NEW YORK, United States, Aug. 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), Type (Inward Digital Remittance and Outward Digital Remittance), By End-Use (Personal, Migrant Labor Workforce, Small Businesses, and Others) and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data and Forecast 2022 – 2028" in its research database.
"According to the latest research study, the demand of global Digital Remittance Market size & share was valued at approximately USD 15.27 Billion in 2021. The market is expected to grow above a CAGR of 14.6% and is anticipated to reach over USD 36.54 Billion by 2028."
The report analyses the Digital Remittance market's drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global Digital Remittance market.
Digital remittances are all the cross-border money transactions carried out via the internet by a migrant community. Fund transfers between residents and non-residents, as well as wages transferred from short-term workers in other nations to their home country, are examples of remittances. It now plays a significant role in the financial ecosystem. Even while overall remittances fell in 2020, digital remittances grew rapidly and continue to provide significant benefits to those who can make use of them.
In that there appears to be no need for an in-person visit to a store or office to initiate a transfer, digital remittances are analogous to a person-to-person version of e-commerce.
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Key Insights from Primary Research
- As per the analysis, the Digital Remittance market is likely to grow above a CAGR of around 14.6% between 2022 and 2028.
- The Digital Remittance market size was worth around US$ 15.27 Billion in 2021 and is estimated to hit approximately US$ 36.54 Billion by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- The money transfer operators segment dominates the market, accounting for more than 45 percent of global sales.
- Rising digitalization & its adoption likely to pave way for global market growth.
- Due to rising immigrant population, North America dominates the global digital remittance market and accounts for more than 25% of the global revenue.
The report contains qualitative and quantitative research on the global Digital Remittance Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts.
Some of the main players in the global Digital Remittance market include;
- PayPal Holdings Inc.
- WorldRemit Ltd.
- Digital Wallet Corporation
- TransferWise Ltd.
- Azimo Limited
- TransferGo Ltd.
- InstaReM Pvt. Ltd.
- Ria Financial Services Ltd.
- Western Union Holdings Inc.
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Digitalization and payment automation are likely to drive corporate growth. Many technology-savvy consumers throughout the globe are adopting digital remittances, which are moving the market forward. These clients prefer digital remittances due to the shorter transfer time. Industrialization and urbanization are attracting residents from countless rural and semi-rural areas to urban areas. Several people are relocating to different regions in pursuit 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 for the global remittance market, and all of these actions have severe consequences. The realization of these operations harms the reputation of firms and causes them to fall behind their competitors. As a result, these realities may constrain the expansion of the digital remittance market.
Digital Remittance Market: COVID-19 Impact Analysis
The COVID-19 outbreak is known to be beneficial to businesses. The COVID-19 pandemic prompted people to rethink how they worked, lived, and interacted. As a result of global movement constraints, the global digital remittance market is likely to develop considerably during the forecast period. Customers are also resorting to digital wallets as the most efficient, quick, and simple option to transmit money abroad since the shutdown began.
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The global digital remittance market is segregated based on channel, type, end-use, and region.
By Channel Segment Analysis
- Based on channel, the market is divided into banks, money transfer operators, online platforms, and others.
- Among these the money transfer operators segment dominates the market, accounting for more than 45% of global sales.
By Type Segment Analysis
- Based on type, the market is classified into inward digital remittance and outward digital remittance.
- Over the forecast period, the inward digital remittance market is expected to develop at the fastest rate.
By End-Use Segment Analysis
- Based on end-use, the market is classified into personal, migrant labor workforce, small businesses, and others.
- The personal segment dominates the market, accounting for more than 40% of global revenue.
North America dominates the global digital remittance market
North America dominates the global digital remittance market and accounts for more than 25% of the global revenue. Many people come to North America in quest of higher education and work possibilities, as well as for business opportunities. The region's growing immigrant population is likely to generate new opportunities for digital remittance service providers. Furthermore, with the advent of multiple payment applications in the North American region, the trend of speedier money transmission has gained traction.
Over the forecast period, the Asia Pacific regional market is expected to be the fastest-growing regional market. Every year, thousands of trillions of dollars in remittances are sent by Asia Pacific citizens to colleagues, business partners, and families in other nations. Growth in the region's adoption of banking and financial services is likely to drive regional market growth 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 regional market growth.
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Recent Industry Developments:
- May 2021 - Western Union, a world leader in cross-currency money movement & payments, cross-border, and Google have collaborated to give consumers in the United States access to Western Union's best acclaimed digital money movement experience through the Google Pay app.
- August 2021 - Sable, a large shipping fintech system that enables a one-stop store for checking and credit to global citizens without credit history or an SSN, launched a new integration with Wise that allows customers to transfer money worldwide directly through Sable, which is faster and cheaper than alternatives.
|Market Size in 2021||USD 15.27 Billion|
|Projected Market Size in 2028||USD 36.54 Billion|
|CAGR Growth Rate||14.6% CAGR|
|Key Market Players||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|
|Key Segment||By Channel, By Type, By End-Use, and By Region|
|Major Regions Covered||North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa|
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The global digital remittance market is segmented as follows:
- Money transfer operators
- Online platforms
- Inward Digital Remittance
- Outward Digital Remittance
- Migrant Labor Workforce
- Small Businesses
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
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- Market Size, Trends, & Forecast by Revenue | 2022−2028
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis by Channel, Type, End-Use, and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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