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Digital Remittance Market - Global Industry Analysis

Digital Remittance Market by Remittance Type (Inward and Outward), by Remittance Channel (Banks, Money Transfer Operators, Online Platforms, and Others), and by End-User (Migrant Labor Workforce, Businesses, and Individual/Personal): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025

Published Date: 12-Apr-2019 Category: Technology & Media Report Format : PDF Pages: 145 Report Code: ZMR-4022 Status : Published

Global digital remittance market expected to reach approximately USD 8.61 billion by 2025, at a CAGR of slightly above 23.8% between 2019 and 2025. Digital remittance is interconnected with the banking systems in almost every country, where funds are securely transferred and received throughout the process.

Description

The report covers a forecast and an analysis of the digital remittance on a global and regional level. The study provides historical data for 2016, 2017, and 2018 along with a forecast from 2019 to 2025 based on revenue (USD Billion). The study includes drivers and restraints of the digital remittance along with their impact on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the digital remittance on a global level.

This report offers a comprehensive analysis of the global digital remittance along with market trends, drivers, and restraints of the digital remittance. This report includes a detailed competitive scenario and product portfolio of the key vendors. To understand the competitive landscape in the market, an analysis of Porter’s Five Forces model for the market has also been included. The study encompasses a market attractiveness analysis, wherein all the segments are benchmarked based on their market size, growth rate, and general attractiveness.

Global Digital Remittance Market

The global digital remittance market is segmented on the basis of remittance type, remittance channel, end-user, and region. Based on remittance type, the market is categorized into inward and outward remittance. The remittance channel segment includes banks, money transfer operators, online platforms, and others. By end-user, the market includes migrant labor workforce, businesses, and individual/personal. All the segments have been analyzed based on present and future trends and the market is estimated from 2019 to 2025. The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Each region has been further segmented into major countries, such as the U.S., Canada, Mexico, UK, France, Germany, China, India, Japan, and Brazil.

Some key participants of the global digital remittance market include InstaReM, Flywire, Western Union (WU), Ria Financial Outward Remittance, SingX Pte Ltd., WorldRemit Ltd., Remitly, Inc., Azimo Limited, TransferWise Ltd., Ripple, MoneyGram, and TNG Wallet.

This report segments the global digital remittance market as follows:

