Remittance Market By Application (Consumption, Savings, Investment), By Remittance Channel (Banks, Money Transfer Operator, Others), By End User (Business, Personal): Global Opportunity Analysis and Industry Forecast, 2023-2032

Description

List of Tables

Remittance is referred to 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 networks such as easy-to-use mobile applications and digital wallets. Furthermore, remittances are extremely important in the lives of migrants and their families. Sending money abroad used to be time-consuming and costly, as evidenced by the never-ending chains of intermediaries, hidden fees, and manual paperwork. With the increasing digitization of bank products, the global remittance market has been strengthened. With improvements in technology, the banking sector is constantly striving to undertake contemporary advancements that might be a resource in streamlining daily banking offerings, including international money transactions. Realtime transaction information, which can be used to facilitate the growth of the market during the forecast period, is provided by key banking solutions including online banking, ATMs, and phone banking that help banks and economic institutions reduce operating and management expenses while also allowing them to better manage their costs. Several government initiatives to support the use of remittance services have taken place over the past few years across emerging countries. In India, the government has taken the Digital India initiative to promote digital payment methods. In February 2020, the Central Bank of Brazil announced the Brazilian Instant Payment Scheme (PIX). The scheme provides its users, companies, and government bodies the opportunity to send or receive payment transfers in a couple of seconds at all times, including during nonworking days.

The electronic payment system enables immediate transactions, such as money transfers and payments. In Brazil, all financial and payment institutions authorized by the Central Bank are required to use PIX. Such favorable initiatives taken by the governments of various emerging economies will drive the growth of the global remittance market during the forecast period.

The increase in cross-border transactions and mobile-based payment channels, along with lower remittance cost & money transfer time drive the growth of the market. In addition, the rise in the adoption of banking & financial sectors across the globe fuels the growth of the market. However, a lack of awareness of digital remittance and stringent regulations to prevent rapid growth is expected to impede market growth.

Furthermore, continuous technological innovations in the digital remittance industry as well as a rise in internet and mobile penetration are expected to provide lucrative opportunities for market growth.

The global remittance market is segmented based on application, remittance channel, end user, and region. In terms of application, the market is classified into consumption, savings, and investments. By channel, it is divided into banks, money transfer operators, and others. By end user, is divided into business and personal. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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 players have adopted various strategies 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 usage-based insurance market forecast along with the current and future trends to explain the imminent investment pockets.
Information about key drivers, restraints, and opportunities and their impact analysis on global usage-based insurance market trends is provided in the report.
The Porter's five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
A quantitative analysis of the market from 2023 to 2032 is provided to determine the market potential.

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Product Life Cycles
Technology Trend Analysis
New Product Development/ Product Matrix of Key Players
Strategic Recommendations
SWOT Analysis
Volume Market Size and Forecast

Key Market Segments

By Remittance Channel

Banks
Money Transfer Operator
Others

By End User

Business
Personal

By Application

Consumption
Savings
Investment

By Region

North America
- U.S.
- Canada
Europe
- France
- Germany
- Italy
- Spain
- UK
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Thailand
- Malaysia
- Myanmar
- Singapore
- Vietnam
- New Zealand
- Philippines
- Pakistan
- Rest of Asia-Pacific
LAMEA
- Latin America
- Middle East
- Africa

Key Market Players:

Citigroup Inc.
Ria Financial Services.
Western Union Holdings, Inc.
Wise Payments Limited
UAE Exchange Centre Co.
MoneyGram.
Wells Fargo
Xoom
JPMorgan Chase & Co.
Bank of America Corporation

Product Code: A03604

CHAPTER 1: INTRODUCTION

1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research methodology
- 1.4.1. Primary research
- 1.4.2. Secondary research
- 1.4.3. Analyst tools and models

