According to a new report Global Digital Remittance Market, published by KBV research, The Global Digital Remittance Market size is expected to reach $33.9 billion by 2026, rising at a market growth of 17.2% CAGR during the forecast period. Market growth can be associated with the growing need for healthier, more reliable and quicker cross-border monetary transactions. Several businesses service consumers from other countries and rely on the purchase of goods from manufacturers abroad. This has intensified the need for automated remittances to collect payments from consumers and to make payments to those suppliers.
The outward digital remittance segment dominated the market and is expected to remain in the lead over the forecast period. Customers are using this method as it provides faster and hassle-free money transfers. In addition, this digital remittance service offers protection against exchange rate volatility. The inward digital remittance market is expected to see the growth in the forecast era. Increasing adoption of mobile payment technologies for transfer of funds among migrants in developing countries is expected to boost segment growth over the forecast period.
The money transfer operator segment held the largest market share in 2019 owing to the growing proliferation of mobile applications and mobile banking by financial institutions and money transfer operators. Online platforms are expected to demonstrate a significant growth in the next few years. Online money transfer sites handle the movement of funds between organizations as well as firms and their customers.
North America led the market, holding the market share in the regional segment. Several people are coming to North America in search of better work prospects and employment, as well as for business purposes, thereby accelerating regional demand growth. The increased prevalence of the remittance industry in developed countries in the Asia-Pacific region is projected to boost the development of the digital remittance market. However, lack of understanding and instruction is a crucial factor that keeps people from opting for a digital transition mode.
Structural Insights: https://www.kbvresearch.com/digital-remittance-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Ripple Labs, Inc., Remitly, Inc., WorldRemit Ltd., TransferWise Ltd., TransferGo Ltd., NIUM Pvt. Ltd., Digital Wallet Corporation, Azimo Limited, Mobetize Corporation, and Arcus Financial Intelligence, Inc.
Global Digital Remittance Market Segmentation
By Type
- Outward
- Inward
By End-Use
- Personal
- Small Businesses
- Migrant Labor Workforce
- Others
By Channel
- Money Transfer Operators
- Online Platforms
- Banks
- Others
By Geography
North America
- US
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Companies Profiled
- Ripple Labs, Inc.
- Remitly, Inc.
- WorldRemit Ltd.
- TransferWise Ltd.
- TransferGo Ltd.
- NIUM Pvt. Ltd.
- Digital Wallet Corporation
- Azimo Limited
- Mobetize Corporation
- Arcus Financial Intelligence, Inc.
