Remittance Market - Global Industry Analysis

Remittance Market - by Type (Inward Remittance and Outward Remittance), by Platform (Digital and Non-Digital), by Channel (Banks, Money Transfer Operators, Mobile Banking, and Others), by End User (Migrant Labor Workforce, Businesses, and Individual/Personal): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2026

Published Date: 17-Dec-2019 Category: Technology & Media Report Format : PDF Pages: 167 Report Code: ZMR-5169 Status : Published

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.

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Description

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

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.

Global Remittance Market

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

Table Of Content

Chapter 1. Preface
- 1.1. Report Description and Scope
- 1.2. Research Scope
- 1.3. Research Methodology
  - 1.3.1. Market Research Process
  - 1.3.2. Market Research Methodology
Chapter 2. Executive Summary
- 2.1. Remittance Market, 2016-2025 (USD Billion)
- 2.2. Remittance Market: Snapshot
Chapter 3. Remittance Market - Industry Analysis
- 3.1. Remittance Market: Market Dynamics
- 3.2. Market Drivers
  - 3.2.1. Growing international migrant population
  - 3.2.2. Improving current payment system infrastructure
- 3.3. Restraints
  - 3.3.1. Security concerns
- 3.4. Opportunity
  - 3.4.1. Rising adoption of digital platforms
- 3.5. Porter's Five Forces Analysis
- 3.6. Market Attractiveness Analysis
  - 3.6.1. Market attractiveness analysis By Type
  - 3.6.2. Market attractiveness analysis By Platform
  - 3.6.3. Market attractiveness analysis By Channel
  - 3.6.4. Market attractiveness analysis By End User
  - 3.6.5. Market attractiveness analysis by Region
Chapter 4. Remittance Market- Competitive Landscape
- 4.1. Company market Share analysis
  - 4.1.1. Global Remittance Market: company market Share, 2018
- 4.2. Strategic development
  - 4.2.1. Acquisitions & mergers
  - 4.2.2. New Component launches
  - 4.2.3. Agreements, partnerships, collaborations and joint ventures
  - 4.2.4. Research and development and Regional expansion
- 4.3. Price trend analysis
Chapter 5. Global Remittance Market -Type Analysis
- 5.1. Global Remittance Market overview: By Type
  - 5.1.1. Global Remittance Market Share, By Type,2018 and 2025
- 5.2. Inward Remittance
  - 5.2.1. Global Remittance Market by Inward Remittance, 2016-2025 (USD Billion)
- 5.3. Outward Remittance
  - 5.3.1. Global Remittance Market by Outward Remittance, 2016-2025 (USD Billion)
Chapter 6. Global Remittance Market -Platform Analysis
- 6.1. Global Remittance Market overview: By Platform
  - 6.1.1. Global Remittance Market Share, By Platform, 2018 and 2025
- 6.2. Digital
  - 6.2.1. Global Remittance Market By Digital, 2016-2025 (USD Billion)
- 6.3. Non - Digital
  - 6.3.1. Global Remittance Market By Non - Digital, 2016-2025 (USD Billion)
Chapter 7. Global Remittance Market -Channel Analysis
- 7.1. Global Remittance Market overview: By Channel
  - 7.1.1. Global Remittance Market Share, By Channel, 2018 and 2025
