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Global Remittance Market: By Type: Inward Remittance, Outward Remittance; By Remittance Channel: Banks, Money Transfer Operators, Others; By Application: Consumption, Savings, Others; By End User; Regional Analysis; Historical Market and Forecast (2016-2026); Market Dynamics; Competitive Landscape; Industry Events and Developments

Global Remittance Market Outlook

The global remittance market stood at a value of around USD 540 billion in 2020. The market is further expected to grow at a CAGR of 4% in the forecast period of 2021-2026.

 

Banks Expected to Possess a Significant Market Share of the Global Remittance Industry

Banks are predicted to hold a significant share in the global remittance industry  based on remittance channels due to their substantive financial powers. Around the world, banks are adopting various digitalised innovations to expand their services to cross-border remittance transactions, so that they can be utilised by more people. Meanwhile, the money transfer operator segment is predicted to observe a steady increase in its market share over the forecast period. This expansion can be credited to their swift adoption of digital platforms such as mobile apps, making the entire process of remittance significantly easy. This, in turn, is attracting potential consumers and aiding the market.

 

Global Remittance Market

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North America to Account for a Significant Share in the Global Remittance Industry

In terms of region, North America is expected to hold a significant share in the global remittance industry in the forecast period. The growth can be attributed to the considerable immigration of students and job seekers into the North American region from various parts of the world. The increasing number of immigrants profit the prominent money transfer operators, such as PayPal, Western Union Holdings, and others based in the North American region.

 

Remittance: Industry Definition and Segmentation

Remittance refers to the exchange of a monetary sum from one party to another, usually overseas. Thus, it can be commonly described as an international money transfer. Migrants from various parts of the world utilise remittance services to transfer money to their home countries, which could be personal transfers between family and friends or in the form of business payments. In today’s globalised world, the high overseas migration for work and educational purposes has increased the demand for remittance transactions. As a result, remittance serves as a strong force in the growth of many developing economies.

By type, the market is divided into:

  • Inward Remittance
  • Outward Remittance

Based on remittance channel, the industry can be categorised into:

  • Banks
  • Money Transfer Operators
  • Others

On the basis of application, the industry can be segmented into:

  • Consumption 
  • Savings
  • Investment

Based on end user, the market can be bifurcated into:

  • Business
  • Personal

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Rise in Overseas Migration and Increasing Popularity of Internet-Based Payment Apps to Provide a Thrust to the Overall Market Growth

Migration rates have gone up worldwide, with people from various parts of the world migrating into foreign countries for higher studies and better career opportunities. This, in turn, is leading to an increase in cross-border remittance payments. The rapid technological advancements have made the banking experience convenient, with a variety of services available on digital platforms, which are steadily being utilised by financial institutions in the form of mobile payment apps and others. People can make payments at their leisure through mobile payment apps, ensuring security and privacy in the transaction process. These apps have further decreased the transfer time, making them a popular choice among consumers. These factors are expected to further propel the growth of the overall market.

A report issued by the World Bank in May 2021  states that despite the COVID-19 pandemic, the overall remittance flow remained strong in 2020, registering a smaller decline compared to the previously estimated decrease. The major factors for the steady remittance flow amid the crisis remained fiscal stimulus, growing preference for digital payments over cash, and a shift in flows from informal to formal channels.

 

Key Industry Players in the Global Remittance Market

The report gives a detailed analysis of the following key players in the global remittance market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

  • Bank of America Corporation
  • Citigroup Inc.
  • J.P. Morgan Chase & Co.
  • Ria Financial Services Ltd.
  • Western Union Holdings, Inc.
  • MoneyGram International, Inc.
  • TransferWise Ltd.
  • Others

The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model and SWOT analysis.

