Global Remittance Market Overview
International money transfer is commonly referred as 'remittances’. As per the World Bank, global remittances reached an unprecedented value of $689 billion in 2018, an upward drift from $633 billion recorded in 2017. Some factors responsible for the growth in global remittances are: increasing migrating population to developed countries, pressure from the United Nations to lower transfer fees, bourgeoning FinTech and mobile payments technology, and increasing numbers of non-bank remittance vendors such as MoneyGram and Western Union. Resultantly, the remittance market size was estimated as $49.49 billion in 2019, with growing refugee population and rampant urbanization, the market is progressing at a CAGR of 7.6%, during the forecast period 2020-2027. The Remittance Market size is growing substantially and is expected to expand as overseas travelers are on the rise and businesses are expanding across the globe. Forex services or foreign exchange services offer exchange of a foreign currency into regional or global currencies. Forex services also include transfer of currency to another currency through digital platforms. It also allows travelers to transfer small amount of money. In addition, it also allows multi-million dollar transfers handled by states, companies, and financial institutions.
Global Remittance Market Dynamics
Growth in cross-border transactions and mobile-based payment channels
The market for cross-border person-to-person (P2P) remittances is massive. It experienced double-digit growth in 2018 as consumers migrated from one country to another in search of better economic opportunities, as well as to escape political and financial upheaval in their home countries.
In many cases, the migration pattern may involve only one member of a family leaving their country for a job on an oil rig in Kuwait, a construction job in the U.S. or as a live-in daycare provider in Singapore while the remaining members stay home. In cases such as these, as well as those who have permanently emigrated yet still want to support an extended family in their home country, remittances play a vital role in the transfer of wealth and represent an economic boon to the receiving country.
Opportunity
Developing solutions for untapped segments. The digital economy is expected to grow rapidly in the near future. In Southeast Asian countries, the Internet economy is expected to grow to $200 billion by 2025 from $50 billion in 2017, at a CAGR of 18.9%. The development of 5G and APIs enables businesses to maximize innovation and create new services for consumers. The rural market has a great potential for financial inclusion. Approximately 63% of the population in Southeast Asia lives in rural areas. All of these factors collectively demonstrate market potential for payments service providers. By collaborating with agent networks to offer financial solutions for the underserved, service providers can grow the payments ecosystem.
Global Remittance Market Segmentation
The Remittance Market is segmented based on Product Type, Channel, Application and Region.
On the basis of Product Type, the Remittance Market is segmented into Inward remittance and Outward Remittance. Based on Channel, the target market is segmented into Banks, Money Transfer Operator and Others. Based on Application, Market is segmented as Consumption, Saving, Investment, Business and Personal.
Regional Insights:
On region the Remittance Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In 2019, North America was reckoned to be the leading region with an estimated market share of 19.50% of the global market. Increasing number of immigrants settling in the U.S. for several purposes such as education and employment are some pivotal factors supporting regional dominance.
Report Scope:
|
Attribute |
Details |
|
Base year for estimation |
2020 |
|
Forecast period |
2020 – 2029 |
|
Market representation |
Revenue in USD Million & CAGR from 2020 – 2029 |
|
Market Segmentation |
By Product Type- Inward remittance and Outward Remittance By Channel- Banks, Money Transfer Operator and Others By Application- Consumption, Saving, Investment, Business and Personal |
|
Regional scope |
North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
|
Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
Segments Covered in the Report:
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2019 to 2029. For the purpose of this study, has segmented the Remittance Market report based on Product type, Channel, Application, and region.
Remittance Market, By Region:
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- North America
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- U.S.
- Canada
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- Europe
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- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
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- Asia Pacific
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- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
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- Latin America
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- Brazil
- Mexico
- Rest of Latin America
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- Middle East & Africa
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- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
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- North America
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Global Remittance Market Key Players
Some players with substantial market share in the remittance market are WorldRemit Ltd., InstaReM, Ria Financial Outward Remittance, Azimo Ltd., TransferWise Ltd., WorldRemit Ltd., Banco Bradesco Sa, Euronet Worldwide, Inc., Societe Generale, Xoom Corporation and The Kroger Co., and SingX Pte Ltd.
