International Remittance Market Overview
According to SPER Market Research, the International Remittance Market is estimated to reach USD 487.80 billion by 2033 with a CAGR 12.80%.
Remittance refers to the transfer of funds across borders by foreign migrants through electronic means such as electronic funds transfers, draughts, and checks. In recent times, there has been a growing focus on digital remittance by service providers, aiming to expand their operations and provide customers with faster and more convenient transfer options. The adoption of digital channels for remittance offers several benefits, including speed, accessibility at all times, transparency, ease of use, high level of security, and more. The remittance market holds great potential due to these advantages associated with digital channels, which have gained popularity among users seeking efficient and reliable money transfer services.
Exploring the Growth Drivers of the International Remittance Industry
Several important variables drive the global remittance market. First, as more people migrate and live abroad, there is an increased need for remittance services as they try to send money back to their home nations. This demographic trend helps the sector grow, along with globalisation and mobility. Second, the remittance sector has undergone a transformation thanks to technological advances. People can now transfer and receive money internationally more easily and conveniently thanks to the growth of digital platforms and mobile applications. This has increased the remittance process' efficiency, decreased costs, and accessibility.
The development of the international remittance sector has also been aided by the evolving regulatory environment. Governments and regulatory bodies have taken efforts to increase remittance transaction security, cut costs, and encourage transparency. These regulatory changes have aided in the growth of a remittance market that is both competitive and inclusive.
What challenges does the International Remittance Market face?
Numerous obstacles could impede the international remittance market's development and functioning. For remittance service providers, complying with numerous laws and regulations in multiple nations can be difficult and time-consuming. The remittance procedure becomes much more complicated and expensive when Know Your Customer (KYC) and Anti-Money Laundering (AML) laws are followed. Remittance transactions frequently contain fees and levies that can be rather costly, especially for smaller transfer sums. These expenses may make people less likely to use official remittance channels, which could increase their reliance on illegal and sometimes unsafe ways.
In what ways has the COVID-19 pandemic affected International Remittance Market?
The international remittance market has been significantly impacted by the COVID-19 pandemic. Remittance flows have been hampered globally by the global economic recession and travel restrictions put in place to combat the virus. People's capacity to send and receive remittances has been impacted by the reduction in economic activity, job losses, and lower income levels. The process of remittance has also been hampered by the closing of enterprises and remittance service locations, as well as by the restricted access to banking services. The market has also been negatively influenced by the fluctuating exchange rates and rising transaction costs as a result of the economic unpredictability. However, as more people use online methods to send and receive money worldwide, the pandemic has also sped up the spread of digital remittance services.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2033 |
| Base year considered | 2022 |
| Forecast period | 2023-2033 |
| Segments covered | By Mode of Transfer, By Type, By Channel, By End User
|
| Regions covered | Asia-Pacific, Europe, the Middle East and Africa, North America, and Latin America
|
| Companies Covered | Bank of America Corporation, Citigroup, Inc., MoneyGram International, Inc, OFX, PayPal, Ria Financial Services, Inc, Wells Fargo, Western Union Holdings, Inc., Wise US, Inc, ZEPZ, Others
|
Key Target Audience:
- Expatriates
- Financial Institutions
- Government Agencies
- Migrant Workers
- Money Transfer Operators
- Non-Governmental Organizations (NGOs)
- Others
Global Remittance Market Segmentation:
1. By Mode of Transfer:
- Global Remittance Market Value Share and Forecast, By Mode of Transfer, 2023-2033
- Digital
- Traditional (Non-Digital)
2. By Type:
- Global Remittance Market Value Share and Forecast, By Type, 2023-2033
- Inward Remittance
- Outward Remittance
3. By Channel:
- Global Remittance Market Value Share and Forecast, By Channel, 2023-2033
- Banks
- Money Transfer Operators
- Online Platforms (Wallets)
4. By End User:
- Global Remittance Market Value Share and Forecast, By End User, 2023-2033
- Migrant Labor Workforce
- Personal
- Small Businesses
- Others
5. By Region:
- Asia-Pacific
- Europe
- Middle East & Africa
- North America
- Latin America
Key Topics Covered in the Report:
- International Remittance Market Size (FY’2023-FY’2033)
- Overview of International Remittance Market
- Segmentation of International Remittance Market By Mode of Transfer (Digital, Traditional)
