Remittance Market Future Scenario with Growth Analysis with Industry Key Players 2028
In 2020, the global Remittance Market size was robust and is projected to maintain a steady revenue compound annual growth rate (CAGR) in the forecast period. The growth is attributed to the increasing number of international migrants and the adoption of banking and financial services. Remittance refers to the transfer of money by migrants to their home countries or by individuals who have migrated from rural to urban areas for work. It is also used by parents to send money to their children studying overseas, for donations to charitable institutions abroad, grants to other government-established charitable organizations, and contributions to international institutes and institutions established by governments. Remittance can be made easily using a debit or credit card, or an e-wallet to transfer money to a remittance service provider, which will be converted into the currency of the receiving country and paid out to the beneficiary. growth.
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Top 10 Companies Operating in the Global Remittance Market:
Western Union Holdings Inc., Bank of America, Citigroup Inc., Euronet Worldwide Inc., JPMorgan Chase & Co., MoneyGram International Inc., Societe Generale, RIA Financial Services Ltd., The Kroger Co., TransferWise Ltd.,
The global market is further segmented into type and application:
By Type:
- Inward Remittance
- Outward Remittance
By Application:
- Consumption
- Savings
- Investments
- Others
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Takeaways of the Competitive Overview Section:
- Overview of the company profiles of each market player
- Industrial chain analysis of each player
- Revenue share contribution
- Sales network and distribution channels and net profits and losses of each company
- Key business growth strategies are undertaken by these players
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