- 7.2. Banks
  - 7.2.1. Global Remittance Market By Banks, 2016-2025 (USD Billion)
- 7.3. Mobile Banking
  - 7.3.1. Global Remittance Market By Mobile Banking, 2016-2025 (USD Billion)
- 7.4. Money Transfer Operators
- 7.5. Global Remittance Market By Money Transfer Operators, 2016-2025 (USD Billion)
- 7.6. Others
  - 7.6.1. Global Remittance Market By Others, 2016-2025 (USD Billion)
Chapter 8. Global Remittance Market -End User Analysis
- 8.1. Global Remittance Market overview: By End User
  - 8.1.1. Global Remittance Market Share, By End User, 2018 and 2025
- 8.2. Migrant Labor Workforce
  - 8.2.1. Global Remittance Market by Migrant Labor Workforce, 2016-2025 (USD Billion)
- 8.3. Businesses
  - 8.3.1. Global Remittance Market by Businesses, 2016-2025 (USD Billion)
- 8.4. Individual/Personal
  - 8.4.1. Global Remittance Market by Individual/Personal, 2016-2025 (USD Billion)
Chapter 9. Global Remittance Market - Regional Analysis
- 9.1. Global Remittance Market overview: by Region
  - 9.1.1. Global Remittance Market share, by Region, 2018 and 2025
- 9.2. North America
  - 9.2.1. North America Remittance Market, 2016-2025 (USD Billion)
  - 9.2.2. North America Remittance Market Revenue, By Type,2016-2025 (USD Billion)
  - 9.2.3. North America Remittance Market Revenue, By Platform, 2016-2025 (USD Billion)
  - 9.2.4. North America Remittance Market Revenue, By Channel, 2016-2025 (USD Billion)
  - 9.2.5. North America Remittance Market Revenue, By End User, 2016-2025 (USD Billion)
  - 9.2.6. The U.S.
    - 9.2.6.1. The U.S. Remittance Market Revenue, By Type,2016-2025 (USD Billion)
    - 9.2.6.2. The U.S. Remittance Market Revenue, By Platform, 2016-2025 (USD Billion)
    - 9.2.6.3. The U.S. Remittance Market Revenue, By Channel, 2016-2025 (USD Billion)
    - 9.2.6.4. The U.S. Remittance Market Revenue, By End User, 2016-2025 (USD Billion)
  - 9.2.7. Rest of North America
    - 9.2.7.1. Rest of North America Remittance Market Revenue, By Type,2016-2025 (USD Billion)
    - 9.2.7.2. Rest of North America Remittance Market Revenue, By Platform, 2016-2025 (USD Billion)
    - 9.2.7.3. Rest of North America Remittance Market Revenue, By Channel, 2016-2025 (USD Billion)
    - 9.2.7.4. Rest of North America Remittance Market Revenue, By End User, 2016-2025 (USD Billion)
- 9.3. Europe
  - 9.3.1. Europe Remittance Market, 2016-2025 (USD Billion)
  - 9.3.2. Europe Remittance Market Revenue, By Type,2016-2025 (USD Billion)
  - 9.3.3. Europe Remittance Market Revenue, By Platform, 2016-2025 (USD Billion)
  - 9.3.4. Europe Remittance Market Revenue, By Channel, 2016-2025 (USD Billion)
  - 9.3.5. Europe Remittance Market Revenue, By End User, 2016-2025 (USD Billion)
  - 9.3.6. UK
    - 9.3.6.1. U.K. Remittance Market Revenue, By Type,2016-2025 (USD Billion)
    - 9.3.6.2. U.K. Remittance Market Revenue, By Platform, 2016-2025 (USD Billion)
    - 9.3.6.3. U.K. Remittance Market Revenue, By Channel, 2016-2025 (USD Billion)
    - 9.3.6.4. U.K. Remittance Market Revenue, By End User, 2016-2025 (USD Billion)
  - 9.3.7. France
