Comprehensive research report by facts and factors

Facts & Factors

facts and factors

The size and share of the global digital remittance market is projected to grow to approximately USD 36.54 billion by 2028, with a compound annual growth rate (CAGR) of approximately 14.6% between 2022 and 2028. The major market players have been listed in the report. Sales, Revenue and Strategies are InstaReM Pvt. Ltd., Ria Financial Services Ltd., Western Union Holdings, Inc., PayPal Holdings, Inc., WorldRemit Ltd., Digital Wallet Corporation, TransferWise Ltd., Azimo Limited, TransferGo Ltd., MoneyGram., and others, and others.

NEW YORK, United States, August 05, 2022 (Globe Newswire) — Facts and Factors has published a new research report titled “Digital remittance market by channel (banks, money transfer operators, online platforms, and others), by type (inward digital remittance and outward digital remittance), by end-use (individual, migrant labor workforce, small business and others) and by sector – Global and regional industry overview, market intelligence, comprehensive analysis, historical data and forecast 2022 – 2028″ in your research database.

“Global demand, according to latest research study” digital remittance market size And the share was valued at around USD 15.27 billion in 2021. The market is expected to grow at an above CAGR of 14.6% and is projected to reach USD 36.54 billion by 2028.

The report analyzes the drivers and constraints of the digital remittance market, as well as their impact on demand during the launch period. Furthermore, the report examines the global opportunities in the global digital remittance market.

Industry Reviews:

Digital remittances are all cross-border money transactions carried out via the Internet by an expatriate community. Fund transfers between residents and non-residents, as well as wages transferred from short-term workers in other countries to their home country, are examples of remittances. It now plays an important role in the financial ecosystem. Even though total remittances declined in 2020, digital remittances grew rapidly and continue to provide significant benefits to those who can use them.

While there appears to be no need to personally visit a store or office to initiate a transfer, digital remittances are analogous to the person-to-person version of e-commerce.

Get a free sample PDF of this research report for more details with Table of Contents, Research Methodology and Graphs – https://www.fnfresearch.com/sample/digital-remittance-market

Key insights from primary research

  • According to the analysis, the digital remittance market is likely to rise above a CAGR of around 14.6% between 2022 and 2028.

  • The size of the digital remittance market was worth approx. US Dollar$ 15.27 billion In 2021 and almost hit US Dollar$ 36.54 billion By 2028, Owing to a variety of driving factors, the market is anticipated to grow at a significant rate.

  • The Money Transfer Operators segment dominates the market, accounting for more than 45 percent of global sales.

  • Increasing digitalization and its adoption is likely to pave the way for the growth of the global market.

  • North America dominates the global digital remittance market and accounts for more than 25% of global revenue due to a growing immigrant population.

competitive player

The report includes qualitative and quantitative research on the global digital remittance market as well as detailed insights and growth strategies employed by major competitors. The report also provides an in-depth analysis of the main competitors of the market as well as information about their competitiveness. The research also identifies and analyzes important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations and contracts.

Some of the major players in the global digital remittance market include;

  • PayPal Holdings Inc.

  • World Remit Limited

  • Digital Wallet Corporation

  • Transfer Wise Limited

  • azimo ltd

  • TransferGo Limited

  • money gram

  • Instagram Pvt. Ltd.

  • Riya Financial Services Limited

  • Western Union Holdings Inc.

Buy a copy of the report directly with TOC@ https://www.fnfresearch.com/buynow/su/digital-remittance-market

market dynamics

Digitalization and payment automation are expected to accelerate corporate growth. Many technology-savvy consumers around the world are adopting digital remittances, driving the market. These customers prefer digital remittances due to shorter transfer times. Industrialization and urbanization are attracting residents of countless rural and semi-rural areas to urban areas. Many people are relocating to different sectors in search of jobs or education.

As a result, the number of cross-border transactions increases. However, financial crimes, such as terrorist funding, and money laundering pose security challenges to the global remittance market, and all of these actions have dire consequences. Acquisition of these functions damages the reputation of the firms and leaves them behind their competitors. As a result, these realities could hinder the expansion of the digital remittance market.

Digital Remittance Market: COVID-19 Impact analysis

The outbreak of COVID-19 is believed to be beneficial for businesses. The COVID-19 pandemic has prompted people to rethink how they work, live and interact. As a result of global movement constraints, the global digital remittance market is expected to grow significantly during the forecast period. Customers are also turning to digital wallets as the most efficient, quick and simple option to send money overseas since the shutdown began.

Browse fullDigital Remittance Market – Global & Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data & Forecast 2022 – 2028″ report on https://www.fnfresearch.com/digital-remittance-market

segmentation analysis

The global digital remittance market is segregated on the basis of channel, type, end use and region.

by channel segment analysis

  • On the basis of channel, the market has been segmented into banks, money transfer operators, online platforms, and others.

