USD 17 Billion
Report ID: SQMIG40A2009 | Region: Global | Published Date: June, 2023 | Pages: 157 | Tables: 90 | Figures: 76
Global Digital Remittance Market size was valued at USD 17 Billion in 2021 and is poised to grow from USD 19.65 Billion in 2022 to USD 60.05 Billion by 2030, at a CAGR 15.6% during the forecast period (2023-2030).
The market expansion can be ascribed to the rise in family-to-family money transfers by migratory workers. Additionally, it is anticipated that throughout the course of the forecast period, the volume of cross-border transactions and the use of mobile-based payment channels would both increase. According to the GSM Association, mobile money was used to handle cross-border payments of about USD 12.7 billion.
The growth of digital transfer platforms should cause customers to choose online transactions. The popularity of electronic devices in cross-border payments & remittance services has also been aided by the rise in mobile device usage over the past few years. Due to how fast and inexpensively they can transmit money, customers across the world are switching to digital remittance services. Additionally, digital remittance service providers provide their clients great degrees of financial security and anonymity.
The entire process of transferring money was expensive and time-consuming due to the mediators' never-ending chains, extra fees, and paperwork. But the introduction of digital remittance services has made it possible for companies and clients to benefit from faster, more inexpensive, and value-added services for transferring money. Due to increased market competition, the costs associated with money transfers have significantly decreased.
A number of regulators have been driven to pay heed to and regulate the digital remittance business due to the growing popularity of digital remittance networks amongst low-wage migrant workers that utilize these services to send cash to their family. Additionally, international remittances contribute significantly to the growth of emerging markets' economies. As a result, authorized regulators oversee and manage money transfer fees to entice users to keep using digital remittance services in order to support the economic development of their home nation. Over the course of the forecast, these variables are anticipated to support market expansion.
The high transfer fees and lack of knowledge about digital remittance services, however, are anticipated to impede the growth of the industry. Additionally, security barriers including money laundering and terrorism funding may have a detrimental effect on the market's growth prospects during the forecast period. The market is probably going to gain from the expanding acceptance & simplicity of digital payments during the course of the projected period.
Global Market Size
USD 17 Billion
al Digital Remittance Market size was valued at USD 17 Billion in 2021 and is poised to grow from USD 19.65 Billion in 2022 to USD 60.05 Billion by 2030, at a CAGR 15.6% CAGR
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The global digital remittance market is segmented based on type, channel, end-use, and region. Based on type, the market is segmented into Inward Digital Remittance and Outward Digital Remittance. Based on channel, the market is segmented into Banks, Money Transfer Operators, Online Platforms, and Others. Based on End-use the market is segmented into Migrant Labor Workforce, Personal, Small Businesses, Others. Based on region the global Digital Remittance Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Digital Remittance Market Analysis by Type
The outward digital remittance sector dominated the market and generated more than 58.0% of total revenue in 2022. International residents send money home to support their relatives. Banks and financial organizations are assisting these people in securely and quickly moving money home. Low fees and expanding their clientele are priorities for international banks & financial organizations. International outgoing remittances are carried out across a secure banking network, minimizing the possibility of fraud and financial loss for both the sender & the recipient.
The inbound digital remittance segment is likely to grow at the fastest rate during the forecast period. More migrants are expected to use the technology of mobile payments for money transfers during the projected period, accelerating the segment's expansion. To take use of the Immediate Payment Service (IMPS), real-time banking technology adoption is a major goal of numerous financial institutions and banks worldwide. Additionally, banks may now serve both their resident & non-resident clientele thanks to technology. Migrant workers are focusing on using wire transfer services for inbound remittances since they are thought of as the most reliable, efficient, and common ways of financial transmission.
Digital Remittance Market Analysis by Channel
The money transfer operators market segment held a 40.0% share of global revenue, dominating the industry. Bank transfer costs are frequently lower than those offered by money transfer companies. These money transfer companies also offer banks-like levels of security and trustworthiness. One of the key advantages provided by money transfer companies is the quickness of the transaction. Transfers of money can be started right away and finished in a day or two. The category is projected to be driven over the projection period by the arrival of money transfer businesses that only work with electronic transactions and the swift uptake of funding & digital commencement capabilities by experienced money transfer businesses.
The category for online platforms is anticipated to grow at the fastest rate during the anticipated time period. Platforms for online money transfers effectively control the transmission of money between businesses and between businesses and their clients. These platforms facilitate fund transfers and provide users with instant access to financial activities. The focus of many online money transfer businesses is on offering user-friendly services to their clients. Customers can easily browse the websites of these platforms. The increasing use of electronic wallets is also projected to speed up category growth. Customers that use electronic wallets can check the status of their money directly from the app.
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North American dominated the market and generated more than 28.0% of worldwide sales in 2022. The region is home to well-known financial service and communication companies like Continental Exchange Options, Inc., Western Union Holdings, Inc., and MoneyGram. Many people move to the North American continent in search of improved educational possibilities, employment chances, as well as for business-related reasons. The region's digital remittance services are anticipated to experience growth as a result of the increasing immigrant population. The development of multiple payment applications has also helped the trend of quicker money transfers gain popularity in the North American region.
The Asia Pacific regional market is anticipated to grow at the fastest rate of any region during the course of the forecast. A lot of individuals that live in the Asia Pacific region send thousands of billions of dollars in remittances to friends, family, & business partners abroad every year. The region's expanding use of financial and banking services is expected to fuel market expansion throughout the course of the projected period. Developing nations like China and India are placing a strong emphasis on using mobile banking, electronic payments, and mobile-based payment methods to support the growth of the regional market. The regional market is predicted to have growth opportunities over the course of the forecast period as a consequence of a rise in rivalry from new rivals and a rise in the number of customers.
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Digital Remittance Market Drivers
Increasing Global Migration
Digital Remittance Market Restraints
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The market is only slightly fragmented. To strengthen their position in the market, prominent players are implementing a variety of methods, including product innovation, collaborations, R&D activities, mergers and acquisitions, strategic joint ventures, and geographic expansion. Software for managing money transfers between enterprises and between businesses & their clients. B2B clients and financial professionals utilize money transfer software & remittances primarily to make payments online.
Many market participants are concentrating on facilitating transactions in different languages, nations, and currencies. For instance, WorldRemit Ltd. launched its money transfer services in Malaysia in 2021, enabling WorldRemit users to send money to over 130 locations from Malaysia as well as 50 other countries, including the U.S. and the U.K. Users can select from a variety of payout options for the recipient based on their location, including payments to smartphones, bank deposits, phone airtime top-ups, and cash pick-up.
Digital Remittance Market Top Player’s Company Profiles
Digital Remittance Market Recent Developments
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According to our global digital remittance market analysis, the growing popularity of digital remittance networks amongst low-wage migrant workers that utilize these services to send cash to their family resulted in high revenue generation for the market. Additionally, international remittances contribute significantly to the growth of emerging markets' economies. As a result, authorized regulators oversee and manage money transfer fees to entice users to keep using digital remittance services in order to support the economic development of their home nation. Over the course of the forecast, these variables are anticipated to support market expansion.
|Market size value in 2021||USD 17 Billion|
|Market size value in 2030||USD 19.65 Billion|
|Growth Rate||al Digital Remittance Market size was valued at USD 17 Billion in 2021 and is poised to grow from USD 19.65 Billion in 2022 to USD 60.05 Billion by 2030, at a CAGR 15.6%|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
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For the Global Digital Remittance Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Digital Remittance Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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