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Remittance Market By Type, Channel, Application, and End User : Global Opportunity Analysis and Industry Forecast, 2019-2026

Remittance Market By Type, Channel, Application, and End User : Global Opportunity Analysis and Industry Forecast, 2019-2026

  • April 2020
  • 382 pages
  • ID: 5916587
  • Format: PDF
  • Allied Market Research


Table of Contents

Remittance Market By Type (Inward Remittance and Outward Remittance), Channel (Banks, Money Transfer Operators, and Others), Application (Consumption, Savings, and Investments), and End User (Business and Personal): Global Opportunity Analysis and Industry Forecast, 2019-2026

Remittance is referred as money sent from one location to another via electronic payment system, mail, draft, and wire transfer. In addition, it is stated as the transfer of money by foreign migrants in their native countries by using digital transfer network such as easy-to-use mobile application, digital wallets, and others.
Furthermore, it helps various families to increase their standard of living and surge the nation’s income as well as boost the overall GDP of the country. Numerous benefits of using digital remittance such as convenience, speed, lower cost, elimination of the need for tedious form-filling processes, agents, and codes and others have shifted the focus of consumers toward digital transactions for money remittance.
Increase in cross-border transactions and mobile-based payment channels and reduced remittance cost & transfer time drives the growth of the market. In addition, growth in adoption of banking & financial sectors across the globe fuels the growth of the market. However, lack of awareness and slowdown of the remittance industry in Asia-Pacific countries is expected to impede the market growth.
Furthermore, continuous technological innovations in the digital remittance industry as well as rise in internet and mobile penetration in this region are expected to provide lucrative opportunities for the market growth.
The global remittance market is segmented on the basis of type, remittance channel, application, end user, and region. By type, it is bifurcated into inward remittance and outward remittance. By channel, it is divided into banks, money transfer operator, and others. In terms of application, the market is classified into consumption, savings and investments. By end user, it is divided into business and personal. Region wise, it is analyzed across South Asia/Southeast Asia, MENA and Rest of the World.
The key players profiled in the remittance market analysis are 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. and XOOM. These key players have adopted various strategies such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations to increase their market penetration and strengthen their position in the industry.

Key Benefits For Stakeholders:
• The study provides an in-depth analysis of the global remittance market along with the current & future trends to elucidate the imminent investment pockets.
• Information about key drivers, restrains, and opportunities and their impact analysis on the market size is provided in the report.
• Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
• The quantitative analysis of the global remittance market from 2019 to 2026 is provided to determine the market potential.

Remittance Market Key Segments

By Type
• Inward Remittance
• Outward Remittance

By Channel
• Banks
• Money Transfer Operator
• Others

By Application
• Consumption
• Savings
• Investment

By End User
• Business
• Personal

By Region
• South Asia/Southeast Asia
o Afghanistan
o Bangladesh
o Bhutan
o Maldives
o Nepal
o India
o Sri Lanka
o Indonesia
o Vietnam
o Thailand
o Singapore
o Malaysia
o Philippines
o Cambodia
o Myanmar
o Rest of South Asia

o Saudi Arabia
o Kuwait
o Bahrain
o Qatar
o Oman
o Egypt
o Rest of MENA

• Rest of the World

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.

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