Remittance Market Growth, Size, Trends, Revenue, Challenges and Future Competition Till 2033
International Remittance Market Size- By Mode of Transfer, By Type, By Channel, By End User - Regional Outlook, Competitive Strategies and Segment Forecast to 2033
| Published: May-2023 | Report ID: BFSI2317 | Pages: 1 - 228 | Formats*: |
| Category : BFSI | |||
International Remittance Market Overview
According to SPER Market Research, the International Remittance Market is estimated to reach USD 487.80 billion by 2033 with a CAGR 12.80%.
Remittance refers to the transfer of funds across borders by foreign migrants through electronic means such as electronic funds transfers, draughts, and checks. In recent times, there has been a growing focus on digital remittance by service providers, aiming to expand their operations and provide customers with faster and more convenient transfer options. The adoption of digital channels for remittance offers several benefits, including speed, accessibility at all times, transparency, ease of use, high level of security, and more. The remittance market holds great potential due to these advantages associated with digital channels, which have gained popularity among users seeking efficient and reliable money transfer services.
Exploring the Growth Drivers of the International Remittance Industry
Several important variables drive the global remittance market. First, as more people migrate and live abroad, there is an increased need for remittance services as they try to send money back to their home nations. This demographic trend helps the sector grow, along with globalisation and mobility. Second, the remittance sector has undergone a transformation thanks to technological advances. People can now transfer and receive money internationally more easily and conveniently thanks to the growth of digital platforms and mobile applications. This has increased the remittance process' efficiency, decreased costs, and accessibility.
The development of the international remittance sector has also been aided by the evolving regulatory environment. Governments and regulatory bodies have taken efforts to increase remittance transaction security, cut costs, and encourage transparency. These regulatory changes have aided in the growth of a remittance market that is both competitive and inclusive.
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What challenges does the International Remittance Market face?
Numerous obstacles could impede the international remittance market's development and functioning. For remittance service providers, complying with numerous laws and regulations in multiple nations can be difficult and time-consuming. The remittance procedure becomes much more complicated and expensive when Know Your Customer (KYC) and Anti-Money Laundering (AML) laws are followed. Remittance transactions frequently contain fees and levies that can be rather costly, especially for smaller transfer sums. These expenses may make people less likely to use official remittance channels, which could increase their reliance on illegal and sometimes unsafe ways.
In what ways has the COVID-19 pandemic affected International Remittance Market?
The international remittance market has been significantly impacted by the COVID-19 pandemic. Remittance flows have been hampered globally by the global economic recession and travel restrictions put in place to combat the virus. People's capacity to send and receive remittances has been impacted by the reduction in economic activity, job losses, and lower income levels. The process of remittance has also been hampered by the closing of enterprises and remittance service locations, as well as by the restricted access to banking services. The market has also been negatively influenced by the fluctuating exchange rates and rising transaction costs as a result of the economic unpredictability. However, as more people use online methods to send and receive money worldwide, the pandemic has also sped up the spread of digital remittance services.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2033 |
| Base year considered | 2022 |
| Forecast period | 2023-2033 |
| Segments covered | By Mode of Transfer, By Type, By Channel, By End User |
| Regions covered | Asia-Pacific, Europe, the Middle East and Africa, North America, and Latin America |
| Companies Covered | Bank of America Corporation, Citigroup, Inc., MoneyGram International, Inc, OFX, PayPal, Ria Financial Services, Inc, Wells Fargo, Western Union Holdings, Inc., Wise US, Inc, ZEPZ, Others |
Key Target Audience:
- Expatriates
- Financial Institutions
- Government Agencies
- Migrant Workers
- Money Transfer Operators
- Non-Governmental Organizations (NGOs)
- Others
Global Remittance Market Segmentation:
1. By Mode of Transfer:
- Global Remittance Market Value Share and Forecast, By Mode of Transfer, 2023-2033
- Digital
- Traditional (Non-Digital)
2. By Type:
- Global Remittance Market Value Share and Forecast, By Type, 2023-2033
- Inward Remittance
- Outward Remittance
3. By Channel:
- Global Remittance Market Value Share and Forecast, By Channel, 2023-2033
- Banks
- Money Transfer Operators
- Online Platforms (Wallets)
4. By End User:
- Global Remittance Market Value Share and Forecast, By End User, 2023-2033
- Migrant Labor Workforce
- Personal
- Small Businesses
- Others
5. By Region:
- Asia-Pacific
- Europe
- Middle East & Africa
- North America
- Latin America
Key Topics Covered in the Report:
- International Remittance Market Size (FY’2023-FY’2033)
- Overview of International Remittance Market
- Segmentation of International Remittance Market By Mode of Transfer (Digital, Traditional)
- Segmentation of International Remittance Market By Type (Large, Massive, Medium, Mega, Small Inward Remittance, Outward Remittance)
- Segmentation of International Remittance Market By Channel (Banks, Money Transfer Operators, Online Platforms)
- Segmentation of International Remittance Market By End User (Migrant Labor Workforce, Personal, Small Businesses, Others)
- Market Statistics for International Remittance Market
- Growth evaluation of International Remittance Market
- Problems and Obstacles in International Remittance Market
- Competitive Landscape in the International Remittance Market
- Demonetization and COVID-19's effects on the German data centre market
- Details on Fresh capital investments in International Remittance Market
