Remittance Market Revenue to Register Robust Growth in Future by 2032 | Registering a CAGR Of 3.80% | MRFR

Remittance Market Analysis:

The global remittance market will touch USD 119.6 billion at a 3.80% CAGR by 2032, as per the recent Market Research Future report.

List of Key Players Covered in the Remittance Market Report:

Eminent market players profiled in the global remittance industry report include

• Bank of America Corporation
• ZEPZ
• Citigroup, Inc.
• Ria Financial Services, Inc.
• OFX
• Wells Fargo
• Western Union Holdings, Inc.
• PayPal
• MoneyGram International, Inc.
• Wise US, Inc.

Get Sample PDF Pages now with Some Benefits!! 
https://www.marketresearchfuture.com/sample_request/11999

Drivers:

Booming BFSI Sector to Boost Market Growth

Global banking, financial services, & insurance (or BFSI) industry growth will be a major driver of market expansion. The growing use of electronic and automated payment & money transfer solutions is advantageous to the market. Financial institutions use open, data-driven ecosystem for money transfer in order to expand their business networks and offer their clients minimal remittance prices. Demand for the digital remittance solution to efficiently and quickly transmit funds between regions has grown significantly.

Opportunities:

Multiple Benefits to offer Robust Opportunities

The convenience of use and lower user costs associated with digital remittance services are a couple of the reasons that are anticipated to fuel industry expansion. These services provide a number of advantages, including convenience, quick payments, and decreased transaction costs. Due to the lack of time-consuming form-filling procedures, customers are turning to digital transactions for the money transfers.

Buy Now Premium Research Report – Get Comprehensive Market Insights.

Restraints and Challenges:

Lack of Awareness to act as Market Restraint

The lack of awareness regarding digital remittance and increase in financial crimes may act as market restraints over the forecast period.

Remittance Market Segmentation:

The global remittance market is bifurcated based on end use, channel, type, and mode of transfer.

By mode of transfer, traditional (non-digital) will lead the market over the forecast period.

By type, outward remittance will domineer the market over the forecast period.

By channel, money transfer operators will spearhead the market over the forecast period.

By end use, personal will spur the market over the forecast period.

COVID-19 Analysis

The pandemic’s lockdowns, travel bans, and economic slowdowns resulted in widespread job losses and lower pay for a large number of migratory workers. This had a direct effect on their capacity to send money home through remittances. Border closures and tight travel restrictions restricted international travel. This interfered with the conventional methods of sending remittances, such as in-person trips to remittance centers. The epidemic hastened the development of internet and digital channels for remittance sending and receiving. More consumers are using digital transfer services like mobile money while physical remittance centers close or have their hours restricted.

Browse Full Report Details:
https://www.marketresearchfuture.com/reports/remittance-market-11999

Regional Analysis:

North America to Lead Remittance Market

In 2022, this market was dominated by the North American Remittance Market (45.70%). Due to the existence of certain well-known rivals like Citigroup, Inc. & Bank of America Corporation, the market has a dominant position. Additionally, fintech firms in North American countries are actively creating collaborations with well-known businesses to benefit from their skills. In addition, the North American region’s U.S. remittance market had the biggest market share, while the Canada remittance industry had the quickest rate of growth.

Top Trending Reports:

• Quantum Warfare (QW) Market
• Web3 Marketing Market
  
• Web3 Payments Market
• Quantum Communication Market
• Web3 in Telecommunications Market

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country-level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

Also, we are launching “Wantstats” the premier statistics portal for market data in comprehensive charts and stats format, providing forecasts, regional and segment analysis. Stay informed and make data-driven decisions with Wantstats.

Tags: Remittance Market Share, Remittance Market growth, Remittance, Remittance Market trends, Remittance Market, Remittance Market Size See Campaign: https://www.marketresearchfuture.com/reports/remittance-market-11999

Contact Information:

Market Research Future (Part of Wantstats Research and Media Private Limited) 99 Hudson Street, 5Th Floor New York, NY 10013 United States of America +1 628 258 0071 (US) +44 2035 002 764 (UK) Email: sales@marketresearchfuture.com Website: https://www.marketresearchfuture.com

Tags:
Research Newswire, English