Remittances Market overview:
International
money transfer is commonly referred as 'remittances’. As per the World Bank,
global remittances reached an unprecedented value of $689 billion in 2018, an
upward drift from $633 billion recorded in 2017. Some factors responsible for the
growth in global remittances are: increasing migrating population to developed
countries, pressure from the United Nations to lower transfer fees, bourgeoning
FinTech and mobile payments technology, and increasing numbers of non-bank
remittance vendors such as MoneyGram and Western Union. Resultantly, the global
remittance market size was estimated as $1.74 billion in 2018, with growing
refugee population and rampant urbanization, the market is progressing at a CAGR
of 19.56%, during the forecast period 2019-2025.
Remittances Market Outlook:
In 2018,
North America was reckoned to be the leading region with an estimated market share
of 33.81% of the global market. Increasing number of immigrants settling in the
U.S. for several purposes such as education and employment are some pivotal
factors supporting regional dominance. According to the Migration and
Development Brief by the World Bank Group, in April 2018, the number of
migrants globally was estimated to be 266 million, with the U.S. alone accounted
around 43 million immigrants. Similarly, according to the findings by the Pew
Research Center, remittance outflow from the U.S. was recorded to be $148.4
billion in 2017, with inflows calculated to be $6.6 billion for the same year. The
U.S. with its affluent economy and industrial sector is a lucrative
international center for enterprises to expand towards. Therefore, there is a
recurring demand for workforce, inviting employees from all across the globe
creating intense remittance market demand.
Although, personal remittance has a major share among the end-user verticals, business remittance is figured to be the fastest growing segment progressing with a CAGR of 33.81% through to 2025. Globalization has enabled enterprises to develop their fronts and expand internationally, resulting in an upsurge of across border investments, especially in developing countries with untapped opportunities. For instance, developing economy of India is the leading remittance recipient globally with a value of $79 billion (+10% from 2017) in 2018.
Remittances Market Growth Drivers and Trends:
· Support
from the World Bank in a form of mobilizing funds on migration, to support
migrants with an objective of eradicating poverty is a major factor disrupting
the global remittance market size. Moreover, migration-related Sustainable
Developments Goals such as reducing transaction fee from 7.1% in 2018 to 3% by financial
institutions will enable migrants for efficient transfers, augmenting the
market share. Also, with declining fee, money transfer operators (MTO) are
offering novel services such as virtual bank accounts and prepaid debit cards
to carve a niche for themselves, hence increasing traffic in the market to
leverage such services.
·
· Substantial
progressions and rampant developments in the global mobile payments and Fin Tech market are being profitably
capitalized by the remittance market vendors. With the advent of mobile payment
services, a nuance of transparency is added, as transaction can be initiated by
user itself through a smartphone. This benefits the user with utmost privacy
and security, which is a major factor attracting remittance senders towards
utilization of these modern services.
· As the United Nations is portraying severe
stance on diminishing transaction fee, instant remittance is a major trend
disrupting the market with competitive charges of 0.5% of the transaction
amount on limited amounts, and transparency in opaque market of international
money transfers. InstaRem and Peer Transfer are some global vendors providing
instant remittance services. Tracing escalating number of students migrating to
different countries for education, such economic services on limited amounts
are capable of dominating major shares in the market.
Remittance Market Companies:
Some players
with substantial market share in the remittance market are WorldRemit Ltd.,
InstaReM, Ria Financial Outward Remittance, Azimo Ltd., TransferWise Ltd.,
WorldRemit Ltd., Banco Bradesco Sa, Euronet Worldwide, Inc., Societe Generale,
Xoom Corporation and The Kroger Co., and SingX Pte Ltd.
Mergers and acquisitions are predominant strategies adopted
by the market players. For instance, Xoom was acquired by PayPal in 2015 for
$890m that turned out to be an example of successful exit for investors in the global
remittance market.
Remittance Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Remittance Market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth, while also detailing the key challenges and possible threats. The key areas of focus include the various types of developments in global Remittance Market, and their specific advantages to the market.
