Remittance Market Size to Grow $930.44 Billion, Globally, by 2031 | Bank of America, JPMorgan Chase & Co

Remittance Market Size to Grow $930.44 Billion, Globally, by 2031 | Bank of America, JPMorgan Chase & Co

PORTLAND, UNITED STATES, UNITED STATES, May 19, 2023 /EINPresswire.com/ -- According to the research published by Allied Market Research, the global remittance industry garnered $682.60 billion in 2018, and is expected to reach $930.44 billion by 2026, registering a CAGR of 3.9% from 2019 to 2026. The report offers an extensive analysis of changing market dynamics, key segments, current market size & estimations, value chain, and competitive scenario.

Increase in cross-border transactions & mobile-based payment channels, lowered cost & transfer time, and surge in adoption of banking & financial services drive the growth of the global remittance market. However, lack of awareness regarding digital remittance and slowdown in the Asia-Pacific region hinder the market growth. On the other hand, technological innovations and increase in penetration of smartphones and internet create new opportunities in the coming years.

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Based on end user, the personal segment accounted for the largest share of the total market, holding more than two-thirds of the market in 2018, and is expected to maintain its dominant share in terms of revenue by 2026. Moreover, this segment is expected to grow the highest CAGR of 4.2% during the forecast period. The report also discusses the business segment.

For the inward remittance market, the South Asia/Southeast Asia region is expected to witness the largest CAGR of 6.2% from 2019 to 2026. However, for the outward remittance market, the MENA region is estimated to portray the highest CAGR of 6.1% during the forecast period.

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Leading players discussed in the global remittance market include Bank of America, JPMorgan Chase & Co., Citigroup Inc., RIA Financial Services Ltd., MoneyGram International Inc., UAE Exchange, TransferWise Ltd., Western Union Holdings Inc., Wells Fargo, and XOOM.

Key Benefits For Stakeholders

The study provides an in-depth analysis of the remittance market forecast along with the current trends and future estimations to explain the imminent investment pockets.
Information about key drivers, restraints, & opportunities and their impact analysis on the global remittance market is provided in the report.
Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
The quantitative analysis of the market from 2021 to 2030 is provided to determine the market potential.

Remittance Market Report Highlights

Aspects Details
By Application
Consumption
Savings
Investment
By Remittance Channel
Banks
Money Transfer Operator
Others
By End User
Business
Personal
By Region
North America (U.S., Canada)
Europe (France, Germany, UK, Italy, Spain, Rest of Europe)
Asia-Pacific (China, Japan, India, Philippines, Pakistan, Rest of Asia-Pacific)
LAMEA (Latin America, Middle East, Africa)
By Key Market Players
Bank of America
Citigroup Inc.
JPMorgan Chase & Co.
MoneyGram International Inc.
RIA Financial Services Ltd.
TransferWise Ltd.
UAE Exchange
Wells Fargo
Western Union Holdings Inc.
XOOM
COMPANY PROFILES: STARTUP’S AZIMO LTD., .CWALLET, DENARII CASH, INSTAREM INDIA PVT. LTD., NOW MONEY, REMITNOW, .REMITR, SCI VENTURES, INC., SENDAH, SURECASH

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