The global Digital Remittance market size is expected to be worth around US$ 42.50 billion by 2030, according to a new report by Vision Research Reports.
The global Digital Remittance market size was valued at US$ 16.31 billion in 2020 and is anticipated to grow at a CAGR of 13.5% during forecast period 2021 to 2030.
The market growth can be attributed to the increasing transfer of money by overseas migrants to their native countries. These money transfers can be done by using digital transfer networks, such as digital wallets and easy-to-use mobile applications.
Various factors, such as ease of usability and reduced user fees related to digital remittance services, are expected to contribute to market growth. Numerous benefits are offered by these services, such as lower cost of the transaction, high payment speed, and convenience, among others. Customers have shifted their focus toward digital transactions for money remittance as these services eliminate the need for tedious form-filling processes.
An increase in cross-border transactions and rapid growth in the adoption of mobile banking are expected to propel the market growth over the forecast period. Numerous banks and online platforms are focusing on lowering transaction fees, thereby creating growth opportunities for market growth. Furthermore, the increasing adoption of digital transfer networks, such as electronic identification, distributed ledgers, digital currencies, and mobile money to remit money, has made cross-border payments easier.
The outbreak of the COVID-19 pandemic is expected to favorably impact the market. Nowadays, numerous consumers across the globe are using digital wallets and online platforms to remit money to their family and friends. The need for global remittances is expected to increase owing to worldwide restrictions on movement.
The outward digital remittance segment led the market and accounted for more than 59.0% share of the global revenue in 2020. People living in other countries are sending money home to support their families. Financial institutions and banks are helping these people in sending money home quickly and safely. The international network of banks and financial institutions are focusing on charging low fees and increasing their customer network.
The inward digital remittance segment is anticipated to register the highest CAGR over the forecast period. Increasing adoption of mobile payment technology for money transfer among the migrants is anticipated to propel the segment growth over the forecast period. Numerous financial institutions and banks across the globe are focusing on adopting real-time banking technology to leverage Immediate Payment Service (IMPS). Furthermore, this technology enables banks to offer services to both non-resident and resident customers of the banks.
The money transfer operators segment dominated the market and accounted for more than a 40.0% share of the global revenue in 2020. Money transfer operators are regularly able to provide lower transfer costs than banks. Moreover, these money transfer companies offer the same level of reliability and security as banks. The speed of the money transaction is one of the significant benefits offered by money transfer operators. Money transfer can be initiated immediately and processed within a day or two.
The online platforms segment is anticipated to register the highest CAGR over the forecast period. Online money transfer platforms efficiently manage transfers of funds between organizations as well as organizations and their customers. These platforms allow users to have access to money transactions directly and execute the fund transfer process easier. Numerous online money transfer platforms are focusing on offering user-friendly services to their clients. These platforms are ensuring clients navigate their sites easily.
The personal segment led the market and accounted for more than 44.0% share of the global revenue in 2020. New products and services are being widely developed to facilitate convenient usage of financial customer accounts. Moreover, increasing global migration is expected to drive the adoption of digital remittance services by personnel to send money to their home country. Growing smartphone and internet penetration across the globe are anticipated to propel the personal segment growth over the forecast period.
The migrant labor workforce segment is anticipated to significant growth over the forecast period. The digital remittance service helps the migrant labor workforce to compare fund transfer costs and effectively locate support organizations. Moreover, this service has made it easier and more affordable for migrant workers to send money home. Advances in fintech and innovation in cross-border payments are further expected to drive the segment growth.
The North American region dominated the digital remittance market and accounted for more than a 29.0% share of the global revenue in 2020. The region is home to prominent financial service and communication companies, such as Continental Exchange Solutions, Inc., Western Union Holdings, Inc., and MoneyGram. Numerous people migrate to the North American region in search of better education and job opportunities as well as for business purposes. The rising number of immigrants in the region is expected to create growth opportunities for the digital remittance service providers in the region.
Digital Wallet Corporation
InstaReM Pvt. Ltd.
PayPal Holdings, Inc.
Ria Financial Services Ltd.
Western Union Holdings, Inc.
Inward Digital Remittance
Outward Digital Remittance
Money Transfer Operators
Migrant Labor Workforce
Middle East & Africa
The Digital Remittance market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Digital Remittance market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Digital Remittance market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Digital Remittance market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Digital Remittance market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Digital Remittance capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Digital Remittance by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Digital Remittance market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Digital Remittance market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Digital Remittance market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Digital Remittance industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Digital Remittance market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Digital Remittance market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Digital Remittance market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Digital Remittance market. These factors have benefited the growth of the global market for Digital Remittance. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Digital Remittance. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Digital Remittance are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
Wires And Cables Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030Read more...
Optical Character Recognition Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030Read more...
Engineering Services Outsourcing Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030Read more...
Augmented Reality Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030Read more...
Automotive Finance Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030Read more...