  • Of these, the money transfer operator segment dominates the market, accounting for over 45% of global sales.

type by segment analysis

  • On the basis of type, the market has been classified into inward digital remittance and outward digital remittance.

  • During the forecast period, the inbound digital remittance market is expected to grow at the fastest rate.

by end-use segment analysis

  • On the basis of end use, the market has been classified into individual, migrant labor workforce, small businesses and others.

  • The personal segment dominates the market, accounting for over 40% of global revenue.

Regional Analysis:

North America dominates the global digital remittance market

North America dominates the global digital remittance market and accounts for over 25% of global revenue. Many people come to North America in search of business opportunities along with higher education and work prospects. The growing immigrant population of the region is expected to create new opportunities for digital remittance service providers. Furthermore, with the advent of many payment applications in the North American region, the trend of faster money transmission has gained traction.

During the forecast period, the Asia Pacific regional market is expected to be the fastest growing regional market. Every year, thousands of trillions of dollars are remitted by citizens of Asia Pacific to associates, business partners and families in other countries. The adoption of banking and financial services in the region is expected to drive growth in the regional market over the forecast period. China and India are focusing heavily on the implementation of cashless payments, mobile banking and mobile-based payment solutions, which is contributing to the growth of the regional market.

Have a question? Ask our experts: https://www.fnfresearch.com/inquiry/digital-remittance-market

Recent Industry Developments:

  • May 2021 – Western Union, a world leader in cross-currency money movement and payments, cross-border, and Google to provide consumers in the United States with access to Western Union’s best-acclaimed digital money movement experience through the Google Pay app have cooperated.

  • August 2021 – Sable, a large shipping fintech system that enables a one-stop store for checking and credit to global citizens without a credit history or SSN, launched a new integration with Wise that allows customers to access their services via Sable Allows to transfer money directly around the world, which is faster and cheaper than alternatives.

Report Scope:

report attribute

description

Market size in 2021

USD 15.27 billion

Projected market size in 2028

USD 36.54 billion

CAGR Growth Rate

14.6% CAGR

base year

2021

forecast year

2022-2028

major market player

Instagram Pvt. Ltd., Ria Financial Services Ltd., Western Union Holdings, Inc., PayPal Holdings, Inc., WorldRemit Ltd., Digital Wallet Corporation, TransferWise Ltd., Azimo Limited, TransferGo Ltd., MoneyGram., and others

main clause

By channel, by type, by end use, and by region

Major Areas Covered

North America, Europe, Asia Pacific, Latin America and the Middle East & Africa

purchase option

Request customized purchase options to meet your research needs.

Request for customization on this report as per your requirements – https://www.fnfresearch.com/customization/digital-remittance-market

(We tailor your report to meet your specific research needs. Inquire with our sales team about customizing your report.)

The global digital remittance market is segmented as follows:

by channel

  • banks

  • money transfer operator

  • online platform

  • other

by type

by end-use

  • Personal

  • migrant labor workforce

  • small businesses

  • other

by region

  • North America

  • Europe

    • France

    • UK

    • Spain

    • Germany

    • Italy

    • rest of Europe

  • Asia Pacific

    • China

    • Japan

    • India

    • Southeast Asia

    • Rest of Southeast Asia

  • Middle East and Africa

  • Latin America

    • Brazil

    • Argentina

    • rest of latin america

Request your Free Sample Report of the Global Digital Remittance Market @ https://www.fnfresearch.com/sample/digital-remittance-market

Major Offerings:

  • Market Size, Trends and Forecast by Revenue | 2022−2028

  • Market Dynamics – Leading Trends, Growth Drivers, Constraints & Investment Opportunities

  • Market Segmentation – Detailed Analysis by Channel, Type, End Use and Sector

  • Competitive Landscape – Top Top Sellers and Other Top Sellers

Browse other related research reports by Facts & Factors

About facts and factors:

facts and factors is a leading market research organization providing industry expertise and in-depth consulting services to clients for their business development. The reports and services offered by Facts and Factors are used by globally reputed academic institutions, start-ups and companies to measure and understand the changing international and regional business background.

Our clients’ trust in our solutions and services has driven us to always deliver the best. Our advanced research solutions help them to take proper decisions and guide them for strategies to expand their business.

Follow us on LinkedIn: https://www.linkedin.com/company/fnfresearch

Follow us on Twitter: https://twitter.com/fnfreesearch

follow us on Facebook: https://www.facebook.com/factsandfactors/

Contact:

Rushikesh Dorge

USA: +1 347 690-0211

United Kingdom: +44 2032 894158

Japan: +81 50 5806 9039

India: +91 73877 1999

E-mail: sales@fnfreesearch.com

Web: https://www.fnfreesearch.com

Blog: http://fnfnewsblog.com

Be the first to comment

Leave a Reply

Your email address will not be published.


*