Digital Remittance Market: Remittance Type Analysis

  • Inward Remittance
  • Outward Remittance

Digital Remittance Market: Remittance Channel Analysis

  • Banks
  • Money Transfer Operators
  • Online Inward Remittances
  • Others

Digital Remittance Market: End-User Analysis

  • Migrant Labor Workforce
  • Businesses
  • Individual/Personal

Digital Remittance Market: Regional Analysis

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

Table Of Content

  • Chapter 1. Preface
    • 1.1. Report Description
      • 1.1.1. Objective
      • 1.1.2. Target Audience
      • 1.1.3. Unique Selling Proposition (USP) &Remittance Types
    • 1.2. Research Scope
    • 1.3. Research Methodology
      • 1.3.1. Market Research Process
      • 1.3.2. Market Research Methodology
      • 1.3.3. Level 1: Primary Research
      • 1.3.4. Level 2: Secondary Research
      • 1.3.5. Level 3: Data and Expert Panel Assessment Report Description and Scope
  •  
  • Chapter 2. Executive Summary
    • 2.1. Global Digital Remittance Market, 2016-2025 (USD Billion)
    • 2.2. Digital Remittance: Market Snapshot
  •  
  • Chapter 3. Global Digital Remittance Market - Industry Analysis
    • 3.1. Digital Remittance Market: Market dynamics
    • 3.2. Market Drivers
      • 3.2.1. Rising use of mobile devices for convenient, 24/7 trouble-free, and cost-effective money transfer
      • 3.2.2. Increasing immigration from developing to developed nations for education and jobs
    • 3.3. Restraints
      • 3.3.1. Lack of awareness and guidance
    • 3.4. Opportunities
      • 3.4.1. The proliferation of mobile devices and smartphones in developing countries
    • 3.5. Innovation & Sustainability
    • 3.6. Regulatory Landscape
    • 3.7. Porter's Five Forces Analysis
    • 3.8. PESTLE Analysis
    • 3.9. Digital Remittance: Market Attractiveness Analysis
      • 3.9.1. Market Attractiveness Analysis by Remittance Type
      • 3.9.2. Market Attractiveness Analysis by Remittance Channel
      • 3.9.3. Market Attractiveness Analysis by End-User
      • 3.9.4. Market Attractiveness Analysis by Region
  •  
  • Chapter 4. Global Digital Remittance Market - Competitive Landscape
    • 4.1. Company Market Share Analysis, 2018
    • 4.2. Strategic Development
      • 4.2.1. Acquisitions and Mergers
      • 4.2.2. New Remittance Channel Launch
      • 4.2.3. Agreements, Partnerships, Collaborations, and Joint Ventures
      • 4.2.4. Research and Development and Regional Expansion
  •  
  • Chapter 5. Global Digital Remittance Market - Remittance Type Analysis
    • 5.1. Global Digital Remittance Market Revenue Share, by Remittance Type, 2018 & 2025
      • 5.1.1. Global Digital Remittance Market by Inward, 2016-2025 (USD Billion)
      • 5.1.2. Global Digital Remittance Market by Outward, 2016-2025 (USD Billion)
  •  
  • Chapter 6. Global Digital Remittance Market - Remittance Channel Analysis
    • 6.1. Global Digital Remittance Market Revenue Share, by Remittance Channel, 2018 & 2025
      • 6.1.1. Global Digital Remittance Market by Banks, 2016-2025 (USD Billion)
      • 6.1.2. Global Digital Remittance Market by Money Transfer Operators, 2016-2025 (USD Billion)
      • 6.1.3. Global Digital Remittance Market by Online Platforms, 2016-2025 (USD Billion)
      • 6.1.4. Global Digital Remittance by Others, 2016-2025 (USD Billion)
  •  
  • Chapter 7. Global Digital Remittance Market - End-User Analysis
    • 7.1. Global Digital Remittance Market Revenue Share, by End-User, 2018 & 2025
    • 7.2. Global Digital Remittance Market by Migrant Labor Workforce, 2016-2025 (USD Billion)