CHAPTER 2: EXECUTIVE SUMMARY

2.1. CXO perspective

CHAPTER 3: MARKET OVERVIEW

3.1. Market definition and scope
3.2. Key findings
- 3.2.1. Top impacting factors
- 3.2.2. Top investment pockets
3.3. Porter's five forces analysis
- 3.3.1. Low bargaining power of suppliers
- 3.3.2. Low threat of new entrants
- 3.3.3. Low threat of substitutes
- 3.3.4. Low intensity of rivalry
- 3.3.5. Low bargaining power of buyers
3.4. Market dynamics
- 3.4.1. Drivers
  - 3.4.1.1. Rise in cross-border transactions and mobile-based payment channels
  - 3.4.1.2. Reduced remittance cost & transfer time
  - 3.4.1.3. Growth in adoption of banking & financial services
- 3.4.2. Restraints
  - 3.4.2.1. Stringent regulations to prevent rapid growth
  - 3.4.2.2. Lack of awareness for digital remittance
- 3.4.3. Opportunities
  - 3.4.3.1. Technological innovations in the digital remittance industry
  - 3.4.3.2. Rise in Internet and Mobile penetration

CHAPTER 4: REMITTANCE MARKET, BY APPLICATION

4.1. Overview
- 4.1.1. Market size and forecast
4.2. Consumption
- 4.2.1. Key market trends, growth factors and opportunities
- 4.2.2. Market size and forecast, by region
- 4.2.3. Market share analysis by country
4.3. Savings
- 4.3.1. Key market trends, growth factors and opportunities
- 4.3.2. Market size and forecast, by region
- 4.3.3. Market share analysis by country
4.4. Investment
- 4.4.1. Key market trends, growth factors and opportunities
- 4.4.2. Market size and forecast, by region
- 4.4.3. Market share analysis by country

CHAPTER 5: REMITTANCE MARKET, BY REMITTANCE CHANNEL

5.1. Overview
- 5.1.1. Market size and forecast
5.2. Banks
- 5.2.1. Key market trends, growth factors and opportunities
- 5.2.2. Market size and forecast, by region
- 5.2.3. Market share analysis by country
5.3. Money Transfer Operator
- 5.3.1. Key market trends, growth factors and opportunities
- 5.3.2. Market size and forecast, by region
- 5.3.3. Market share analysis by country
5.4. Others
- 5.4.1. Key market trends, growth factors and opportunities
- 5.4.2. Market size and forecast, by region
- 5.4.3. Market share analysis by country

CHAPTER 6: REMITTANCE MARKET, BY END USER

6.1. Overview
- 6.1.1. Market size and forecast
6.2. Business
- 6.2.1. Key market trends, growth factors and opportunities
- 6.2.2. Market size and forecast, by region
- 6.2.3. Market share analysis by country
6.3. Personal
- 6.3.1. Key market trends, growth factors and opportunities
- 6.3.2. Market size and forecast, by region
- 6.3.3. Market share analysis by country

