Remittance Market is estimated to be US$ 80.79 billion by 2027 with a CAGR of 7.6% during the forecast period

Download Sample

Published Date: March 2024

Remittance Market is estimated to be US$ 80.79 billion by 2027 with a CAGR of 7.6% during the forecast period. Remittances are a term used to describe international money transfers. According to the World Bank, global remittances reached an all-time high of $689 billion in 2018, up from $633 billion in 2017. Increased migration to affluent nations, UN pressure to cut transfer fees, burgeoning FinTech and mobile payments technologies, and an increase in the number of non-bank remittance vendors such as MoneyGram and Western Union are all contributing to the rise in global remittances. As a result of the expanding refugee population and rapid urbanization, the worldwide remittance business was predicted to be worth $49.49 billion in 2019.

The report " Remittance Market, By Product Type (Inward remittance and Outward Remittance), By Channel (Banks, Money Transfer Operator and Others), By Application (Consumption, Saving, Investment, Business and Personal) and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Market Trends, Analysis, and Forecast till 2027”

Key Highlights:

In 2015, PayPal purchased Xoom for $890 million, making it a successful exit for investors in the global remittance business.
The World Bank predicted in October that remittances will plummet 14% by the end of 2021, compared to pre-Covid-19 levels in 2019.

Analyst View:

The size of the remittance market is rapidly growing, and it is predicted to continue to grow as the number of international travellers increases and businesses expand globally. The worldwide remittance market is growing due to an increase in cross-border transactions and mobile-based payment channels, lower remittance cost and transfer time, and increased adoption of banking and financial services. On the other side, the Asia-Pacific remittance sector is slowing, and there is a lack of awareness regarding digital transfer. However, technological advancements in the digital remittance business, as well as an increase in Internet and mobile usage, are projected to open up a slew of new options.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Remittance Market, By Product Type (Inward remittance and Outward Remittance), By Channel (Banks, Money Transfer Operator and Others), By Application (Consumption, Saving, Investment, Business and Personal) and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Market Trends, Analysis, and Forecast till 2030”

Key Market Insights from the report:

Remittance Market is estimated to be US$ 80.79 billion by 2027 with a CAGR of 7.6% during the forecast period. The Remittance Market is segmented based on the product type, channel, application, and region.

By Product type, the Remittance Market is segmented into Inward remittance and Outward Remittance.
By Channel, the market is segmented in Banks, Money Transfer Operator and Others.
By Application, the Remittance Market is segmented into Consumption, Saving, Investment, Business and Personal.
By Region, the Remittance Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Competitive Landscape:

The key players operating in the Remittance Market include Citigroup Inc., JPMorgan Chase & Co., MoneyGram International, Inc., Euronet Worldwide, Western Union Holdings Inc., XOOM/ Paypal , Wells Fargo, Scotia Bank .

Societe Generals The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.

About Prophecy Market Insights

Prophecy Market Insights is specialized market research, analytics, marketing/business strategy, and solutions that offers strategic and tactical support to clients for making well-informed business decisions and to identify and achieve high-value opportunities in the target business area. We also help our clients to address business challenges and provide the best possible solutions to overcome them and transform their business.

Some Important Points Answered in this Market Report Are Given Below:

Explains an overview of the product portfolio, including product development, planning, and positioning.
Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
Detailed analysis of the market revenue over the forecasted period.
Examining various outlooks of the market with the help of Porter’s five forces analysis, PEST & SWOT Analysis.
Study on the segments that are anticipated to dominate the market.
Study on the regional analysis that is expected to register the highest growth over the forecast period.

Key Topics Covered