 

REPORT FEATURES DETAILS
Base Year 2020
Historical Period 2016-2020
Forecast Period 2021-2026
Scope of the Report Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Type, Remittance Channel, Application, End User, Region
Breakup by Type Inward Remittance, Outward Remittance
Breakup by Remittance Channel Banks, Money Transfer Operators, Others
Breakup by Application Consumption, Savings, Investment
Breakup by End User Business, Personal
Breakup by Region North America, Latin America, Europe, Middle East and Africa, Asia Pacific
Market Dynamics SWOT, Porter's Five Forces, EMR’s Key Indicators for Price and Demand
Competitive Landscape Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications
Companies Covered Bank of America Corporation, Citigroup Inc., J.P. Morgan Chase & Co., Ria Financial Services Ltd, Western Union Holdings, Inc., MoneyGram International, Inc., TransferWise Ltd., Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Industry Opportunities and Challenges
8    Global Remittance Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Remittance Historical Market (2016-2020) 
    8.3    Global Remittance Market Forecast (2021-2026)
    8.4    Global Remittance Market by Type
        8.4.1    Inward Remittance
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2016-2020)
            8.4.1.3    Forecast Trend (2021-2026)
        8.4.2    Outward Remittance
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2016-2020)
            8.4.2.3    Forecast Trend (2021-2026)
    8.5    Global Remittance Market by Remittance Channel
        8.5.1    Banks
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2016-2020)
            8.5.1.3    Forecast Trend (2021-2026)
        8.5.2    Money Transfer Operators
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2016-2020)
            8.5.2.3    Forecast Trend (2021-2026)
        8.5.3    Others
    8.6    Global Remittance Market by Application
        8.6.1    Consumption
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2016-2020)
            8.6.1.3    Forecast Trend (2021-2026)
        8.6.2    Savings
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2016-2020)
            8.6.2.3    Forecast Trend (2021-2026)
        8.6.3    Investment
            8.6.3.1    Market Share
            8.6.3.2    Historical Trend (2016-2020)
            8.6.3.3    Forecast Trend (2021-2026)
    8.7    Global Remittance Market by End User
        8.7.1    Business
            8.7.1.1    Market Share
            8.7.1.2    Historical Trend (2016-2020)
            8.7.1.3    Forecast Trend (2021-2026)
        8.7.2    Personal
            8.7.2.1    Market Share
            8.7.2.2    Historical Trend (2016-2020)
            8.7.2.3    Forecast Trend (2021-2026)
    8.8    Global Remittance Market by Region
        8.8.1    Market Share
            8.8.1.1    North America
            8.8.1.2    Europe
            8.8.1.3    Asia Pacific
            8.8.1.4    Latin America
            8.8.1.5    Middle East and Africa
9    Regional Analysis
    9.1    North America
        9.1.1    Historical Trend (2016-2020)
        9.1.2    Forecast Trend (2021-2026)
        9.1.3    Breakup by Country
            9.1.3.1    United States of America 
            9.1.3.2    Canada
    9.2    Europe
        9.2.1    Historical Trend (2016-2020)
        9.2.2    Forecast Trend (2021-2026)
        9.2.3    Breakup by Country 
            9.2.3.1    United Kingdom
            9.2.3.2    Germany
            9.2.3.3    France
            9.2.3.4    Italy
            9.2.3.5    Others
    9.3    Asia Pacific
        9.3.1    Historical Trend (2016-2020)
        9.3.2    Forecast Trend (2021-2026)
        9.3.3    Breakup by Country
            9.3.3.1    China
            9.3.3.2    Japan
            9.3.3.3    India
            9.3.3.4    ASEAN
            9.3.3.5    Australia
            9.3.3.6    Others
    9.4    Latin America
        9.4.1    Historical Trend (2016-2020)
        9.4.2    Forecast Trend (2021-2026)
        9.4.3    Breakup by Country
            9.4.3.1    Brazil
            9.4.3.2    Argentina
            9.4.3.3    Mexico
            9.4.3.4    Others
    9.5    Middle East and Africa
        9.5.1    Historical Trend (2016-2020)
        9.5.2    Forecast Trend (2021-2026)
        9.5.3    Breakup by Country
            9.5.3.1    Saudi Arabia
            9.5.3.2    United Arab Emirates
            9.5.3.3    Nigeria
            9.5.3.4    South Africa
            9.5.3.5    Others
10    Market Dynamics
    10.1    SWOT Analysis
        10.1.1    Strengths
        10.1.2    Weaknesses
        10.1.3    Opportunities
        10.1.4    Threats
    10.2    Porter’s Five Forces Analysis
        10.2.1    Supplier’s Power
        10.2.2    Buyer’s Power
        10.2.3    Threat of New Entrants
        10.2.4    Degree of Rivalry
        10.2.5    Threat of Substitutes
    10.3    EMR’s Key Indicators for Demand
    10.4    EMR’s Key Indicators for Price
11    Competitive Landscape
    11.1    Market Structure
    11.2    Company Profiles
        11.2.1    Bank of America Corporation
            11.2.1.1    Company Overview
            11.2.1.2    Product Portfolio
            11.2.1.3    Demographic Reach and Achievements
            11.2.1.4    Certifications
        11.2.2    Citigroup Inc.
            11.2.2.1    Company Overview
            11.2.2.2    Product Portfolio
            11.2.2.3    Demographic Reach and Achievements
            11.2.2.4    Certifications
        11.2.3    J.P. Morgan Chase & Co.
            11.2.3.1    Company Overview
            11.2.3.2    Product Portfolio
            11.2.3.3    Demographic Reach and Achievements
            11.2.3.4    Certifications
        11.2.4    Ria Financial Services Ltd
            11.2.4.1    Company Overview
            11.2.4.2    Product Portfolio
            11.2.4.3    Demographic Reach and Achievements
            11.2.4.4    Certifications
        11.2.5    Western Union Holdings, Inc.
            11.2.5.1    Company Overview
            11.2.5.2    Product Portfolio
            11.2.5.3    Demographic Reach and Achievements
            11.2.5.4    Certifications
        11.2.6    MoneyGram International, Inc.
            11.2.6.1    Company Overview
            11.2.6.2    Product Portfolio
            11.2.6.3    Demographic Reach and Achievements
            11.2.6.4    Certifications
        11.2.7    TransferWise Ltd.
            11.2.7.1    Company Overview
            11.2.7.2    Product Portfolio
            11.2.7.3    Demographic Reach and Achievements
            11.2.7.4    Certifications
        11.2.8    Others
12    Industry Events and Developments