    • 7.3. Global Digital Remittance Market by Businesses, 2016-2025 (USD Billion)
    • 7.4. Global Digital Remittance Market by Individual/Personal, 2016-2025 (USD Billion)
  •  
  • Chapter 8. Global Digital Remittance Market - Regional Analysis
    • 8.1. Global Digital Remittance: Regional Overview
      • 8.1.1. Global Digital Remittance Market Revenue Share, By Region, 2018 & 2025
    • 8.2. North America
      • 8.2.1. North America Digital Remittance Market Revenue, 2016-2025 (USD Billion)
      • 8.2.2. North America Digital Remittance Market Revenue, By Remittance Type, 2016-2025 (USD Billion)
      • 8.2.3. North America Digital Remittance Market Revenue, By Remittance Channel, 2016-2025 (USD Billion)
      • 8.2.4. North America Digital Remittance Market Revenue, By End-User, 2016-2025 (USD Billion)
      • 8.2.5. The U.S.
        • 8.2.5.1. The U.S. Digital Remittance Market Revenue, by Remittance Type, 2016-2025 (USD Billion)
        • 8.2.5.2. The U.S. Digital Remittance Market Revenue, by Remittance Channel, 2016-2025 (USD Billion)
        • 8.2.5.3. The U.S. Digital Remittance Market Revenue, by End-User, 2016-2025 (USD Billion)
    • 8.3. Europe
      • 8.3.1. Europe Digital Remittance Market Revenue, 2016-2025 (USD Billion)
      • 8.3.2. Europe Digital Remittance Market Revenue, By Remittance Type, 2016-2025 (USD Billion)
      • 8.3.3. Europe Digital Remittance Market Revenue, By Remittance Channel, 2016-2025 (USD Billion)
      • 8.3.4. Europe Digital Remittance Market Revenue, By End-User, 2016-2025 (USD Billion)
      • 8.3.5. UK
        • 8.3.5.1. UK Digital Remittance Market Revenue, by Remittance Type, 2016-2025 (USD Billion)
        • 8.3.5.2. UK Digital Remittance Market Revenue, by Remittance Channel, 2016-2025 (USD Billion)
        • 8.3.5.3. UK Digital Remittance Market Revenue, by End-User, 2016-2025 (USD Billion)
      • 8.3.6. France
        • 8.3.6.1. France Digital Remittance Market Revenue, by Remittance Type, 2016-2025 (USD Billion)
        • 8.3.6.2. France Digital Remittance Market Revenue, by Remittance Channel, 2016-2025 (USD Billion)
        • 8.3.6.3. France Digital Remittance Market Revenue, by End-User, 2016-2025 (USD Billion)
      • 8.3.7. Germany
        • 8.3.7.1. Germany Digital Remittance Market Revenue, by Remittance Type, 2016-2025 (USD Billion)
        • 8.3.7.2. Germany Digital Remittance Market Revenue, by Remittance Channel, 2016-2025 (USD Billion)
        • 8.3.7.3. Germany Digital Remittance Market Revenue, by End-User, 2016-2025 (USD Billion)
    • 8.4. Asia Pacific
      • 8.4.1. Asia Pacific Digital Remittance Market Revenue, 2016-2025 (USD Billion)
      • 8.4.2. Asia Pacific Digital Remittance Market Revenue, By Remittance Type, 2016-2025 (USD Billion)
      • 8.4.3. Asia Pacific Digital Remittance Market Revenue, By Remittance Channel, 2016-2025 (USD Billion)
      • 8.4.4. Asia Pacific Digital Remittance Market Revenue, By End-User, 2016-2025 (USD Billion)
      • 8.4.5. China
        • 8.4.5.1. China Digital Remittance Market Revenue, by Remittance Type, 2016-2025 (USD Billion)
        • 8.4.5.2. China Digital Remittance Market Revenue, by Remittance Channel, 2016-2025 (USD Billion)
        • 8.4.5.3. China Digital Remittance Market Revenue, by End-User, 2016-2025 (USD Billion)
      • 8.4.6. Japan
        • 8.4.6.1. Japan Digital Remittance Market Revenue, by Remittance Type, 2016-2025 (USD Billion)
        • 8.4.6.2. Japan Digital Remittance Market Revenue, by Remittance Channel, 2016-2025 (USD Billion)
        • 8.4.6.3. Japan Digital Remittance Market Revenue, by End-User, 2016-2025 (USD Billion)
