 2024 and 2032.

Browse the full “Remittance Market by Type (Inward Remittance and Outward Remittance) by Platform (Digital and Non Digital) by Channel (Banks, Money Transfer Operators, Mobile Banking and Other) by End User (Migrant Labor Workforce, Businesses, and Individual/Personal): Global Industry Perspective, Comprehensive Analysis and Forecast, 2024 – 2032.” Report at https://www.zionmarketresearch.com/report/remittance-market

Remittance referred as the transfer money by immigrants to their families residing in their home countries. Remittance channel consists of recipient, sender, and intermediaries from both countries. The payment interface used by intermediaries. Remittance market leads an important role in economic development worldwide. Inflows of remittance in developing countries lead to a considerable share in their GDPs.

The global digital remittance market is anticipated for a steady growth over the forecast period due to the growing international migrant population. Decreasing remittance costs, improving economic growth, increasing disposable income, growing urbanization, improving current payment system infrastructure are considered as major drivers for the remittances market over the coming years. Furthermore increase in urbanization has led to employment opportunities that will drive the global remittance market over the coming years. However, lack of awareness and security concerns are expected to have an adverse effect on the market.

 
All the segments of the remittances market have been analyzed based on the past, present, and future trends. The market is estimated from 2019 to 2025. Based on type, the global remittances market is further divided into inward remittance and outward remittance. The inward remittance is anticipated to hold a substantial share of the remittances market over the coming years considering the rising usage of mobile payment apps. The platform segment is bifurcated into digital and non-digital platform. The digital segment is expected to hold a notable chunk of the market owing to the rising use of digital platforms for money transfer. The channel segment is segmented into banks, money transfer operators, mobile banking, and others. Money transfer operator segment is estimated to grow at a noteworthy rate due to adoption of online banking by financial institution and money transfer operators.

The regional segmentation consists of the past, present, and future demand for North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The regional segment is further classified into the U.S., Canada, UK, France, Germany, China, Japan, India, and Brazil among others. North America region is considered as one of the lucrative region for remittance market due to the presence of major financial companies with adoption of latest technologies to connect the customers all over the globe. European region is anticipated to hold a considerable share due to rising adoption of remittance solution in various industries such as healthcare, banking, automotive, among others. 

Detailed analysis of the major players in the global remittances market consists of their financial overview, recent developments, business strategies, and the product introduced by them in the market. Key competitors comprise in this report are MoneyGram International Inc., Euronet Worldwide, The Kroger Co., Societe Generale, Absa Group Limited, Banco Bradesco , Western Union, U.S. Bancorp, and Scotiabank among others. 

This report segments the global remittances market as follows:

Global Remittance Market: Type Segment Analysis

• Inward Remittance
• Outward Remittance

Global Remittance Market: Platform Segment Analysis

• Digital
• Non - digital

Global Remittance Market: Channel Segment Analysis

• Banks
• Money Transfer Operators
• Mobile Banking
• Others

Global Remittance Market: End User Segment Analysis

• Migrant Labor Workforce
• Businesses
• Individual/Personal

Global Remittance Market: Regional Segment Analysis

• North America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa

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