Global Remittance Market Company Profile
- Bank of America*
- Societe Generals
- Scotia Bank
- Wells Fargo
- XOOM/ Paypal
- Western Union Holdings Inc.
- Euronet Worldwide
- MoneyGram International, Inc.
- JPMorgan Chase & Co.
- Citigroup Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Business Strategies
“*” marked represents similar segmentation in other categories in the respective section.
Global Remittance Market Table of Contents
- Research Objective and Assumption
- Preface
- Research Objectives
- Study Scope
- Years Considered for the study
- Assumptions
- Abbreviations
- Research Methodology
- Research data
- Primary Data
- Primary Interviews
- Primary Breakdown
- Key data from Primary Sources
- Key Thickness Insights
- Secondary Data
- Major Secondary Sources
- Secondary Sources
- Market Estimation
- Top-Down Approach
- Approach for estimating Market Share by Top-Down Analysis (Supply Side)
- Bottom-Up Approach
- Approach for estimating market share by Bottom-up Analysis (Demand Side)
- Market Breakdown and Data Triangulation
- Research Assumptions
- Market Preview
- Executive Summary
- Key Findings—Global Outlook for Remittance Strategies
- Key Questions this Study will Answer
- Market Snippet, By Product type
- Market Snippet, By Channel
- Market Snippet, By Application
- Market Snippet, By Region
- Opportunity Map Analysis
- Executive Summary—3 Big Predictions
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Market Trends
- DR Impact Analysis
- PEST Analysis
- Porter’s Five Forces Analysis
- Opportunity Orbit
- Market Investment Feasibility Index
- Macroeconomic Factor Analysis
- Market Dynamics
- Market Segmentation, By Product type, 2020 – 2030, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Segment Trends
- Inward remittance
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Outward remittance
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Overview
- Market Segmentation, By Channel, 2020 – 2030, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Segment Trends
- Banks
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Money Transfer operator
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Others
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Overview
- Market Segmentation, By Application, 2020 – 2030, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Segment Trends
- Consumption
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Saving
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Investment
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Business
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Personal
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Overview
- Global Market, By Region, 2020 – 2030, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Regional Trends
- North America
- Market Size and Forecast (US$ Mn), By Product type, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Channel, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Application, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Country, 2020 – 2030
- U.S.
- Canada
- Europe
- Market Size and Forecast (US$ Mn), By Product type, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Channel, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Application, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Country, 2020 – 2030
- UK
- France
- Germany
- Russia
- Italy
- Rest of Europe
- Asia Pacific
- Market Size and Forecast (US$ Mn), By Product type, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Channel, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Application, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Country, 2020 – 2030
- India
- Japan
- South Korea
- China
- Rest of Asia Pacific
- Latin America
- Market Size and Forecast (US$ Mn), By Product type, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Channel, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Application, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Country, 2020 – 2030
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Market Size and Forecast (US$ Mn), By Product type, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Channel, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Application, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Country, 2020 – 2030
- GCC
- Israel
- South Africa
- Rest of Middle East
- Overview
- Competitive Landscape
- Heat Map Analysis
- Market Presence and Specificity Analysis
- Company Profiles
- Bank of America.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Citigroup Inc.
- JPMorgan Chase & Co.
- MoneyGram International, Inc.
- Euronet Worldwide
- Western Union Holdings Inc.
- XOOM/ Paypal
- Wells Fargo
- Scotia Bank
- Societe Generals
The Last Word
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- Future Impact
- About Us
- Contact
FAQs
The Global Remittance Market is segmented based on Product Type, Channel, Application and region.
The market for cross-border person-to-person (P2P) remittances is massive. It experienced double-digit growth in 2018 as consumers migrated from one country to another in search of better economic opportunities, as well as to escape political and financial upheaval in their home countries.
North America was reckoned to be the leading region with an estimated market share of 19.50% of the global market. Increasing number of immigrants settling in the U.S. for several purposes such as education and employment are some pivotal factors supporting regional dominance.
Some players with substantial market share in the remittance market are WorldRemit Ltd., InstaReM, Ria Financial Outward Remittance, Azimo Ltd., TransferWise Ltd., WorldRemit Ltd., Banco Bradesco Sa, Euronet Worldwide, Inc., Societe Generale, Xoom Corporation and The Kroger Co., and SingX Pte Ltd.