      • 8.4.7. India
        • 8.4.7.1. India Digital Remittance Market Revenue, by Remittance Type, 2016-2025 (USD Billion)
        • 8.4.7.2. India Digital Remittance Market Revenue, by Remittance Channel, 2016-2025 (USD Billion)
        • 8.4.7.3. India Digital Remittance Market Revenue, by End-User, 2016-2025 (USD Billion)
    • 8.5. Latin America
      • 8.5.1. Latin America Digital Remittance Market Revenue, 2016-2025 (USD Billion)
      • 8.5.2. Latin America Digital Remittance Market Revenue, By Remittance Type, 2016-2025 (USD Billion)
      • 8.5.3. Latin America Digital Remittance Market Revenue, By Remittance Channel, 2016-2025 (USD Billion)
      • 8.5.4. Latin America Digital Remittance Market Revenue, By End-User, 2016-2025 (USD Billion)
      • 8.5.5. Brazil
        • 8.5.5.1. Brazil Digital Remittance Market Revenue, by Remittance Type, 2016-2025 (USD Billion)
        • 8.5.5.2. Brazil Digital Remittance Market Revenue, by Remittance Channel, 2016-2025 (USD Billion)
        • 8.5.5.3. Brazil Digital Remittance Revenue, by End-User, 2016-2025 (USD Billion)
    • 8.6. The Middle East and Africa
      • 8.6.1. The Middle East and Africa Digital Remittance Market Revenue, 2016-2025 (USD Billion)
      • 8.6.2. The Middle East and Africa Digital Remittance Market Revenue, By Remittance Type, 2016-2025 (USD Billion)
      • 8.6.3. The Middle East and Africa Digital Remittance Market Revenue, By Remittance Channel, 2016-2025 (USD Billion)
      • 8.6.4. The Middle East and Africa Digital Remittance Market Revenue, By End-User, 2016-2025 (USD Billion)
  •  
  • Chapter 9. Company Profiles
    • 9.1. InstaReM
      • 9.1.1. Overview
      • 9.1.2. Financials
      • 9.1.3. Product Portfolio
      • 9.1.4. Business strategy
      • 9.1.5. Recent developments
      • 9.1.6. SWOT
    • 9.2. Flywire
      • 9.2.1. Overview
      • 9.2.2. Financials
      • 9.2.3. Product Portfolio
      • 9.2.4. Business strategy
      • 9.2.5. Recent developments
      • 9.2.6. SWOT
    • 9.3. Remitly, Inc.
      • 9.3.1. Overview
      • 9.3.2. Financials
      • 9.3.3. Product Portfolio
      • 9.3.4. Business strategy
      • 9.3.5. Recent developments
      • 9.3.6. SWOT
    • 9.4. SingX Pte Ltd.
      • 9.4.1. Overview
      • 9.4.2. Financials
      • 9.4.3. Product Portfolio
      • 9.4.4. Business strategy
      • 9.4.5. Recent developments
      • 9.4.6. SWOT
    • 9.5. WorldRemit Ltd.
      • 9.5.1. Overview
      • 9.5.2. Financials
      • 9.5.3. Product Portfolio
      • 9.5.4. Business strategy
      • 9.5.5. Recent developments
      • 9.5.6. SWOT
    • 9.6. Azimo Limited
      • 9.6.1. Overview
      • 9.6.2. Financials
      • 9.6.3. Product Portfolio
      • 9.6.4. Business strategy
      • 9.6.5. Recent developments
      • 9.6.6. SWOT
    • 9.7. TransferWise Ltd.
      • 9.7.1. Overview
      • 9.7.2. Financials
      • 9.7.3. Product Portfolio
      • 9.7.4. Business strategy
      • 9.7.5. Recent developments
      • 9.7.6. SWOT
    • 9.8. MoneyGram
      • 9.8.1. Overview
      • 9.8.2. Financials
      • 9.8.3. Product Portfolio
      • 9.8.4. Business strategy
      • 9.8.5. Recent developments
      • 9.8.6. SWOT
    • 9.9. Ripple
      • 9.9.1. Overview
      • 9.9.2. Financials
      • 9.9.3. Product Portfolio
      • 9.9.4. Business strategy
      • 9.9.5. Recent developments
      • 9.9.6. SWOT
    • 9.10. TNG Wallet
      • 9.10.1. Overview
      • 9.10.2. Financials
      • 9.10.3. Product Portfolio
      • 9.10.4. Business strategy
      • 9.10.5. Recent developments
      • 9.10.6. SWOT

