Global Digital Remittance Market Size, Trends & Growth Opportunity By Type (Inward Remittance, and Outward Remittance), By Remittance Channel (Online Inward Remittances, Money Transfer Operators, Banks, and Others), By End User (Migrant Labor Workforce, Individual/Personal, and Businesses), By Region and Forecast till 2027.
Market Overview
Global Digital Remittance Market was valued at USD 62.73 billion in 2021 which is expected to reach USD 77.87 billion by 2027 at a CAGR 3.5% from 2022-2027.
Digital remittances are a potent monitoring tool that could have a positive impact on both the local and global economies. Banking services that offer connectivity, identity, and literacy solutions are used to manage a wide range of economic situations. Government support helped the private and public sectors develop digital remittance in large part.
Market Drivers
The key factor that will fuel the growth of the global digital remittance market is the rise in demand for faster, safer, and more secure cross-border financial transactions. Additionally, the growing demand for digital remittance will help drive market expansion. This is because it will be more necessary to receive payments from customers. In addition, the market will grow at a faster rate during this forecast due to the rise in smartphone penetration and the number of digitally savvy customers choosing to send money digitally. Period.
Market Restraints
However, lack of knowledge and direction is the main obstacle that is anticipated to restrain the growth of the global digital remittance market.
Market Segmentation
Global Digital Remittance Market is segmented into type such as Inward Remittance, and Outward Remittance, by Remittance Channel such as Online Inward Remittances, Money Transfer Operators, Banks, and Others. Further, market is segmented into end user such as Migrant Labor Workforce, Individual/Personal, and Businesses.
Also, Global Digital Remittance Market is segmented into five such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The North American region dominated the market. The region's digital remittance service providers should benefit from growth opportunities brought on by the increasing immigrant population. Additionally, with the introduction of numerous payment applications, the trend of quicker money transfers has gained traction in the North American region.
Market Key Players
Various key players are discussed in this report such as Mobetize Corp., MoneyGram, Ripple, TransferWise, WorldRemit, Azimo, Currency Cloud, peerTransfer, Regalii, and Remitly.
Market Taxonomy
By Type
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