Global Remittance Market to 2030 - Featuring Bank of America, Citigroup and MoneyGram International Among Others - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Remittance Market by Application, Remittance Channel and End User: Global Opportunity Analysis and Industry Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.

Remittance is referred as money sent from one location to another via electronic payment system, mail, draft, and wire transfer. In addition, it is stated as the transfer of money by foreign migrants in their native countries by using digital transfer network such as easy-t-use mobile application, digital wallets, and others.

Furthermore, it helps various families to increase their standard of living and surge the nation's income as well as boost the overall GDP of the country. Numerous benefits of using digital remittance such as convenience, speed, lower cost, elimination of the need for tedious form-filling processes, agents, and codes and others, have shifted the focus of consumers toward digital transactions for money remittance.

Rise in mobile-based payment channels and cross-border transactions and decrease in remittance transfer time & cost drives the growth of the market. In addition, growth in adoption of banking & financial sectors across the globe fuels the growth of the market. However, rise in number of financial crimes and lack of awareness for digital remittance is expected to impede the market growth. Furthermore, technological advancements in digital remittance industry is expected to provide lucrative opportunities for the market growth.

The global remittance market is segmented on the basis of remittance channel, application, end user, and region. By channel, it is divided into banks, money transfer operator, and others. In terms of application, the market is classified into consumption, savings and investments. By end user, it is divided into business and personal. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the remittance market analysis are Bank of America, Citigroup Inc., JPMorgan Chase & Co., MoneyGram International, Inc., RIA Financial Services Ltd., TransferWise Ltd., UAE Exchange, Wells Fargo, Western Union Holdings Inc. and XOOM. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

Key Benefits

• The study provides an in-depth analysis of the global remittance market forecast along with the current trends and future estimations to explain the imminent investment pockets.
• Information about key drivers, restraints, & opportunities and their impact analysis on the global market is provided in the report.
• Porter's five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
• The quantitative analysis of the market from 2021 to 2030 is provided to determine the market potential

Market Dynamics

Drivers

• Rise in cross-border transactions and mobile-based payment channels
• Reduced remittance cost & transfer time
• Growth in adoption of banking & financial services

Restraints

• Rise in number of financial crimes
• Lack of awareness for digital remittance

Opportunities

• Technological innovations in digital remittance industry
• Rise in Internet and Mobile penetration

Key Market Segments

By Application

• Consumption
• Savings
• Investment

By Remittance Channel

• Banks
• Money Transfer Operator
• Other

By End User

• Business
• Persona

By Region

• North America
• U.S.
• Canada
• Europe
• France
• Germany
• UK
• Italy
• Spain
• Rest of Europe
• Asia-Pacific
• China
• Japan
• India
• Philippines
• Pakistan
• Rest of Asia-Pacific
• LAMEA
• Latin America
• Middle East
• Africa

Key Players

• Bank of America
• Citigroup Inc.
• JPMorgan Chase & Co.
• MoneyGram International Inc.
• RIA Financial Services Ltd.
• TransferWise Ltd.
• UAE Exchange
• Wells Fargo
• Western Union Holdings Inc.
• XOOM

For more information about this report visit https://www.researchandmarkets.com/r/n8ri11