CHAPTER 7: REMITTANCE MARKET, BY REGION

7.1. Overview
- 7.1.1. Market size and forecast By Region
7.2. North America
- 7.2.1. Key market trends, growth factors and opportunities
- 7.2.2. Market size and forecast, by Application
- 7.2.3. Market size and forecast, by Remittance Channel
- 7.2.4. Market size and forecast, by End User
- 7.2.5. Market size and forecast, by country
  - 7.2.5.1. U.S.
  - 7.2.5.1.1. Market size and forecast, by Application
  - 7.2.5.1.2. Market size and forecast, by Remittance Channel
  - 7.2.5.1.3. Market size and forecast, by End User
  - 7.2.5.2. Canada
  - 7.2.5.2.1. Market size and forecast, by Application
  - 7.2.5.2.2. Market size and forecast, by Remittance Channel
  - 7.2.5.2.3. Market size and forecast, by End User
7.3. Europe
- 7.3.1. Key market trends, growth factors and opportunities
- 7.3.2. Market size and forecast, by Application
- 7.3.3. Market size and forecast, by Remittance Channel
- 7.3.4. Market size and forecast, by End User
- 7.3.5. Market size and forecast, by country
  - 7.3.5.1. France
  - 7.3.5.1.1. Market size and forecast, by Application
  - 7.3.5.1.2. Market size and forecast, by Remittance Channel
  - 7.3.5.1.3. Market size and forecast, by End User
  - 7.3.5.2. Germany
  - 7.3.5.2.1. Market size and forecast, by Application
  - 7.3.5.2.2. Market size and forecast, by Remittance Channel
  - 7.3.5.2.3. Market size and forecast, by End User
  - 7.3.5.3. Italy
  - 7.3.5.3.1. Market size and forecast, by Application
  - 7.3.5.3.2. Market size and forecast, by Remittance Channel
  - 7.3.5.3.3. Market size and forecast, by End User
  - 7.3.5.4. Spain
  - 7.3.5.4.1. Market size and forecast, by Application
  - 7.3.5.4.2. Market size and forecast, by Remittance Channel
  - 7.3.5.4.3. Market size and forecast, by End User
  - 7.3.5.5. UK
  - 7.3.5.5.1. Market size and forecast, by Application
  - 7.3.5.5.2. Market size and forecast, by Remittance Channel
  - 7.3.5.5.3. Market size and forecast, by End User
  - 7.3.5.6. Rest of Europe
  - 7.3.5.6.1. Market size and forecast, by Application
  - 7.3.5.6.2. Market size and forecast, by Remittance Channel
  - 7.3.5.6.3. Market size and forecast, by End User
7.4. Asia-Pacific
- 7.4.1. Key market trends, growth factors and opportunities
- 7.4.2. Market size and forecast, by Application
- 7.4.3. Market size and forecast, by Remittance Channel
- 7.4.4. Market size and forecast, by End User
- 7.4.5. Market size and forecast, by country
  - 7.4.5.1. China
  - 7.4.5.1.1. Market size and forecast, by Application
  - 7.4.5.1.2. Market size and forecast, by Remittance Channel
  - 7.4.5.1.3. Market size and forecast, by End User
  - 7.4.5.2. Japan
  - 7.4.5.2.1. Market size and forecast, by Application
  - 7.4.5.2.2. Market size and forecast, by Remittance Channel
  - 7.4.5.2.3. Market size and forecast, by End User
  - 7.4.5.3. India
  - 7.4.5.3.1. Market size and forecast, by Application
  - 7.4.5.3.2. Market size and forecast, by Remittance Channel
  - 7.4.5.3.3. Market size and forecast, by End User
  - 7.4.5.4. South Korea
  - 7.4.5.4.1. Market size and forecast, by Application
  - 7.4.5.4.2. Market size and forecast, by Remittance Channel
  - 7.4.5.4.3. Market size and forecast, by End User
  - 7.4.5.5. Australia
  - 7.4.5.5.1. Market size and forecast, by Application
  - 7.4.5.5.2. Market size and forecast, by Remittance Channel
  - 7.4.5.5.3. Market size and forecast, by End User
  - 7.4.5.6. Thailand
  - 7.4.5.6.1. Market size and forecast, by Application
  - 7.4.5.6.2. Market size and forecast, by Remittance Channel
  - 7.4.5.6.3. Market size and forecast, by End User
  - 7.4.5.7. Malaysia
  - 7.4.5.7.1. Market size and forecast, by Application
  - 7.4.5.7.2. Market size and forecast, by Remittance Channel
  - 7.4.5.7.3. Market size and forecast, by End User
  - 7.4.5.8. Myanmar
  - 7.4.5.8.1. Market size and forecast, by Application
  - 7.4.5.8.2. Market size and forecast, by Remittance Channel
  - 7.4.5.8.3. Market size and forecast, by End User
  - 7.4.5.9. Singapore
  - 7.4.5.9.1. Market size and forecast, by Application
  - 7.4.5.9.2. Market size and forecast, by Remittance Channel
  - 7.4.5.9.3. Market size and forecast, by End User
  - 7.4.5.10. Vietnam
  - 7.4.5.10.1. Market size and forecast, by Application
  - 7.4.5.10.2. Market size and forecast, by Remittance Channel
  - 7.4.5.10.3. Market size and forecast, by End User
  - 7.4.5.11. New Zealand
  - 7.4.5.11.1. Market size and forecast, by Application
  - 7.4.5.11.2. Market size and forecast, by Remittance Channel
  - 7.4.5.11.3. Market size and forecast, by End User
  - 7.4.5.12. Philippines
  - 7.4.5.12.1. Market size and forecast, by Application
  - 7.4.5.12.2. Market size and forecast, by Remittance Channel
  - 7.4.5.12.3. Market size and forecast, by End User
  - 7.4.5.13. Pakistan
  - 7.4.5.13.1. Market size and forecast, by Application
  - 7.4.5.13.2. Market size and forecast, by Remittance Channel
  - 7.4.5.13.3. Market size and forecast, by End User
  - 7.4.5.14. Rest of Asia-Pacific
  - 7.4.5.14.1. Market size and forecast, by Application
  - 7.4.5.14.2. Market size and forecast, by Remittance Channel
  - 7.4.5.14.3. Market size and forecast, by End User
7.5. LAMEA
- 7.5.1. Key market trends, growth factors and opportunities
- 7.5.2. Market size and forecast, by Application
- 7.5.3. Market size and forecast, by Remittance Channel
- 7.5.4. Market size and forecast, by End User
- 7.5.5. Market size and forecast, by country
  - 7.5.5.1. Latin America
  - 7.5.5.1.1. Market size and forecast, by Application
  - 7.5.5.1.2. Market size and forecast, by Remittance Channel
  - 7.5.5.1.3. Market size and forecast, by End User
  - 7.5.5.2. Middle East
  - 7.5.5.2.1. Market size and forecast, by Application
  - 7.5.5.2.2. Market size and forecast, by Remittance Channel
  - 7.5.5.2.3. Market size and forecast, by End User
  - 7.5.5.3. Africa
  - 7.5.5.3.1. Market size and forecast, by Application
  - 7.5.5.3.2. Market size and forecast, by Remittance Channel
  - 7.5.5.3.3. Market size and forecast, by End User

