Remittance Market Size, Share, Growth Report 2030

The global Remittance market, 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 valuation and analysis of 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).

Introduction

Remittance is the method of money transfer that can be sent through wire transfer, draft, cheque, or e-payment mode. These remittances can be utilized for making payment in the form of invoice order or other kinds. Precisely, the terminology designates the transferring by the person working in one country to his/her family residing in another country. As per World Bank report, in 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 Philippines were the top ten remittance receivers in 2018. 

Market Growth Dynamics

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

Furthermore, increase in the digitization and payment automation will chart a profitable roadmap for the remittance industry over the years ahead. Additionally, inflation witnessed in the amount of migrants from emerging economies to developed ones for better job avenues will further define the market progression within the next couple of years. With individuals shifting from one country to another in search of jobs and education will enhance the cross-border financial transactions, thereby driving the market trends. Moreover, use of online remittance solutions provides consumers a higher level of security and data privacy. This, in turn, will offer high growth opportunities for remittance industry over the years to come.

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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 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 persons 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, 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.

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, and Scotiabank.

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

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