The remittance market is gaining traction due to an increase in the demand of money transfer by immigrants. The existing refugee crisis, being available beyond the fee costs, and security benefits are estimated to enhance the market share of remittance. Remittance market plays a vital role in the economic growth and constitutes a major share in the GDPs of the developing countries. The global remittance market is anticipated to grow more in the upcoming years due to growing urbanization, decreasing remittance costs, improving economic growth, and increasing disposable income. According to the World Bank data, there are around $6,417m migrant remittance inflows in the U.S. in 2018. The analyst from IndustryARC evaluated that the remittance market size as $1.74 billion in 2018. Moreover, the remittance market is poised to grow at a CAGR of 19.56% during the forecast period 2019-2025.
IndustryARC’s report is titled “Remittance Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast 2019 - 2024.” The report provides a detailed analysis of the competitive landscape, market drivers, industry verticals, market trends, future prospects, application analysis, product types, company revenue, market share, supply and demand analysis of the global remittance market.
Remittance Market: Leading Segments
North America dominated the remittance market with a regional share of 33.81% in 2018, owing to a large number of refugees settled in the region for education, business and job employment.
The application segment that will be creating the most lucrative opportunities for the remittance market is business remittance. This application segment is projected to grow at a CAGR of 21.38% through to 2025.The growth of this segment is attributed to high money transfer rates in the global business. Business remittance can shorten the process of paying international employees and suppliers while offering the best transfer fees and exchange rates.
Remittance Market: Growth Drivers
· In the developing economies, the remittance flow is a reliable and financial resource. An increasing trend of mobile payments and availability of various money sending options are the key growth drivers of this market, which in turn, drives the remittance market in the application industries such as automobile, and healthcare. Due to rising demand from mobile banking based applications in the banking sector, the remittance market is expected to hold a notable share over the projected years.
Remittance Market: Competitive Landscape
The market for remittance is strongly affiliated with few major players having a larger share of the global market. The few top players in the remittance market are WorldRemit Ltd., InstaReM, Ria Financial Outward Remittance, Azimo Ltd., TransferWise Ltd., WorldRemit Ltd., Banco Bradesco Sa, Euronet Worldwide, Inc, Societe Generale, The Kroger Co, and SingX Pte Ltd.
Mergers and acquisitions are the other key strategies adopted by the players to stay ahead of their competitors. Banco Bradesco Sa, Brazil-based banking and finances company has announced its acquisition with BAC Florida, a U.S. based banking expertise on May 6, 2019. With this acquisition Bradesco will expand its services in banking sector such as checking account, credit card, and real estate financing, which in turn, trigger the remittance market growth.
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