    - 9.3.7.1. France Remittance Market Revenue, By Type,2016-2025 (USD Billion)
    - 9.3.7.2. France Remittance Market Revenue, By Platform, 2016-2025 (USD Billion)
    - 9.3.7.3. France Remittance Market Revenue, By Channel, 2016-2025 (USD Billion)
    - 9.3.7.4. France Remittance Market Revenue, By End User, 2016-2025 (USD Billion)
  - 9.3.8. Germany
    - 9.3.8.1. Germany Remittance Market Revenue, By Type,2016-2025 (USD Billion)
    - 9.3.8.2. Germany Remittance Market Revenue, By Platform, 2016-2025 (USD Billion)
    - 9.3.8.3. Germany Remittance Market Revenue, By Channel, 2016-2025 (USD Billion)
    - 9.3.8.4. Germany Remittance Market Revenue, By End User, 2016-2025 (USD Billion)
  - 9.3.9. Rest of Europe
    - 9.3.9.1. Rest of Europe Remittance Market Revenue, By Type,2016-2025 (USD Billion)
    - 9.3.9.2. Rest of Europe Remittance Market Revenue, By Platform, 2016-2025 (USD Billion)
    - 9.3.9.3. Rest of Europe Remittance Market Revenue, By Channel, 2016-2025 (USD Billion)
    - 9.3.9.4. Rest of Europe Remittance Market Revenue, By End User, 2016-2025 (USD Billion)
- 9.4. Asia Pacific
  - 9.4.1. Asia Pacific Remittance Market, 2016-2025 (USD Billion)
  - 9.4.2. Asia Pacific Remittance Market Revenue, By Type,2016-2025 (USD Billion)
  - 9.4.3. Asia Pacific Remittance Market Revenue, By Platform, 2016-2025 (USD Billion)
  - 9.4.4. Asia Pacific Remittance Market Revenue, By Channel, 2016-2025 (USD Billion)
  - 9.4.5. Asia Pacific Remittance Market Revenue, By End User, 2016-2025 (USD Billion)
  - 9.4.6. China
    - 9.4.6.1. China Remittance Market Revenue, By Type,2016-2025 (USD Billion)
    - 9.4.6.2. China Remittance Market Revenue, By Platform, 2016-2025 (USD Billion)
    - 9.4.6.3. China Remittance Market Revenue, By Channel, 2016-2025 (USD Billion)
    - 9.4.6.4. China Remittance Market Revenue, By End User, 2016-2025 (USD Billion)
  - 9.4.7. Japan
    - 9.4.7.1. Japan Remittance Market Revenue, By Type,2016-2025 (USD Billion)
    - 9.4.7.2. Japan Remittance Market Revenue, By Platform, 2016-2025 (USD Billion)
    - 9.4.7.3. Japan Remittance Market Revenue, By Channel, 2016-2025 (USD Billion)
    - 9.4.7.4. Japan Remittance Market Revenue, By End User, 2016-2025 (USD Billion)
  - 9.4.8. India
    - 9.4.8.1. India Remittance Market Revenue, By Type,2016-2025 (USD Billion)
    - 9.4.8.2. India Remittance Market Revenue, By Platform, 2016-2025 (USD Billion)
    - 9.4.8.3. India Remittance Market Revenue, By Channel, 2016-2025 (USD Billion)
    - 9.4.8.4. India Remittance Market Revenue, By End User, 2016-2025 (USD Billion)
  - 9.4.9. Rest of Asia Pacific
    - 9.4.9.1. Rest of Asia Pacific Remittance Market Revenue, By Type,2016-2025 (USD Billion)
    - 9.4.9.2. Rest of Asia Pacific Remittance Market Revenue, By Platform, 2016-2025 (USD Billion)
    - 9.4.9.3. Rest of Asia Pacific Remittance Market Revenue, By Channel, 2016-2025 (USD Billion)
    - 9.4.9.4. Rest of Asia Pacific Remittance Market Revenue, By End User, 2016-2025 (USD Billion)
- 9.5. Latin America
  - 9.5.1. Latin America Remittance Market, 2016-2025 (USD Billion)