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1.1 Definitions and Scope
2. Remittance Market - Executive summary
2.1 Market Revenue, Market Size and Key Trends by Company
2.2 Key Trends by type of Application
2.3 Key Trends segmented by Geography
3. Remittance Market
3.1 Comparative analysis
3.1.1 Product Benchmarking - Top 10 companies
3.1.2 Top 5 Financials Analysis
3.1.3 Market Value split by Top 10 companies
3.1.4 Patent Analysis - Top 10 companies
3.1.5 Pricing Analysis
4. Remittance Market - Startup companies Scenario Premium
4.1 Top 10 startup company Analysis by
4.1.1 Investment
4.1.2 Revenue
4.1.3 Market Shares
4.1.4 Market Size and Application Analysis
4.1.5 Venture Capital and Funding Scenario
5. Remittance Market - Industry Market Entry Scenario Premium
5.1 Regulatory Framework Overview
5.2 New Business and Ease of Doing business index
5.3 Case studies of successful ventures
5.4 Customer Analysis - Top 10 companies
6. Remittance Market Forces
6.1 Drivers
6.2 Constraints
6.3 Challenges
6.4 Porters five force model
6.4.1 Bargaining power of suppliers
6.4.2 Bargaining powers of customers
6.4.3 Threat of new entrants
6.4.4 Rivalry among existing players
6.4.5 Threat of substitutes
7. Remittance Market -Strategic analysis
7.1 Value chain analysis
7.2 Opportunities analysis
7.3 Product life cycle
7.4 Suppliers and distributors Market Share
8. Remittance Market - By Product Type (Market Size -$Million / $Billion)
8.1 Market Size and Market Share Analysis
8.2 Application Revenue and Trend Research
8.3 Product Segment Analysis
8.3.1 Bank Money Transfer Service
8.3.2 Money Transfer App
9. Remittance Market - By End User (Market Size -$Million / $Billion)
9.1 Personal Remittance
10. Remittance - By Application (Market Size -$Million / $Billion)
10.1 Segment type Size and Market Share Analysis
10.2 Application Revenue and Trends by type of Application
10.3 Application Segment Analysis by Type
11. Remittance- By Geography (Market Size -$Million / $Billion)
11.1 Remittance Market - North America Segment Research
11.2 North America Market Research (Million / $Billion)
11.2.1 Segment type Size and Market Size Analysis
11.2.2 Revenue and Trends
11.2.3 Application Revenue and Trends by type of Application
11.2.4 Company Revenue and Product Analysis
11.2.5 North America Product type and Application Market Size
11.2.5.1 U.S
11.2.5.2 Canada
11.2.5.3 Mexico
11.2.5.4 Rest of North America
11.3 Remittance- South America Segment Research
11.4 South America Market Research (Market Size -$Million / $Billion)
11.4.1 Segment type Size and Market Size Analysis
11.4.2 Revenue and Trends
11.4.3 Application Revenue and Trends by type of Application
11.4.4 Company Revenue and Product Analysis
11.4.5 South America Product type and Application Market Size
11.4.5.1 Brazil
11.4.5.2 Venezuela
11.4.5.3 Argentina
11.4.5.4 Ecuador
11.4.5.5 Peru
11.4.5.6 Colombia
11.4.5.7 Costa Rica
11.4.5.8 Rest of South America
11.5 Remittance- Europe Segment Research
11.6 Europe Market Research (Market Size -$Million / $Billion)
11.6.1 Segment type Size and Market Size Analysis
11.6.2 Revenue and Trends
11.6.3 Application Revenue and Trends by type of Application
11.6.4 Company Revenue and Product Analysis
11.6.5 Europe Segment Product type and Application Market Size
11.6.5.1 U.K
11.6.5.2 Germany
11.6.5.3 Italy
11.6.5.4 France
11.6.5.5 Netherlands
11.6.5.6 Belgium
11.6.5.7 Denmark
11.6.5.8 Spain
11.6.5.9 Rest of Europe
11.7 Remittance - APAC Segment Research
11.8 APAC Market Research (Market Size -$Million / $Billion)
11.8.1 Segment type Size and Market Size Analysis
11.8.2 Revenue and Trends
11.8.3 Application Revenue and Trends by type of Application
11.8.4 Company Revenue and Product Analysis
11.8.5 APAC Segment - Product type and Application Market Size
11.8.5.1 China
11.8.5.2 Australia