List of Figures

1. Global Digital Remittance Market Segmentation by Remittance Channel, Remittance Type, End-User, and Region
2. Global Digital Remittance Market, 2018-2025 (USD Billion)
3. Porter’s Five Forces Analysis: Digital Remittance
4. Global Digital Remittance Market Attractiveness, by Remittance Type
5. Global Digital Remittance Market Attractiveness, by Remittance Channel
6. Global Digital Remittance Market Attractiveness, by End-User
7. Global Digital Remittance Market Attractiveness, by Region
8. Global Digital Remittance Market Revenue Share, by Remittance Type, 2018 & 2025
9. Global Digital Remittance Market by Inward Remittance, 2016–2025 (USD Billion)
10. Global Digital Remittance Market by Outward Remittance, 2016–2025 (USD Billion)
11. Global Digital Remittance Market Revenue Share, by Remittance Channel, 2018 & 2025
12. Global Digital Remittance Market by Banks, 2016–2025 (USD Billion)
13. Global Digital Remittance Market by Money Transfer Operators, 2016–2025 (USD Billion)
14. Global Digital Remittance Market by Online Platforms, 2016–2025 (USD Billion)
15. Global Digital Remittance Market by Others, 2016–2025 (USD Billion)
16. Global Digital Remittance Market Revenue Share, by End-User, 2018 & 2025
17. Global Digital Remittance Market by Migrant Labor Workforce, 2016–2025 (USD Billion)
18. Global Digital Remittance Market by Businesses, 2016–2025 (USD Billion)
19. Global Digital Remittance Market by Individual/Personal, 2016–2025 (USD Billion)
20. Global Digital Remittance Market Revenue Share, by Region, 2018 & 2025
21. North America Digital Remittance Market, 2016–2025 (USD Billion)
22. Europe Digital Remittance Market, 2016–2025 (USD Billion)
23. Asia Pacific Digital Remittance Market, 2016-2025(USD Billion)
24. Latin America Digital Remittance Market, 2016–2025 (USD Billion)
25. The Middle East and Africa Digital Remittance Market, 2016–2025 (USD Billion)
 


List of Tables

1. Global Digital Remittance Market snapshot
2. Drivers for Digital Remittance Market: Impact analysis
3. Restraints of Digital Remittance Market: Impact analysis
4. North America Digital Remittance Market Revenue, By Remittance Type, 2016–2025 (USD Billion)
5. North America Digital Remittance Market Revenue, By Remittance Channel, 2016–2025 (USD Billion)
6. North America Digital Remittance Market Revenue, By End-User, 2016–2025 (USD Billion)
7. The U.S. Digital Remittance Market Revenue, By Remittance Type, 2016–2025 (USD Billion)
8. The U.S. Digital Remittance Market Revenue, By Remittance Channel, 2016–2025 (USD Billion)
9. The U.S. Digital Remittance Market Revenue, By End-User, 2016–2025 (USD Billion)
10. Europe Digital Remittance Market Revenue, By Remittance Type, 2016–2025 (USD Billion)
11. Europe Digital Remittance Market Revenue, By Remittance Channel, 2016–2025 (USD Billion)
12. Europe Digital Remittance Market Revenue, By End-User, 2016–2025 (USD Billion)
13. UK Digital Remittance Market Revenue, By Remittance Type, 2016–2025 (USD Billion)
14. UK Digital Remittance Market Revenue, By Remittance Channel, 2016–2025 (USD Billion)
15. UK Digital Remittance Market Revenue, By End-User, 2016–2025 (USD Billion)
16. France Digital Remittance Market Revenue, By Remittance Type, 2016–2025 (USD Billion)
17. France Digital Remittance Market Revenue, By Remittance Channel, 2016–2025 (USD Billion)
18. France Digital Remittance Market Revenue, By End-User, 2016–2025 (USD Billion)
19. Germany Digital Remittance Market Revenue, By Remittance Type, 2016–2025 (USD Billion)
20. Germany Digital Remittance Market Revenue, By Remittance Channel, 2016–2025 (USD Billion)
21. Germany Digital Remittance Market Revenue, By End-User, 2016–2025 (USD Billion)
22. Asia Pacific Digital Remittance Market Revenue, By Remittance Type, 2016–2025 (USD Billion)
23. Asia Pacific Digital Remittance Market Revenue, By Remittance Channel, 2016–2025 (USD Billion)
24. Asia Pacific Digital Remittance Market Revenue, By End-User, 2016–2025 (USD Billion)
25. China Digital Remittance Market Revenue, By Remittance Type, 2016–2025 (USD Billion)
26. China Digital Remittance Market Revenue, By Remittance Channel, 2016–2025 (USD Billion)
27. China Digital Remittance Market Revenue, By End-User, 2016–2025 (USD Billion)
28. Japan Digital Remittance Market Revenue, By Remittance Type, 2016–2025 (USD Billion)
29. Japan Digital Remittance Market Revenue, By Remittance Channel, 2016–2025 (USD Billion)
30. Japan Digital Remittance Market Revenue, By End-User, 2016–2025 (USD Billion)
31. India Digital Remittance Market Revenue, By Remittance Type, 2016–2025 (USD Billion)
32. India Digital Remittance Market Revenue, By Remittance Channel, 2016–2025 (USD Billion)
33. India Digital Remittance Market Revenue, By End-User, 2016–2025 (USD Billion)
34. Latin America Digital Remittance Market Revenue, By Remittance Type, 2016–2025 (USD Billion)
35. Latin America Digital Remittance Market Revenue, By Remittance Channel, 2016–2025 (USD Billion)
36. Latin America Digital Remittance Market Revenue, By End-User, 2016–2025 (USD Billion)
37. Brazil Digital Remittance Revenue, By Remittance Type, 2016–2025 (USD Billion)
38. Brazil Digital Remittance Market Revenue, By Remittance Channel, 2016–2025 (USD Billion)
39. Brazil Digital Remittance Market Revenue, By End-User, 2016–2025 (USD Billion)
40. The Middle East and Africa Digital Remittance Market Revenue, By Remittance Type, 2016–2025 (USD Billion)
41. The Middle East and Africa Digital Remittance Market Revenue, By Remittance Channel, 2016–2025 (USD Billion)
42. The Middle East and Africa Digital Remittance Market Revenue, By End-User, 2016–2025 (USD Billion)
 