  - 9.5.2. Latin America Remittance Market Revenue, By Type,2016-2025 (USD Billion)
  - 9.5.3. Latin America Remittance Market Revenue, By Platform, 2016-2025 (USD Billion)
  - 9.5.4. Latin America Remittance Market Revenue, By Channel, 2016-2025 (USD Billion)
  - 9.5.5. Latin America Remittance Market Revenue, By End User, 2016-2025 (USD Billion)
  - 9.5.6. Brazil
    - 9.5.6.1. Brazil Remittance Market Revenue, By Type,2016-2025 (USD Billion)
    - 9.5.6.2. Brazil Remittance Market Revenue, By Platform, 2016-2025 (USD Billion)
    - 9.5.6.3. Brazil Remittance Market Revenue, By Channel, 2016-2025 (USD Billion)
    - 9.5.6.4. Brazil Remittance Market Revenue, By End User, 2016-2025 (USD Billion)
  - 9.5.7. Rest of Latin America
    - 9.5.7.1. Rest of Latin America Remittance Market Revenue, By Type,2016-2025 (USD Billion)
    - 9.5.7.2. Rest of Latin America Remittance Market Revenue, By Platform, 2016-2025 (USD Billion)
    - 9.5.7.3. Rest of Latin America Remittance Market Revenue, By Channel, 2016-2025 (USD Billion)
    - 9.5.7.4. Rest of Latin America Remittance Market Revenue, By End User, 2016-2025 (USD Billion)
- 9.6. The Middle East and Africa
  - 9.6.1. The Middle East and Africa Remittance Market, 2016-2025 (USD Billion)
  - 9.6.2. The Middle East and Africa Remittance Market Revenue, By Type,2016-2025 (USD Billion)
  - 9.6.3. The Middle East and Africa Remittance Market Revenue, By Platform, 2016-2025 (USD Billion)
  - 9.6.4. The Middle East and Africa Remittance Market Revenue, By Channel, 2016-2025 (USD Billion)
  - 9.6.5. The Middle East and Africa Remittance Market Revenue, By End User, 2016-2025 (USD Billion)
Chapter 10. Company Profiles
- 10.1. MoneyGram International Inc.
  - 10.1.1. Overview
  - 10.1.2. Financials
  - 10.1.3. Product Portfolio
  - 10.1.4. Business Strategy
  - 10.1.5. Recent Developments
- 10.2. Euronet Worldwide
  - 10.2.1. Overview
  - 10.2.2. Financials
  - 10.2.3. Product Portfolio
  - 10.2.4. Business Strategy
  - 10.2.5. Recent Developments
- 10.3. The Kroger Co.
  - 10.3.1. Overview
  - 10.3.2. Financials
  - 10.3.3. Product Portfolio
  - 10.3.4. Business Strategy
  - 10.3.5. Recent Developments
- 10.4. Societe Generale
  - 10.4.1. Overview
  - 10.4.2. Financials
  - 10.4.3. Product Portfolio
  - 10.4.4. Business Strategy
  - 10.4.5. Recent Developments
- 10.5. Absa Group Limited
  - 10.5.1. Overview
  - 10.5.2. Financials
  - 10.5.3. Product Portfolio
  - 10.5.4. Business Strategy
  - 10.5.5. Recent Development
- 10.6. Banco Bradesco
  - 10.6.1. Overview
  - 10.6.2. Financials
  - 10.6.3. Product Portfolio
  - 10.6.4. Business Strategy
  - 10.6.5. Recent Development
- 10.7. Western Union
  - 10.7.1. Overview
  - 10.7.2. Financials
  - 10.7.3. Product Portfolio
  - 10.7.4. Business Strategy
  - 10.7.5. Recent Development
- 10.8. U.S. Bancorp
  - 10.8.1. Overview
  - 10.8.2. Financials
  - 10.8.3. Product Portfolio
  - 10.8.4. Business Strategy
  - 10.8.5. Recent Development
- 10.9. Scotiabank
  - 10.9.1. Overview
  - 10.9.2. Financials
  - 10.9.3. Product Portfolio
  - 10.9.4. Business Strategy
  - 10.9.5. Recent Development

