Global Digital Remittance Market: An Overview
According to BlueWeave
Consulting, the Global Digital Remittance market is expected to project a CAGR
of 25.1 percent in terms of revenue and is estimated to reach USD5819 million
by 2026. Digital remittance is
termed as one of the most powerful monitory solutions that have the potential
to provide positive development on the global economy.
A number of economic
solutions can be effectively handled through banking, offering identity,
connectivity, and literacy solutions. A Vast majority of remittances go to
developing economies, most of which have lacking infrastructure that would enable
digital remittances to support cost savings for citizens. The global digital
remittance market is anticipated to grow over the forecasted period owing to
the rising need for safer, secure, and faster cross-border monetary
Global Digital Remittance Market: Market Dynamics
The global digital remittance market is anticipated to grow over the next decade owning to increasing smartphone penetration, growing number of economic migrants from developing economies to developed economies and the rise in number of digital savvy customers. Digital remittance is expected to emerge as the most preferred mode of remittance as financial institutions opt for transparency and data-driven ecosystem along with an efficient network of partners. The market is expected to grow over the forecasted period owning to expansion of service providers offering more coverage of their internet networks particularly in the developing economies in order to access banking and financial services.
The growth of the global digital remittance market can be attributed to increasing remittance cost and reduced transfer time on real basis. Additionally, rapid adoption of financial and banking services and rising number of campaigns about digitization are also fueling the growth of global digital remittance market. The rising regulatory initiatives to support financial authorizations to become more transparent and government initiatives to nurture richer ecosystems of partners and data are also contributing to the growth of the digital remittance market. Rising internet penetration rate and growing access to financial services among remittance recipients is also expected to drive the growth of the market in the forecasted period.
Global Digital Remittance Market: Market Segmentation
On the basis of Type, the Global Digital Remittance Market can be segregated as Outward Digital Remittance and Inward Digital Remittance. On the basis of Channel, the market can be bifurcated as Money Transfer Operators, Banks, Online Inward Remittances and Others and on the basis of End User, the market can be classified as Low Income Households, Small Businesses, Migrant Labor Workforce and Others. Money transfer operator is expected to hold the largest market share due to rising adoption of mobile-based applications and mobile banking functions introduced by money transfer operators, banks and financial institutions. Additionally, banking sector is expected to witness a significant growth owning to increasing strategic collaborations between banks and digital payment service providers.
Global Digital Remittance Market: Regional Landscape
North America, Europe, Asia-Pacific, Latin America and Middle East and Africa are few of the key regions where the presence of Global Digital Remittance Market can be witnessed. The North American regional market contributed the largest share in the Global Digital Remittance Market in 2019. The growth of the region can be attributed to factors such as rising online transactions, increasing disposable income, increasing awareness about digitization and rapid growth in the digital remittance market in the region. The European regional digital remittance market is also expected to grow at a steady rate due to rising adoption of digital remittance solutions across various industries including automobile, banking and healthcare.
Global Digital Remittance Market: Key Market Players
MoneyGram, Arcus Financial Intelligence Inc., Ripple, Transfer Wise Limited, Mobetize, Currency Cloud, Western Union Holdings Inc., Avenues India Private Limited, Western Union Holdings Inc., PayPal Holdings Inc., InstaRem PTE Limited and Coins PH Pte Limited are few of the key market players in the Global Digital Remittance Market.
Business Questions Answer by the Report
· How will the market drivers, restraints and opportunities affect the market dynamics?
· What will be the market size in terms of value and volume and market statistics with a detailed classification?
· Which segment dominates the market or region and one will be the fastest growing and why?
· A comprehensive survey of the competitive landscape and the market participant players.
· Analysis of strategy adopted by the key player and their impact on other players.
Customization Scope for the Client
Client satisfaction is our first and last priority and that’s why BlueWeave Consulting offers customization according to company’s specific needs. The following customization options are available for the report:
Additional Company Information
· With five additional company detail analysis
· Additional country analysis
· Detailed segment analysis