The Business Research Company’s report on the Remittance Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
How have key drivers contributed to the rapid growth of the remittance market?
The rise in overseas migration is significantly contributing to the growth of the remittance market going forward. Overseas migration refers to the procedure through which people cross borders to live and work in another country. Overseas migration results in remittance transactions as migrant workers send money back to their home countries to support their families or make payments. For instance, according to December 2022 data published by the Australian Bureau of Statistics, an Australia-based government organization responsible for statistical collection and analysis, the number of migrant arrivals in Australia increased by approximately 170% from 146,000 in 2021 to 395,000 in 2022. Therefore, the rise in overseas migration is driving the growth of the remittance market.
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How has the remittance market size evolved, and what are the latest forecasts for its expansion?
The remittance market size has grown strongly in recent years. It will grow from $782.54 billion in 2024 to $832.57 billion in 2025 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to global migration trends, labor mobility and diaspora communities, economic disparities, remittance corridor developments, and financial inclusion initiatives
The remittance market size is expected to see strong growth in the next few years. It will grow to $1067.54 billion in 2029 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to technology-enabled remittance services, economic and social factors, government policies and regulatory changes, access to banking services. Major trends in the forecast period include digital transformation, blockchain and cryptocurrency, regulatory changes, fintech disruption, mobile wallets and payments.
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Which major companies dominate the remittance market?
Major companies operating in the remittance market include Ria Financial Services Ltd., The Kroger Co., JPMorgan Chase & Co., Citigroup Inc., Bank of America Corporation, Wells Fargo & Company, Banco Bradesco S.A., PayPal Inc., U.S. Bancorp, Absa Group Limited, UAE Exchange, Western Union Holdings Inc., Instarem, XE Money Transfer, MoneyGram International Inc., Remitly Inc., Wise Ltd., Payoneer Inc, ZEPZ, WorldRemit Ltd, ZelleAirWallex, Skrill, OFX, CurrencyFair Limited, Azimo Limited, Popmoney, TransferGo, Bithumb
What trends will shape the future of the remicade biosimilar market?
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.
Which region dominates the remittance market, and what factors contribute to its leadership?
North America was the largest region in the remittance market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the remittance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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How is the remittance market segmented, and which segment holds the largest share?
The remittance market covered in this report 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
Subsegments:
1) By Inward Remittance: Personal Transfers, Business Payments, Government Transfers
2) By Outward Remittance: Personal Transfers, Business Payments, Investment Payments
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How is the remittance market defined?
Remittance refers to the transfer of money or funds from one person or entity to another, typically across national or international borders. It is often associated with migrant workers sending money back to their home countries to support their families or to make payments for various purposes.
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