Table Of Figures

List of Figures

1. Market Research Process
2. Market Research Methodology
3. Global Remittance Market, 2016–2025 (USD Billion)
4. Porter’s Five Forces Analysis
5. Global Remittance Market attractiveness, By Type
6. Global Remittance Market attractiveness, By Platform
7. Global Remittance Market attractiveness, By Channel
8. Global Remittance Market attractiveness, By End User
9. Global Remittance Market Share, By Type, 2018 and 2025
10. Global Remittance Market by Inward Remittance, 2016–2025 (USD Billion)
11. Global Remittance Market by Outward Remittance,2016–2025 (USD Billion)
12. Global Remittance Market Share, By Platform, 2018 and 2025
13. Global Remittance Market By Digital, 2016–2025 (USD Billion)
14. Global Remittance Market By Non - Digital, 2016–2025 (USD Billion)
15. Global Remittance Market Share, By Channel, 2018 and 2025
16. Global Remittance Market by Banks, 2016–2025 (USD Billion)
17. Global Remittance Market by Money Transfer Operators, 2016–2025 (USD Billion)
18. Global Remittance Market by Mobile Banking, 2016–2025 (USD Billion)
19. Global Remittance Market by Others, 2016–2025 (USD Billion)
20. Global Remittance Market Share, By End User, 2018 and 2025
21. Global Remittance Market by Migrant Labor Workforce, 2016–2025 (USD Billion)
22. Global Remittance Market by Businesses, 2016–2025 (USD Billion)
23. Global Remittance Market by Individual/Personal, 2016–2025 (USD Billion)
24. Global Remittance Market Share, by Region, 2018 and 2025
25. North America Remittance Market, 2016–2025 (USD Billion)
26. Europe Remittance Market, 2016–2025 (USD Billion)
27. Asia Pacific Remittance Market, 2016–2025 (USD Billion)
28. Latin America Remittance Market, 2016–2025 (USD Billion)
29. The Middle East and Africa Remittance Market, 2016–2025 (USD Billion)