- Competitive Analysis of International Remittance Market
- Key Players in the International Remittance Market
- SWOT Analysis of International Remittance Market
- International Remittance Market Future Outlook and Projections (FY’2023-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data2.1.2. Primary Data2.1.3. SPER’s internal database2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers4.1.2. Restraints4.1.3. Opportunities4.1.4. Challenges
4.2. COVID-19 Impacts of the International Remittance Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths5.1.2. Weaknesses5.1.3. Opportunities5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape5.2.2. Economic Landscape5.2.3. Social Landscape5.2.4. Technological Landscape5.2.5. Environmental Landscape5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers5.3.2. Bargaining power of buyers5.3.3. Threat of Substitute5.3.4. Threat of new entrant5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. International Remittance Market Manufacturing Base Distribution, Sales Area, Product Type6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in International Remittance Market
7. International Remittance Market, By Mode of Transfer (USD Million)
7.1. International Remittance Market Value Share and Forecast, By Mode of Transfer, 2023-20337.2. Digital7.3. Traditional (Non-digital)
8. International Remittance Market, By Type (USD Million)
8.1. International Remittance Market Value Share and Forecast, By Type, 2023-20338.2. Inward Remittance8.3. Outward Remittance
9. International Remittance Market, By Channel (USD Million)
9.1. International Remittance Market Value Share and Forecast, By Channel, 2023-20339.2. Banks9.3. Money Transfer Operators9.4. Online Platforms
10. International Remittance Market, By End User (USD Million)
10.1. International Remittance Market Value Share and Forecast, By End User, 2023-203310.2. Migrant Labor Workforce10.3. Personal10.4. Small Businesses10.5. Others
11. International Remittance Market Forecast, 2019-2033 (USD Million)
11.1. International Remittance Market Size and Market Share
12. International Remittance Market, By Mode of Transfer, 2019-2033 (USD Million)
12.1. International Remittance Market Size and Market Share By Mode of Transfer (2019-2026)12.2. International Remittance Market Size and Market Share By Mode of Transfer (2027-2033)
13. International Remittance Market, By Type, 2019-2033 (USD Million)
13.1. International Remittance Market Size and Market Share By Type (2019-2026)
13.2. International Remittance Market Size and Market Share By Type (2027-2033)
14. International Remittance Market, By Channel, 2019-2033 (USD Million)
14.1. International Remittance Market Size and Market Share By Channel (2019-2026)
14.2. International Remittance Market Size and Market Share By Channel (2027-2033)
15. International Remittance Market, By End User, 2019-2033 (USD Million)
15.1. International Remittance Market Size and Market Share By End User (2019-2026)15.2. International Remittance Market Size and Market Share By End User (2027-2033)
16. International Remittance Market, By Region, 2019-2033 (USD Million)
16.1. International Remittance Market Size and Market Share by Region (2019-2026)16.2. International Remittance Market Size and Market Share by Region (2027-2033)16.3. Asia-Pacific
16.3.1. Australia16.3.2. China16.3.3. India16.3.4. Japan16.3.5. South Korea16.3.6. Rest of Asia-Pacific
16.4. Europe
16.4.1. France16.4.2. Germany16.4.3. Italy16.4.4. Spain16.4.5. United Kingdom16.4.6. Rest of Europe
16.5. Middle East and Africa
16.5.1. Kingdom of Saudi Arabia16.5.2. United Arab Emirates16.5.3. Rest of Middle East & Africa
16.6. North America
16.6.1. Canada16.6.2. Mexico16.6.3. United States
16.7. Latin America
16.7.1. Argentina16.7.2. Brazil16.7.3. Rest of Latin America
17. Company Profile
17.1. Bank of America Corporation
17.1.1. Company details17.1.2. Financial outlook17.1.3. Product summary17.1.4. Recent developments
17.2. Citigroup, Inc.
17.2.1. Company details17.2.2. Financial outlook17.2.3. Product summary17.2.4. Recent developments
17.3. MoneyGram International, Inc
17.3.1. Company details17.3.2. Financial outlook17.3.3. Product summary17.3.4. Recent developments
17.4. OFX
17.4.1. Company details17.4.2. Financial outlook17.4.3. Product summary17.4.4. Recent developments
17.5. PayPal
17.5.1. Company details17.5.2. Financial outlook17.5.3. Product summary17.5.4. Recent developments
17.6. Ria Financial Services, Inc
17.6.1. Company details17.6.2. Financial outlook17.6.3. Product summary17.6.4. Recent developments
17.7. Wells Fargo
17.7.1. Company details17.7.2. Financial outlook17.7.3. Product summary17.7.4. Recent developments
17.8. Western Union Holdings, Inc.
17.8.1. Company details17.8.2. Financial outlook17.8.3. Product summary17.8.4. Recent developments
17.9. Wise US, Inc
17.9.1. Company details17.9.2. Financial outlook17.9.3. Product summary17.9.4. Recent developments
17.10. ZEPZ
17.10.1. Company details17.10.2. Financial outlook17.10.3. Product summary17.10.4. Recent developments
17.11. Others
18. List of Abbreviations
19. Reference Links
20. Conclusion
21. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
International Remittance Market is projected to reach USD 487.80 billion by 2033, growing at a CAGR of 12.80% during the forecast period.
International Remittance Market grew in market size from 2022. The Market is expected to reach USD 487.80 billion by 2033, at a CAGR of 12.80% during the forecast period.
International Remittance Market CAGR of 12.80% during the forecast period.
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International Remittance Market size is USD 487.80 billion from 2023 to 2033.
International Remittance Market Segment is covered By Mode of Transfer, By Type, By Channel, By End User.
The North America region is anticipated to have the highest market share in the International Remittance Market.
The key players in the market include Companies Covered Bank of America Corporation, Citigroup Inc., MoneyGram International Inc., OFX, PayPal, Ria Financial Services Inc., Wells Fargo, Western Union Holdings Inc., Wise US Inc., ZEPZ.
Sending money across borders can be quite expensive, especially for those who send modest amounts. Low-income families who depend on remittances for their daily expenses may find this to be a burden.
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