 

List of Figures and Tables

1.    Global Remittance Market: Key Industry Highlights, 2016 and 2026
2.    Global Remittance Historical Market: Breakup by Type (USD Billion), 2016-2020
3.    Global Remittance Market Forecast: Breakup by Type (USD Billion), 2021-2026
4.    Global Remittance Historical Market: Breakup by Remittance Channel (USD Billion), 2016-2020
5.    Global Remittance Market Forecast: Breakup by Remittance Channel (USD Billion), 2021-2026
6.    Global Remittance Historical Market: Breakup by Application (USD Billion), 2016-2020
7.    Global Remittance Market Forecast: Breakup by Application (USD Billion), 2021-2026
8.    Global Remittance Historical Market: Breakup by End User (USD Billion), 2016-2020
9.    Global Remittance Market Forecast: Breakup by End User (USD Billion), 2021-2026
10.    Global Remittance Historical Market: Breakup by Region (USD Billion), 2016-2020
11.    Global Remittance Market Forecast: Breakup by Region (USD Billion), 2021-2026
12.    North America Remittance Historical Market: Breakup by Country (USD Billion), 2016-2020
13.    North America Remittance Market Forecast: Breakup by Country (USD Billion), 2021-2026
14.    Europe Remittance Historical Market: Breakup by Country (USD Billion), 2016-2020
15.    Europe Remittance Market Forecast: Breakup by Country (USD Billion), 2021-2026
16.    Asia Pacific Remittance Historical Market: Breakup by Country (USD Billion), 2016-2020
17.    Asia Pacific Remittance Market Forecast: Breakup by Country (USD Billion), 2021-2026
18.    Latin America Remittance Historical Market: Breakup by Country (USD Billion), 2016-2020
19.    Latin America Remittance Market Forecast: Breakup by Country (USD Billion), 2021-2026
20.    Middle East and Africa Remittance Historical Market: Breakup by Country (USD Billion), 2016-2020
21.    Middle East and Africa Remittance Market Forecast: Breakup by Country (USD Billion), 2021-2026
22.    Global Remittance Market Structure

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