Methodology

Free Analysis

A remittance is a process of fund transfer by a distant worker to another person in his/her home country.  The money transferred by the immigrants enters into competition with international aid as a major financial inflow to developing economies. As per the World Bank, the global remittance increased by 10%, i.e., to USD 689 billion in 2018, which included USD 528 billion to developing countries.

Increasing immigration rate from developing to developed nations in search of education and jobs is the major factor driving the global digital remittance market growth. In addition, the rising use of mobile devices that facilitates convenient, 24/7 trouble-free, and cost-effective money transfer are also expected to contribute notably toward the global digital remittance market growth. On the contrary, the security concerns and lack of awareness among the users may hamper the market growth. Nonetheless, the increasing mobile penetration and internet usage are estimated to open new growth opportunities for the global digital remittance market.

Global Digital Remittance Market

The global digital remittance market is fragmented into remittance type, remittance channel, and end-user. Based on remittance type, the market is categorized into inward and outward. The inward remittance segment is expected to register a high CAGR in the future, owing to the increasing adoption of mobiles payment apps in developed nations. By remittance channel, the market includes banks, money transfer operators, online platforms, and others. By end-user, the market includes migrant labor workforce, businesses, and individual/personal.

By region, North America held the largest share of global digital remittance market in 2018, owing to the presence of major financial and communication service companies, such as Western Union (WU), MoneyGram, and Ria Financial Services. These companies have adopted the latest technologies to develop mobile apps that directly connect the customers across the globe with 24/7 activation. Europe is expected to witness constant growth in the global digital remittance market, as the region is a major automobile hub along with the increasing number of cross border business transactions resulting in high demand for digital remittance between the automobile players across the region. The Asia Pacific digital remittance market is slated to be the fastest growing over the forecast time period, owing to the rising mobile-based payment methods and high adoption of advanced technology, such as blockchain in banking and financial services.

Some key participants of the global digital remittance market include InstaReM, Flywire, Western Union (WU), Ria Financial Outward Remittance, SingX Pte Ltd., WorldRemit Ltd., Remitly, Inc., Azimo Limited, TransferWise Ltd., Ripple, MoneyGram, and TNG Wallet.

 

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