CHAPTER 8: COMPETITIVE LANDSCAPE

8.1. Introduction
8.2. Top winning strategies
8.3. Product mapping of top 10 player
8.4. Competitive dashboard
8.5. Competitive heatmap
8.6. Top player positioning, 2022

CHAPTER 9: COMPANY PROFILES

9.1. Bank of America Corporation
- 9.1.1. Company overview
- 9.1.2. Key executives
- 9.1.3. Company snapshot
- 9.1.4. Operating business segments
- 9.1.5. Product portfolio
- 9.1.6. Business performance
- 9.1.7. Key strategic moves and developments
9.2. Citigroup Inc.
- 9.2.1. Company overview
- 9.2.2. Key executives
- 9.2.3. Company snapshot
- 9.2.4. Operating business segments
- 9.2.5. Product portfolio
- 9.2.6. Business performance
- 9.2.7. Key strategic moves and developments
9.3. JPMorgan Chase & Co.
- 9.3.1. Company overview
- 9.3.2. Key executives
- 9.3.3. Company snapshot
- 9.3.4. Operating business segments
- 9.3.5. Product portfolio
- 9.3.6. Business performance
- 9.3.7. Key strategic moves and developments
9.4. MoneyGram.
- 9.4.1. Company overview
- 9.4.2. Key executives
- 9.4.3. Company snapshot
- 9.4.4. Operating business segments
- 9.4.5. Product portfolio
- 9.4.6. Business performance
- 9.4.7. Key strategic moves and developments
9.5. Ria Financial Services.
- 9.5.1. Company overview
- 9.5.2. Key executives
- 9.5.3. Company snapshot
- 9.5.4. Operating business segments
- 9.5.5. Product portfolio
- 9.5.6. Business performance
- 9.5.7. Key strategic moves and developments
9.6. UAE Exchange Centre Co.
- 9.6.1. Company overview
- 9.6.2. Key executives
- 9.6.3. Company snapshot
- 9.6.4. Operating business segments
- 9.6.5. Product portfolio
9.7. Wells Fargo
- 9.7.1. Company overview
- 9.7.2. Key executives
- 9.7.3. Company snapshot
- 9.7.4. Operating business segments
- 9.7.5. Product portfolio
- 9.7.6. Business performance
- 9.7.7. Key strategic moves and developments
9.8. Western Union Holdings, Inc.
- 9.8.1. Company overview
- 9.8.2. Key executives
- 9.8.3. Company snapshot
- 9.8.4. Operating business segments
- 9.8.5. Product portfolio
- 9.8.6. Business performance
- 9.8.7. Key strategic moves and developments
9.9. Wise Payments Limited
- 9.9.1. Company overview
- 9.9.2. Key executives
- 9.9.3. Company snapshot
- 9.9.4. Operating business segments
- 9.9.5. Product portfolio
- 9.9.6. Business performance
- 9.9.7. Key strategic moves and developments
9.10. Xoom
- 9.10.1. Company overview
- 9.10.2. Key executives
- 9.10.3. Company snapshot
- 9.10.4. Operating business segments
- 9.10.5. Product portfolio
- 9.10.6. Business performance
- 9.10.7. Key strategic moves and developments