The global remittance market size is anticipated to record a growth of US$ xxx Million mounting from US$ xxx Million over the forecast period. Key trend expected to predominantly affect the global remittance market is the rising number of immigrants across the globe plus penetration of smartphones in emerging economies. Other trends contributing towards rise in the market are rising urbanization, disposable income and decreasing digital remittance costs. Regardless of fiscal as well as economic recessions, the steadiness of online remittance inflow makes the developing countries a reliable & financial resource. However, there are certain government regulations as well as de-banking practices that can hinder the market’s growth.
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Furthermore, major destinations for remittance entries are the Lower-middle regions. While, the Saudi Arabia and the United States are the biggest contributors to the global remittance industry with the support of better remittance outflows by migrant populations residing around. Moreover, online remittance dealers are categorized extensively as well as acquired by the players who are ready to add remittance as a feature to their larger platform of technology. Additionally, the market is vastly fragmented with the top 10 corporations accounting for around 20% of the global remittance market share in 2017. Besides, various small businesses have successfully managed to enter the market in past few years due to less access barriers.
On the other hand, the prevailing business models that happen to be brick-and-mortar stores are now expected to face huge burdens from digital remittances or online money transfer. Similarly, the market in the developed countries across the globe is at saturations which would lead the top market players tapping bigger opportunities in the Sub-Saharan African regions along with some of the developing economies in Asian region. In addition, countries with specialized migration destinations are at higher probability of facing more sustainable remittance inflows.
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Some of the major remittance countries are the United States, Saudi Arabia, United Arab Emirates, United Kingdom, Canada, Germany, France, Russia, Spain and Italy. Also, the key player of the market include Western Union, MoneyGram International, Euronet and PayPal Holdings Inc. Moreover, since past five years, market has experienced a new wave of players and a transformed drive towards digitizing global remittance industry. Besides, user-friendly mobile applications, smarter methods of connecting to native payments methods as well as innovative business models are also developing. Also, these money transfer enterprises are joining hands with mobile money providers for fund transfer processes. However some companies are also using cryptocurrencies as an immediate settlement instrument (aid in lessening the need of keeping bank accounts in several countries) plus technologies like artificial intelligence (AI) as well as digital identity authentication offer possibly more effective ways of fulfilling the broad & fragmented requirements of the respective government enabling companies to deliver value-added service to their customers.
Remittance is a system of online transaction of payments sent by migrants to their relatives living in the native states. The remittance market plays a very significant role towards the growth of the economy and livings of the individuals across the globe. Also, global remittance industry inflows in emerging economies creates an outstanding share in the gross domestic product (GDPs) of the respective country. Besides driving the economic growth as well as GDP of the country, digital or online remittance from the macroeconomics perspective, are also capable of boosting the overall demand.
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Additionally, approximately 61% of the remittance software placements are on the cloud and is expected to sustain its position. Cloud platforms are the most reliable source of collection, management as well as sharing of the most critical & sensitive data of the organization efficiently. Thus, cloud deployment model of remittance is another reason to boost up the digital remittance market.
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