Australia Remittance Market Outlook to 2027F

Australia Remittance Market Outlook to 2027F

The report provides a comprehensive analysis of the potential of the Remittance Market in Australia. The report covers an overview and genesis of the industry, market size in terms of transaction volume.

The Australia Remittance Market segmentations include by international inbound remittance flow corridor, by international outbound remittance flow corridor, by domestic remittance flow corridor, and by channels used; growth enablers and drivers; challenges and bottlenecks; trends driving adoption trends; regulatory framework; end-user analysis, industry analysis, competitive landscape including competition scenario and market shares of major players. The report concludes with future market projections of each market segmentation and analyst recommendations.

Market Overview:

According to Ken Research estimates, the Australia Remittance Market is forecasted to grow at a robust CAGR in the period of 2022P-2027F, owing to the increased internet and smartphone penetration, rising digital platforms for fund transfer and government initiatives.

The growing penetration rate of the internet and smartphones are driving more and more people to switch to digital platforms for fund transfer.

The international outbound remittance flow was significantly more than the international inbound remittance flow in Australia in 2021.

Key Trends by Market Segment:

By International Remittance Flow Corridor: The international remittance flow was observed to be dominated by the outbound flow corridor in Australia which was far more that the inflow that was observed in the country in 2021. Outbound remittance in international remittance market has accounted for a significant portion of overall transaction volume owing to outflow of remittance from Australia to other countries.

By Channels Used: Banking Channels dominated the Remittance Market in Australia. With digitalization and internet and smartphone penetration, people have started using digital platforms and it is gaining momentum in the market.

Competitive Landscape

In Australia Remittance Market there are about ~ players operating in the overall market, and top ~ players accounted ~% share in the market in terms of revenue. The major parameters on which these players complete includes Exchange Rate, Locations Served, Transfer Speed, Transparency in Costs and many more.

Future Outlook

The Australia Remittance Market is projected to show a significant growth of CAGR ~% in the forecasted period of 2022P-2027F, with increased internet and smartphone penetration, rising digital platforms for fund transfer and government initiatives.

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