Global Remittance Market, Was Registered Over 39 (Usd Billion) In 2019 And Is Predicted To Accrue Earnings Worth 48 (Usd Billion) growing at a CAGR of around 2.7% between 2020-2026

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The Remittance Market By Type, Channel, Application and End User: Global Opportunity Analysis and Industry Forecast, 2020-2026 report has been added to ZionMarketResearch offering.

Remittance services have been implemented by many financial institutions throughout the world to give customers with transparency, a deeper and data-driven environment, and an efficient network of partners. Furthermore, the market’s growth is fueled by an increase in cross-border transactions, mobile-based payment channels, and lower remittance costs and transfer times.

Remittance Market is a type of money transfer that can be done via wire transfer, draught, check, or electronic payment. These funds can be used to make payments in the form of invoice orders or other forms of payment. Specifically, the concept refers to a worker working in one country transferring to his or her family in another country. According to a World Bank analysis, the global remittance business generated about USD 689 billion in revenue in 2018, with earnings expected to reach USD 715 billion in 2019.

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Global-Remittance-Market

Key Players in the Industry

  • Citigroup Inc.
  • XOOM
  • JPMorgan Chase & Co.
  • RIA Financial Services Ltd.
  • TransferWise Ltd.
  • MoneyGram International Inc.
  • Bank of America
  • UAE Exchange
  • Wells Fargo
  • Western Union Holdings Inc.

By Region,

The South Asia/Southeast Asia remittance market was dominated by India in 2020 and is expected to maintain this trend during the forecast period. Due to large number of migrants working in different countries sends their earnings, and thus contributes toward the family as well as country’s GDP in the region. Furthermore, remittance market was dominated by Saudi Arabia due to increased number of migrants led to massive outward remittance from the country.

Key Benefits For Stakeholders     

  • The study provides an in-depth analysis of the remittance market forecast along with the current trends and future estimations to explain the imminent investment pockets.
  • Information about key drivers, restraints, & opportunities and their impact analysis on the global remittance market is provided in the report.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
  • The quantitative analysis of the market from 2020 to 2026 is provided to determine the market potential.
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Key Market Segments

  • By Application
    • Consumption
    • Savings
    • Investment
  • By Remittance Channel
    • Banks
    • Money Transfer Operator
    • Others
  • By End User
    • Business
    • Personal

Furthermore, during the forecast period, the investment segment is expected to rise at a significant CAGR. Remittances assist developed countries in generating new revenue streams by investing remitted funds in various investment schemes, hence increasing the country’s GDP. Furthermore, an increase in remittance inflows in the country has a beneficial impact on the country’s investment framework, creating a lucrative potential for the market.

The Remittance Market By Type, Channel, Application and End User: Global Opportunity Analysis and Industry Forecast, 2020-2026 report has been added to ZionMarketResearch offering. Remittance services have been implemented by many financial institutions throughout the world to give customers with transparency, a deeper and data-driven environment, and an efficient network of partners. Furthermore, the market’s…

The Remittance Market By Type, Channel, Application and End User: Global Opportunity Analysis and Industry Forecast, 2020-2026 report has been added to ZionMarketResearch offering. Remittance services have been implemented by many financial institutions throughout the world to give customers with transparency, a deeper and data-driven environment, and an efficient network of partners. Furthermore, the market’s…

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