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The global remittance market stood at a value of around USD 607.43 billion in 2023. The market is further expected to grow at a CAGR of 4% in the forecast period of 2024-2032.
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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.
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 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.
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By type, the market is divided into:
Based on remittance channel, the industry can be categorised into:
On the basis of application, the industry can be segmented into:
Based on end user, the market can be bifurcated into:
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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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.
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:
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 | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Type |
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Breakup by Remittance Channel |
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Breakup by Application |
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Breakup by End User |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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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. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR 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 Opportunities and Challenges in the Market
8 Global Remittance Market Analysis
8.1 Key Industry Highlights
8.2 Global Remittance Historical Market (2018-2023)
8.3 Global Remittance Market Forecast (2024-2032)
8.4 Global Remittance Market by Type
8.4.1 Inward Remittance
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Outward Remittance
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 Global Remittance Market by Remittance Channel
8.5.1 Banks
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Money Transfer Operators
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Others
8.6 Global Remittance Market by Application
8.6.1 Consumption
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Savings
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Investment
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.7 Global Remittance Market by End User
8.7.1 Business
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Personal
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.8 Global Remittance Market by Region
8.8.1 North America
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Europe
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 Asia Pacific
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.8.4 Latin America
8.8.4.1 Historical Trend (2018-2023)
8.8.4.2 Forecast Trend (2024-2032)
8.8.5 Middle East and Africa
8.8.5.1 Historical Trend (2018-2023)
8.8.5.2 Forecast Trend (2024-2032)
9 North America Remittance Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Remittance Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Remittance Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Remittance Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Remittance Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Bank of America Corporation
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Citigroup Inc.
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 J.P. Morgan Chase & Co.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Ria Financial Services Ltd
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Western Union Holdings, Inc.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 MoneyGram International, Inc.
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 TransferWise Ltd.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Remittance Market: Key Industry Highlights, 2018 and 2032
2. Global Remittance Historical Market: Breakup by Type (USD Billion), 2018-2023
3. Global Remittance Market Forecast: Breakup by Type (USD Billion), 2024-2032
4. Global Remittance Historical Market: Breakup by Remittance Channel (USD Billion), 2018-2023
5. Global Remittance Market Forecast: Breakup by Remittance Channel (USD Billion), 2024-2032
6. Global Remittance Historical Market: Breakup by Application (USD Billion), 2018-2023
7. Global Remittance Market Forecast: Breakup by Application (USD Billion), 2024-2032
8. Global Remittance Historical Market: Breakup by End User (USD Billion), 2018-2023
9. Global Remittance Market Forecast: Breakup by End User (USD Billion), 2024-2032
10. Global Remittance Historical Market: Breakup by Region (USD Billion), 2018-2023
11. Global Remittance Market Forecast: Breakup by Region (USD Billion), 2024-2032
12. North America Remittance Historical Market: Breakup by Country (USD Billion), 2018-2023
13. North America Remittance Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Europe Remittance Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Europe Remittance Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Asia Pacific Remittance Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Asia Pacific Remittance Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Latin America Remittance Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Latin America Remittance Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Middle East and Africa Remittance Historical Market: Breakup by Country (USD Billion), 2018-2023
21. Middle East and Africa Remittance Market Forecast: Breakup by Country (USD Billion), 2024-2032
22. Global Remittance Market Structure
In 2023, the global remittance market attained a value of nearly USD 607.43 billion.
The market is projected to grow at a CAGR of 4% between 2024 and 2032.
The major drivers of the industry include the immigration of students and job seekers, the increasing number of immigrants who profit the prominent money transfer operators, swift adoption of digital platforms, and evolving customer expectations.
The key trends driving the market forward are the rapid technological advancements and rise in overseas migration.
The major regions in the industry are North America, Latin America, Europe, Middle East and Africa, and the Asia Pacific with North America accounting for the largest share in the market.
By type, the market is divided into inward remittance and outward remittance.
Banks are the dominant remittance channel in the industry.
On the basis of application, the industry can be segmented into consumption, savings, and investment.
Based on end-user, the market can be bifurcated into business and personal.
The major players in the industry are Bank of America Corporation, Citigroup Inc., J.P. Morgan Chase & Co., Ria Financial Services Ltd, Western Union Holdings, Inc., MoneyGram International, Inc., and TransferWise Ltd., among others.
The global remittance market attained a value of USD 607.43 billion in 2023, driven by the rising rate of migration globally. Aided by the growing technological advancements and adoption of digital platforms, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 4%.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on its types, the global remittance industry can be segmented into inward remittance and outward remittance. By remittance channel, banks and money transfer operators, among others are the major categories, with banks accounting for the largest market share. On the basis of application, the market can be divided into consumption, savings, and investment. By end-user, business and personal are the primary segments. The major regional markets for remittance are North America, Latin America, Europe, Middle East and Africa, and the Asia Pacific, with North America accounting for the largest share of the market. The key players in the above market include Bank of America Corporation, Citigroup Inc., J.P. Morgan Chase & Co., Ria Financial Services Ltd, Western Union Holdings, Inc., MoneyGram International, Inc., and TransferWise Ltd., among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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