Global Remittance Market By Geography
The Global Remittance market is segmented by geography into Asia Pacific, Middle East, Europe, Latin America, Africa & North America. By region, the remittance market was dominated by Asia-Pacific in 2020 and is expected to witness growth at the highest rate owing to growing number of immigrants and increasing adoption of digital remittance.
Competition Scenario in Global Remittance Market
Global Remittance Market is concentrated among the top 10 players. Prominent players are pursuing various strategies, such as research & development initiatives, product innovations, joint ventures & strategic partnerships, expansion, and mergers & acquisitions to gain a competitive edge in the market. Market players are focusing on leveraging the capabilities of newly emerged fintech companies to offer their consumers the utmost convince of remitting funds. The major companies dominating the Global Remittance market for its products, services, and continuous product developments are Bank of America, Citi Group Inc., Pay Pal, Wells Fargo, JP Morgan Chase among others.
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What is the Expected Future Outlook for the Overall Global remittance Market Across the globe?
The global remittance market was valued at USD ~billion in 2022 and is anticipated to reach USD ~billion by the end of 2027 witnessing a CAGR of ~% during the forecast period 2022-2027. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.
The Global Remittance market is driven by rise in mobile-based payment channels and cross-border transactions and decrease in remittance transfer time & cost drives the growth of the market. In addition, increase in adoption of banking & financial sectors across the globe fuels the remittance market growth.
However, rise in number of financial crimes and lack of awareness for digital remittance is expected to impede the market growth. Furthermore, technological advancements in digital remittance market is expected to provide lucrative opportunities for the market growth. The most important growth driver is the remittance flows coming via migrant workers.
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