Young woman making deposits and withdrawals at a modern ATM.
The Remittance Global Market Report 2023, provides comprehensive information on the remittance market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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https://www.thebusinessresearchcompany.com/report/remittance-global-market-report
The global remittance market size is expected to grow from $686.51 billion in 2022 to $737.05 billion in 2023 at a compound annual growth rate (CAGR) of 7.36%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The size of remittance market is expected to reach $928.21 billion in 2027 at a CAGR of 5.93%.
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Product innovation is the key trend gaining popularity in the remittance market. Major companies operating in the remittance market are focusing on integrating new technologies, such as digital wallets, to support growing remittances and sustain their position in the market. For instance, in May 2023, WiPay, a Caribbean-based payment facilitation company, launched WiPay Remittance. The service would enable individuals in Grenada to make rapid fund transfers straight to their WiPay wallet by eliminating the dependency on physical cash handling and lowering waiting times. This revolutionary method improves security and streamlines money collection from senders anywhere in the world. WiPay’s goal is to reinvent existing remittance techniques by delivering a seamless, cashless solution.
The remittance market is segmented:
1) By Type: Inward Remittance, Outward Remittance
2) By Channel: Banks, Money Transfer Operators, Online Platforms (Wallets)
3) By Application: Consumption, Savings, Investment
4) By End User: Business, Personal
North America was the largest region in the remittance market in 2022.
The table of contents in TBRC’s remittance market report includes:
1. Executive Summary
2. Remittance Market Characteristics
3. Remittance Market Trends And Strategies
4. Remittance Market – Macro Economic Scenario
5. Remittance Market Segmentation.
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26. South America Remittance Market
27. Brazil Remittance Market
28. Middle East Remittance Market
29. Africa Remittance Market
30. Remittance Market Competitive Landscape And Company Profiles
Top Major Players:
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The Business Research Company is a market intelligence firm that pioneers in market, company, and consumer research. TBRC’s specialist consultants are located globally and are experts in a wide range of industries that include healthcare, manufacturing, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries. Through the report businesses can gain a thorough understanding of the market’s size, growth rate, major drivers and leading players.
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