11.8.5.3 Japan
11.8.5.4 South Korea
11.8.5.5 India
11.8.5.6 Taiwan
11.8.5.7 Malaysia
11.8.5.8 Hong kong
11.8.5.9 Rest of APAC
11.9 Remittance - Middle East Segment and Africa Segment Research
11.10 Middle East & Africa Market Research (Market Size -$Million / $Billion)
11.10.1 Segment type Size and Market Size Analysis
11.10.2 Revenue and Trend Analysis
11.10.3 Application Revenue and Trends by type of Application
11.10.4 Company Revenue and Product Analysis
11.10.5 Middle East Segment Product type and Application Market Size
11.10.5.1 Israel
11.10.5.2 Saudi Arabia
11.10.5.3 UAE
11.10.6 Africa Segment Analysis
11.10.6.1 South Africa
11.10.6.2 Rest of Middle East & Africa
12. Remittance Market - Entropy
12.1 New product launches
12.2 M&A s, collaborations, JVs and partnerships
13. Remittance Market - Industry / Segment Competition landscape Premium
13.1 Market Share Analysis
13.1.1 Market Share by Country- Top companies
13.1.2 Market Share by Region- Top 10 companies
13.1.3 Market Share by type of Application - Top 10 companies
13.1.4 Market Share by type of Product / Product category- Top 10 companies
13.1.5 Market Share at global level - Top 10 companies
13.1.6 Best Practises for companies
14. Remittance Market - Key Company List by Country Premium
15. Remittance Market Company Analysis
15.1 Market Share, Company Revenue, Products, M&A, Developments
15.2 Absa
15.3 Banco Bradesco Sa
15.4 Bank
15.5 Euronet Worldwide, Inc
15.6 Moneygram International Inc
15.7 Scotiabank
15.8 Societe Generale
15.9 The Kroger Co
15.10 Uba
15.11 Western Union Holdings, Inc
15.12 Company 11
15.13 Company 12 & More
16.1 Abbreviations
16.2 Sources
17. Remittance Market - Methodology
17.1 Research Methodology
17.1.1 Company Expert Interviews
17.1.2 Industry Databases
17.1.3 Associations
17.1.4 Company News
17.1.5 Company Annual Reports
17.1.6 Application Trends
17.1.7 New Products and Product database
17.1.8 Company Transcripts
17.1.9 R&D Trends
17.1.10 Key Opinion Leaders Interviews
17.1.11 Supply and Demand Trends
LIST OF TABLES
1.Global Global Remittance Market, By Product Market 2023-2030 ($M)1.1 Bank Money Transfer Service Market 2023-2030 ($M) - Global Industry Research
1.2 Money Transfer App Market 2023-2030 ($M) - Global Industry Research
2.Global Global Remittance Market, By End User Market 2023-2030 ($M)
2.1 Personal Remittance Market 2023-2030 ($M) - Global Industry Research
2.2 Business Remittance Market 2023-2030 ($M) - Global Industry Research
2.3 Public Service Market 2023-2030 ($M) - Global Industry Research
3.Global Global Remittance Market, By Product Market 2023-2030 (Volume/Units)
3.1 Bank Money Transfer Service Market 2023-2030 (Volume/Units) - Global Industry Research
3.2 Money Transfer App Market 2023-2030 (Volume/Units) - Global Industry Research
4.Global Global Remittance Market, By End User Market 2023-2030 (Volume/Units)
4.1 Personal Remittance Market 2023-2030 (Volume/Units) - Global Industry Research
4.2 Business Remittance Market 2023-2030 (Volume/Units) - Global Industry Research
4.3 Public Service Market 2023-2030 (Volume/Units) - Global Industry Research
5.North America Global Remittance Market, By Product Market 2023-2030 ($M)
5.1 Bank Money Transfer Service Market 2023-2030 ($M) - Regional Industry Research
5.2 Money Transfer App Market 2023-2030 ($M) - Regional Industry Research
6.North America Global Remittance Market, By End User Market 2023-2030 ($M)
6.1 Personal Remittance Market 2023-2030 ($M) - Regional Industry Research
6.2 Business Remittance Market 2023-2030 ($M) - Regional Industry Research
6.3 Public Service Market 2023-2030 ($M) - Regional Industry Research
7.South America Global Remittance Market, By Product Market 2023-2030 ($M)
7.1 Bank Money Transfer Service Market 2023-2030 ($M) - Regional Industry Research
