Remittance Market Size, Share Report, Analysis, Trends, Growth, 2030

Remittance Industry Perspective:

The global Remittance market size which was estimated at 39 (USD Billion) in 2019 and is predicted to accrue earnings worth 48 (USD Billion) by 2026, is set to record a CAGR of nearly 2.7% over 2020-2026. The report offers a valuation and analysis of the Remittance market on a global as well as regional level.

The study offers a comprehensive assessment of the industry competition, limitations, sales estimates, avenues, current & emerging trends, and industry-validated market data. The report offers historical data from 2016 to 2019 along with a forecast from 2020 to 2026 based on value (USD Billion).

Remittance Market: Overview 

Remittance is a method of money transfer that can be sent through wire transfer, draft, cheque, or e-payment mode. These remittances can be utilized for making payments in the form of invoice orders or other kinds. Precisely, the terminology designates the transfer by the person working in one country to his/her family residing in another country. As per the World Bank report, in the year 2018, the global remittance industry accrued revenue of nearly USD 689 billion, and it was projected that the overall market earnings will hit USD 715 billion in 2019. Reportedly, countries like India, Nepal, Egypt, Pakistan, Vietnam, China, Mexico, Bangladesh, Nigeria, and the Philippines were the top ten remittance receivers in 2018. 

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Remittance Market:  Growth Factors

A prominent rise in the migrant population and an increase in the acceptance of banking & financial solutions will propel business growth over the forecast timespan. Apart from this, the minimization of the money transfer service period and reduction in costs of remittance will spur the market growth trends. In addition to this, a rapid surge in smartphone penetration along with an increase in the tech-savvy end-users choosing online remittance services is anticipated to pave the way for the growth of the remittance industry over the forecasting timeline.

Furthermore, an increase in digitization and payment automation will chart a profitable roadmap for the remittance industry over the years ahead. Additionally, inflation witnessed in the number of migrants from emerging economies to developed ones for better job avenues will further define the market progression within the next couple of years.

Individuals shifting from one country to another in search of jobs and education will enhance cross-border financial transactions, thereby driving market trends. Moreover, the use of online remittance solutions provides consumers with a higher level of security and data privacy. This, in turn, will offer high growth opportunities for the remittance industry over the years to come.

Remittance Market: Report Scope

North America To Dominate Overall Industry Surge By 2026

The expansion of the industry in the sub-continent over the forecast timespan is due to the humungous presence of key financial firms in the sub-continent along with the acceptance of major technologies that help in connecting with the end-users in the region. In addition to this, many people migrate to the countries like the U.S. and Canada for jobs & education and this will further impel the business growth in the sub-continent over the forecast timeline. Apart from this, the presence of key financial service & communication firms like Western Union and MoneyGram will provide new growth avenues for the market in the North American region over the assessment period.

Remittance Market: Competitive Space

Key players profiled in the report and influencing the business growth are 

• Societe Generale
• Absa Group Limited
• MoneyGram International Inc.
• Western Union
• Euronet Worldwide
• The Kroger Co.
• Banco Bradesco
• U.S. Bancorp
• Scotiabank.

This report segments the global remittances market as follows:

By Type

• Inward Remittance
• Outward Remittance

By Platform

• Digital
• Non - digital

By Channel

• Banks
• Money Transfer Operators
• Mobile Banking
• Others

By  End User

• Migrant Labor Workforce
• Businesses
• Individual/Personal

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa