What is the Size of Global Remittance Industry?
The Global Remittance Market is largely driven 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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Global Remittance Market by Mode of transfer
The Global Remittance market is segmented by mode of transfer into digital & non digital market. The traditional (non-digital) segment accounted for the largest revenue share of more than 75.0% in 2021.The major factor contributing to the segment’s growth is the sense of security and safety the consumer experiences while remitting funds through an offline channel. However, in the upcoming years, digital mode of transfer is anticipated to register massive growth.
Global Remittance MARKET by Type of Remittance
The Global remittance market is segmented by type of remittance into Inward & outward remittance. The outward remittance segment dominated the market in 2022 and accounted for a revenue share of more than 54.0%. Most businesses are a part of the global economy, and a company must deal with competition everywhere to compete on this grand scale.
Global Remittance MARKET by Channel
The Global Remittance market is segmented by channel into Bank, Money transfer & online platforms market. The money transfer operators segment accounted for the largest revenue share & the online platforms (wallets) segment is anticipated to register significant growth over the forecast period. The segment’s growth can be attributed to the fact that online platforms save a lot of time. People no longer have to stand in lines, write cheques, or wait for paper bills, and they are not required to wait for banks to clear their cheques before accessing the funds.
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Global Remittance MARKET by end use
The Global Remittance market is segmented by end use into migrant labor, personal, small business, others market. By end user, the personal segment is expected to garner a significant remittance market size and is expected to witness growth at the highest rate during the forecast period, owing to money sent by the migrant labor workforce to their home country as they migrate to other countries to pursue work such as seasonal work. Owing to rapidly advancing technologies, evolving customer expectations, and a changing regulatory landscape, which are driving the automation of cross-border and remittance services.
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