7.2 Money Transfer App Market 2023-2030 ($M) - Regional Industry Research
8.South America Global Remittance Market, By End User Market 2023-2030 ($M)
8.1 Personal Remittance Market 2023-2030 ($M) - Regional Industry Research
8.2 Business Remittance Market 2023-2030 ($M) - Regional Industry Research
8.3 Public Service Market 2023-2030 ($M) - Regional Industry Research
9.Europe Global Remittance Market, By Product Market 2023-2030 ($M)
9.1 Bank Money Transfer Service Market 2023-2030 ($M) - Regional Industry Research
9.2 Money Transfer App Market 2023-2030 ($M) - Regional Industry Research
10.Europe Global Remittance Market, By End User Market 2023-2030 ($M)
10.1 Personal Remittance Market 2023-2030 ($M) - Regional Industry Research
10.2 Business Remittance Market 2023-2030 ($M) - Regional Industry Research
10.3 Public Service Market 2023-2030 ($M) - Regional Industry Research
11.APAC Global Remittance Market, By Product Market 2023-2030 ($M)
11.1 Bank Money Transfer Service Market 2023-2030 ($M) - Regional Industry Research
11.2 Money Transfer App Market 2023-2030 ($M) - Regional Industry Research
12.APAC Global Remittance Market, By End User Market 2023-2030 ($M)
12.1 Personal Remittance Market 2023-2030 ($M) - Regional Industry Research
12.2 Business Remittance Market 2023-2030 ($M) - Regional Industry Research
12.3 Public Service Market 2023-2030 ($M) - Regional Industry Research
13.MENA Global Remittance Market, By Product Market 2023-2030 ($M)
13.1 Bank Money Transfer Service Market 2023-2030 ($M) - Regional Industry Research
13.2 Money Transfer App Market 2023-2030 ($M) - Regional Industry Research
14.MENA Global Remittance Market, By End User Market 2023-2030 ($M)
14.1 Personal Remittance Market 2023-2030 ($M) - Regional Industry Research
14.2 Business Remittance Market 2023-2030 ($M) - Regional Industry Research
14.3 Public Service Market 2023-2030 ($M) - Regional Industry Research
LIST OF FIGURES
1.US Remittance Market Revenue, 2023-2030 ($M)2.Canada Remittance Market Revenue, 2023-2030 ($M)
3.Mexico Remittance Market Revenue, 2023-2030 ($M)
4.Brazil Remittance Market Revenue, 2023-2030 ($M)
5.Argentina Remittance Market Revenue, 2023-2030 ($M)
6.Peru Remittance Market Revenue, 2023-2030 ($M)
7.Colombia Remittance Market Revenue, 2023-2030 ($M)
8.Chile Remittance Market Revenue, 2023-2030 ($M)
9.Rest of South America Remittance Market Revenue, 2023-2030 ($M)
10.UK Remittance Market Revenue, 2023-2030 ($M)
11.Germany Remittance Market Revenue, 2023-2030 ($M)
12.France Remittance Market Revenue, 2023-2030 ($M)
13.Italy Remittance Market Revenue, 2023-2030 ($M)
14.Spain Remittance Market Revenue, 2023-2030 ($M)
15.Rest of Europe Remittance Market Revenue, 2023-2030 ($M)
16.China Remittance Market Revenue, 2023-2030 ($M)
17.India Remittance Market Revenue, 2023-2030 ($M)
18.Japan Remittance Market Revenue, 2023-2030 ($M)
19.South Korea Remittance Market Revenue, 2023-2030 ($M)
20.South Africa Remittance Market Revenue, 2023-2030 ($M)
21.North America Remittance By Application
22.South America Remittance By Application
23.Europe Remittance By Application
24.APAC Remittance By Application
25.MENA Remittance By Application
26.Moneygram International Inc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Western Union Holdings, Inc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.Euronet Worldwide, Inc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.The Kroger Co, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Absa, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Banco Bradesco Sa, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Bank, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Scotiabank, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.Societe Generale, Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.Uba, Sales /Revenue, 2015-2018 ($Mn/$Bn)