- Rise in cross-border transactions & mobile-based payment channels, reduced remittance cost & transfer time, increase in adoption of banking & financial services fuel the growth of the global remittance market
PORTLAND, Ore., Oct. 29, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Remittance Market By Type (Inward Remittance and Outward Remittance), Channel (Banks, Money Transfer Operators, and Others), Application (Consumption, Savings, and Investments), and End User (Business and Personal): Global Opportunity Analysis and Industry Forecast, 2019-2026". According to the report, the global remittance industry was estimated at $682.60 billion in 2018, and is anticipated to hit $930.44 billion by 2026, registering a CAGR of 3.9% from 2019 to 2026.
Drivers, Restraints and Opportunities
Rise in cross-border transactions & mobile-based payment channels, reduced remittance cost & transfer time, increase in adoption of banking & financial services fuel the growth of the global remittance market. On the other hand, slowdown of the remittance industry in Asia-Pacific and lack of awareness about digital remittance impede the growth to some extent. However, technological innovations in digital remittance industry and surge in Internet & mobile penetration are expected to create multiple opportunities in the industry.
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- Remittance flows into low-income and friable countries offer a strong support to households and provide the much-needed tax revenue. But, the outbreak of the pandemic has paralyzed the economies of a number of states.
- A fall in remittance flows is expected to impose economic, fiscal, and social burdens on these countries.
The Banks Segment to Dominate By 2026
Based on channel, the banks segment accounted for more than half of the global remittance market share in 2018 and is expected to lead the trail during the study period. To gain competitive advantages over the other players, banks are rapidly adopting digital innovation and shifting toward digitalized cross-border money transfer services. This factor has propelled the growth of the segment. At the same time, the money transfer operator segment would register the fastest CAGR of 5.2% from 2019 to 2026. Increased partnership between money transfer operators and banks to offer digital money transfer services in the remittance market drives the segment growth.
The Consumption Segment to Maintain the Dominant Share
Based on application, the consumption segment contributed to nearly three-fifths of the global remittance market revenue in 2018, and is anticipated to rule the roost by the end of 2026. The fact that large amount of money is remitted every month by the workers to their home country for several expenditures propels the growth of the segment. Simultaneously, the investment segment would portray the fastest CAGR of 5.8% till 2026. This is due to the fact that increase in inflow of remittance in a country positively impacts its investment framework.
The Rest of the World Segment Garnered the Major Share in 2018
Based on geography, the global inward remittance market is divided across South Asia, MENA, and Rest of the World. The Rest of the World segment garnered the major share in 2018, holding more than three-fifths of the global market. This is due to increase in remittance volumes in the developing countries. The region across South Asia, on the other hand, would grow at the fastest CAGR of 6.2% throughout the forecast period. This is attributed to increased migration rate, favorable government regulations, rise in adoption of digital money transfers, and surge in remittance flow in the province.
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Key Players in the Industry
- Citigroup Inc.
- Wells Fargo
- JPMorgan Chase & Co.
- RIA Financial Services Ltd.
- TransferWise Ltd.
- MoneyGram International Inc.
- Bank of America
- UAE Exchange
- Western Union Holdings Inc.
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