- Segmentation of International Remittance Market By Type (Large, Massive, Medium, Mega, Small Inward Remittance, Outward Remittance)
- Segmentation of International Remittance Market By Channel (Banks, Money Transfer Operators, Online Platforms)
- Segmentation of International Remittance Market By End User (Migrant Labor Workforce, Personal, Small Businesses, Others)
- Market Statistics for International Remittance Market
- Growth evaluation of International Remittance Market
- Problems and Obstacles in International Remittance Market
- Competitive Landscape in the International Remittance Market
- Demonetization and COVID-19's effects on the German data centre market
- Details on Fresh capital investments in International Remittance Market
- Competitive Analysis of International Remittance Market
- Key Players in the International Remittance Market
- SWOT Analysis of International Remittance Market
- International Remittance Market Future Outlook and Projections (FY’2023-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the International Remittance Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. International Remittance Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in International Remittance Market
7. International Remittance Market, By Mode of Transfer (USD Million)
7.1. International Remittance Market Value Share and Forecast, By Mode of Transfer, 2023-2033
7.2. Digital
7.3. Traditional (Non-digital)
8. International Remittance Market, By Type (USD Million)
8.1. International Remittance Market Value Share and Forecast, By Type, 2023-2033
8.2. Inward Remittance
8.3. Outward Remittance
9. International Remittance Market, By Channel (USD Million)
9.1. International Remittance Market Value Share and Forecast, By Channel, 2023-2033
9.2. Banks
9.3. Money Transfer Operators
9.4. Online Platforms
10. International Remittance Market, By End User (USD Million)
10.1. International Remittance Market Value Share and Forecast, By End User, 2023-2033
10.2. Migrant Labor Workforce
10.3. Personal
10.4. Small Businesses
10.5. Others
11. International Remittance Market Forecast, 2019-2033 (USD Million)
11.1. International Remittance Market Size and Market Share
12. International Remittance Market, By Mode of Transfer, 2019-2033 (USD Million)
12.1. International Remittance Market Size and Market Share By Mode of Transfer (2019-2026)
12.2. International Remittance Market Size and Market Share By Mode of Transfer (2027-2033)
13. International Remittance Market, By Type, 2019-2033 (USD Million)
13.1. International Remittance Market Size and Market Share By Type (2019-2026)
13.2. International Remittance Market Size and Market Share By Type (2027-2033)
14. International Remittance Market, By Channel, 2019-2033 (USD Million)
14.1. International Remittance Market Size and Market Share By Channel (2019-2026)
14.2. International Remittance Market Size and Market Share By Channel (2027-2033)
15. International Remittance Market, By End User, 2019-2033 (USD Million)
15.1. International Remittance Market Size and Market Share By End User (2019-2026)
15.2. International Remittance Market Size and Market Share By End User (2027-2033)
16. International Remittance Market, By Region, 2019-2033 (USD Million)
16.1. International Remittance Market Size and Market Share by Region (2019-2026)
16.2. International Remittance Market Size and Market Share by Region (2027-2033)
16.3. Asia-Pacific
16.3.1. Australia
16.3.2. China
16.3.3. India
16.3.4. Japan
16.3.5. South Korea
16.3.6. Rest of Asia-Pacific
16.4. Europe
16.4.1. France
16.4.2. Germany
16.4.3. Italy
16.4.4. Spain
16.4.5. United Kingdom
16.4.6. Rest of Europe
16.5. Middle East and Africa
16.5.1. Kingdom of Saudi Arabia
16.5.2. United Arab Emirates
16.5.3. Rest of Middle East & Africa
16.6. North America
16.6.1. Canada
16.6.2. Mexico
16.6.3. United States
16.7. Latin America
16.7.1. Argentina
16.7.2. Brazil
16.7.3. Rest of Latin America
17. Company Profile
17.1. Bank of America Corporation
17.1.1. Company details
17.1.2. Financial outlook
17.1.3. Product summary
17.1.4. Recent developments
17.2. Citigroup, Inc.
17.2.1. Company details
17.2.2. Financial outlook
17.2.3. Product summary
17.2.4. Recent developments
17.3. MoneyGram International, Inc
17.3.1. Company details
17.3.2. Financial outlook
17.3.3. Product summary
17.3.4. Recent developments
17.4. OFX
17.4.1. Company details
17.4.2. Financial outlook
17.4.3. Product summary
17.4.4. Recent developments
17.5. PayPal
17.5.1. Company details
17.5.2. Financial outlook
17.5.3. Product summary
17.5.4. Recent developments
17.6. Ria Financial Services, Inc
17.6.1. Company details
17.6.2. Financial outlook
17.6.3. Product summary
17.6.4. Recent developments
17.7. Wells Fargo
17.7.1. Company details
17.7.2. Financial outlook
17.7.3. Product summary
17.7.4. Recent developments
17.8. Western Union Holdings, Inc.
17.8.1. Company details
17.8.2. Financial outlook
17.8.3. Product summary
17.8.4. Recent developments
17.9. Wise US, Inc
17.9.1. Company details
17.9.2. Financial outlook
17.9.3. Product summary
17.9.4. Recent developments
17.10. ZEPZ
17.10.1. Company details
17.10.2. Financial outlook
17.10.3. Product summary
17.10.4. Recent developments
17.11. Others
18. List of Abbreviations
19. Reference Links
20. Conclusion
21. Research Scope