DUBLIN--(BUSINESS WIRE)--The "Remittance Software Market 2025 - Global Analysis and Forecasts by Software (Web-based, and App based); Deployment Type (Cloud, and On-premise); & Application (Personal Remittance, Business Remittance, Public Services Remittance)" report has been added to ResearchAndMarkets.com's offering.
Remittance Software market is expected to grow US$ 3323.41 Mn by 2025 from US$ 1279.64 Mn in 2017.
Cloud deployment model expected to continue its dominance as well as currently almost 61% of the Remittance Software deployments are on cloud. Cloud models are most preferred by large organizations to store, manage and share efficiently the critical and sensitive data. Lesser investments and easy integration with the systems have made the adoption of cloud deployment model more attractive among large enterprises.
Key Market Drivers
- Proliferation in Adoption of Mobile App based Remittance Service
- Increasing Number of Migrants
- Decline in Remittance Cost
Key Market Restraints
- Limited Money Distribution Methods
- Cyber Security Concern
Key Market Opportunities
- Emergence of New Technologies
- Focusing on Customer Experience
- Emerging Economies Gain More Prominence
The companies that survive in the ecosystem would be on account of innovations and to support the digital workplace. The Remittance Software vendors would be classified in a broader category and be acquired by players who want to add remittance software as feature to their larger platform of technology.
In addition to this, the market is highly fragmented market with the top ten companies accounting for approximately 20% of the market share. Less entry barriers to enter the business has favored the influx of many small companies into this business. The existing business models that were the brick-and-mortar stores are anticipated to face huge pressures from digital modes of money transfer. Also, the market saturations in the advanced countries of the world would lead to players tapping opportunities in the Sub-Saharan African regions as well as some of the developing Asian economies.
- Remit One Ltd.
- Remit Anywhere
- FinCode Ltd.
- Girmiti Software Private Limited
- Grey Systems
- ControlBox Corp
- NextGen Systems UK Limited
- Fiserv, Inc.
- Daemon Software.
For more information about this report visit https://www.researchandmarkets.com/research/vwjtnt/global?w=4