Table Of Tables

List of Tables

1. Global Remittance Market: snapshot
2. Drivers of Remittance Market: impact analysis
3. Restraints of Remittance Market: impact analysis
4. North America Remittance Market Revenue, By Type,2016–2025 (USD Billion)
5. North America Remittance Market Revenue, By Platform, 2016–2025 (USD Billion)
6. North America Remittance Market Revenue, By Channel, 2016–2025 (USD Billion)
7. North America Remittance Market Revenue, By End User, 2016–2025 (USD Billion)
8. The U.S. Remittance Market Revenue, By Type,2016–2025 (USD Billion)
9. The U.S. Remittance Market Revenue, By Platform, 2016–2025 (USD Billion)
10. The U.S. Remittance Market Revenue, By Channel, 2016–2025 (USD Billion)
11. The U.S. Remittance Market Revenue, By End User, 2016–2025 (USD Billion)
12. Rest of North America Remittance Market Revenue, By Type,2016–2025 (USD Billion)
13. Rest of North America Remittance Market Revenue, By Platform, 2016–2025 (USD Billion)
14. Rest of North America Remittance Market Revenue, By Channel, 2016–2025 (USD Billion)
15. Rest of North America Remittance Market Revenue, By End User, 2016–2025 (USD Billion)
16. Europe Remittance Market Revenue, By Type,2016–2025 (USD Billion)
17. Europe Remittance Market Revenue, By Platform, 2016–2025 (USD Billion)
18. Europe Remittance Market Revenue, By Channel, 2016–2025 (USD Billion)
19. Europe Remittance Market Revenue, By End User, 2016–2025 (USD Billion)
20. U.K. Remittance Market Revenue, By Type,2016–2025 (USD Billion)
21. U.K. Remittance Market Revenue, By Platform, 2016–2025 (USD Billion)
22. U.K. Remittance Market Revenue, By Channel, 2016–2025 (USD Billion)
23. U.K. Remittance Market Revenue, By End User, 2016–2025 (USD Billion)
24. France Remittance Market Revenue, By Type,2016–2025 (USD Billion)
25. France Remittance Market Revenue, By Platform, 2016–2025 (USD Billion)
26. France Remittance Market Revenue, By Channel, 2016–2025 (USD Billion)
27. France Remittance Market Revenue, By End User, 2016–2025 (USD Billion)
28. Germany Remittance Market Revenue, By Type,2016–2025 (USD Billion)
29. Germany Remittance Market Revenue, By Platform, 2016–2025 (USD Billion)
30. Germany Remittance Market Revenue, By Channel, 2016–2025 (USD Billion)
31. Germany Remittance Market Revenue, By End User, 2016–2025 (USD Billion)
32. Rest of Europe Remittance Market Revenue, By Type,2016–2025 (USD Billion)
33. Rest of Europe Remittance Market Revenue, By Platform, 2016–2025 (USD Billion)
34. Rest of Europe Remittance Market Revenue, By Channel, 2016–2025 (USD Billion)
35. Rest of Europe Remittance Market Revenue, By End User, 2016–2025 (USD Billion)
36. Asia Pacific Remittance Market Revenue, By Type,2016–2025 (USD Billion)
37. Asia Pacific Remittance Market Revenue, By Platform, 2016–2025 (USD Billion)
38. Asia Pacific Remittance Market Revenue, By Channel, 2016–2025 (USD Billion)
39. Asia Pacific Remittance Market Revenue, By End User, 2016–2025 (USD Billion)
40. China Remittance Market Revenue, By Type,2016–2025 (USD Billion)
41. China Remittance Market Revenue, By Platform, 2016–2025 (USD Billion)
42. China Remittance Market Revenue, By Channel, 2016–2025 (USD Billion)
43. China Remittance Market Revenue, By End User, 2016–2025 (USD Billion)
44. Japan Remittance Market Revenue, By Type,2016–2025 (USD Billion)
45. Japan Remittance Market Revenue, By Platform, 2016–2025 (USD Billion)
46. Japan Remittance Market Revenue, By Channel, 2016–2025 (USD Billion)
47. Japan Remittance Market Revenue, By End User, 2016–2025 (USD Billion)
48. India Remittance Market Revenue, By Type,2016–2025 (USD Billion)
49. India Remittance Market Revenue, By Platform, 2016–2025 (USD Billion)
50. India Remittance Market Revenue, By Channel, 2016–2025 (USD Billion)
51. India Remittance Market Revenue, By End User, 2016–2025 (USD Billion)
52. Rest of Asia Pacific Remittance Market Revenue, By Type,2016–2025 (USD Billion)
53. Rest of Asia Pacific Remittance Market Revenue, By Platform, 2016–2025 (USD Billion)
54. Rest of Asia Pacific Remittance Market Revenue, By Channel, 2016–2025 (USD Billion)
55. Rest of Asia Pacific Remittance Market Revenue, By End User, 2016–2025 (USD Billion)
56. Latin America Remittance Market Revenue, By Type,2016–2025 (USD Billion)
57. Latin America Remittance Market Revenue, By Platform, 2016–2025 (USD Billion)
58. Latin America Remittance Market Revenue, By Channel, 2016–2025 (USD Billion)
59. Latin America Remittance Market Revenue, By End User, 2016–2025 (USD Billion)
60. Brazil Remittance Market Revenue, By Type,2016–2025 (USD Billion)
61. Brazil Remittance Market Revenue, By Platform, 2016–2025 (USD Billion)
62. Brazil Remittance Market Revenue, By Channel, 2016–2025 (USD Billion)
63. Brazil Remittance Market Revenue, By End User, 2016–2025 (USD Billion)
64. Rest of Latin America Remittance Market Revenue, By Type,2016–2025 (USD Billion)
65. Rest of Latin America Remittance Market Revenue, By Platform, 2016–2025 (USD Billion)
66. Rest of Latin America Remittance Market Revenue, By Channel, 2016–2025 (USD Billion)
67. Rest of Latin America Remittance Market Revenue, By End User, 2016–2025 (USD Billion)
68. The Middle East and Africa Remittance Market Revenue, By Type,2016–2025 (USD Billion)
69. The Middle East and Africa Remittance Market Revenue, By Platform, 2016–2025 (USD Billion)
70. The Middle East and Africa Remittance Market Revenue, By Channel, 2016–2025 (USD Billion)
71. The Middle East and Africa Remittance Market Revenue, By End User, 2016–2025 (USD Billion)

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FrequentlyAsked Questions

What are the key factors driving remittance market expansion?

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.

What will be the value of remittance Market over 2020- 2026?

According to Zion market research report, 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.

Which region will make notable contributions towards global remittance Market revenue?

North America is likely to make noteworthy contributions towards overall market revenue. The regional market growth over 2020-2026 can be credited 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.

What are the key players leveraging remittance Market growth?

The key players profiled in the report include Societe Generale, Absa Group Limited, MoneyGram International Inc., Western Union, Euronet Worldwide, The Kroger Co., Banco Bradesco, U.S. Bancorp, and Scotiabank.