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July 5, 2020, 1:56 p.m. EDT

Worldwide Remittance Market to 2027 – COVID-19 Impact on the Market

Jul 05, 2020 (Market Insight Reports) -- The Global Remittance Market is estimated to grow at a CAGR of 3.9% during the forecast period 2019-2026. As per the detailed market study, the global remittance industry is anticipated to reach $930.44 billion by the end of the year 2026. The remittance industry has seen a positive growth in recent years due to increasing number of business involved with oversees clients and customers; increasing globalization also boost the market growth in terms of revenue share.

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The remittance industry is driven by various growth factors such as growth in number of international migrant population, increase in cross-border transactions, surge in adoption of banking & financial services, surge in number of mobile-based payment channels and lowered cost & transfer time. Whereas, lack of awareness related to digital remittance and economic instability of regions hampers the market growth over the forecast period. On contrary, increase in penetration of smartphones, technological advancements and easy access to internet offer lucrative market opportunities for the market players operating in the global remittance industry.

Competitive Insights of the Global Remittance Market

XOOM, Wells Fargo, Western Union Holdings Inc., TransferWise Ltd., UAE Exchange, MoneyGram International Inc., RIA Financial Services Ltd., Citigroup Inc., JPMorgan Chase & Co. and Bank of America are some major key players included in the research study of the global remittance market. These market players are focusing on various strategic developments to acquire majority of the market share.

Regional Overview of the Global Remittance Market

The South Asia/Southeast Asia remittance market is estimated to grow at a CAGR of 6.2% during the forecast period 2019-2026. The region is witnessing a largest market share in the global marketplace and is estimated to hold the dominance over the forecast period. Whereas, the MENA remittance market is estimated to grow at a CAGR of 6.1% during 2019-2026. The region is estimated to witness a fastest growth rate during the forecast period.

Segmentation Overview of the Global Remittance Market

The global remittance market has been segmented into various segments that include type, remittance channel, application and end user segment. These market segments are further categorized into various sub-segments to study the market in detail.

The Type Segment of the Global Remittance Market is Sub-Segmented into:

  • Inward Remittance

  • Outward Remittance

The Remittance Channel Segment of the Global Remittance Market is Sub-Segmented into:

  • Money Transfer Operator

  • Banks

  • Others

The Application Segment of the Global Remittance Market is Sub-Segmented into:

  • Savings

  • Consumption

  • Investment

The End User Segment of the Global Remittance Market is Sub-Segmented into:

  • Business

  • Personal

Remittance Industry and Covid-19

The money transfer related services are highly affected by lockdown across the world, that consecutively boosting the economic crisis in various working segments globally. Laborers and migrant workers are returning to their native places that in turn impact the employer country. The regions will witness a decline in inward remittances owing to loss of employment. Additionally, changes in working conditions, government regulations related working visas and changes in hiring process will mark a huge impact on the remittance industry for the long period of time.

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