The latest market research report published by Reports and Data, titled ‘Global Remittance Market,’ is an in-depth study of the Remittance industry and its key segments. The authors of the report have performed quantitative and qualitative analyses of the industry, focusing on the most imperative factors that influence its growth during the forecast period. Some of those factors include key market dynamics, pricing structure, product portfolios, end-use industries, regional markets, sales statistics, top manufacturers, and latest trends.
The rising digitization and automation, reduced remittance fee, reduced transfer time, easy use, and rising adoption of banking and financial services are the driving factors for the growth of the global digital remittance market. Growing regulatory initiatives focused on financial institutions being more transparent in order to improve the ecosystems of data and partners is another factor boosting the growth of the market. The increase in immigration rate from developing to developed nations in search of education and jobs opportunities is also driving the global digital remittance market growth. On the other hand, the security concerns and the lack of awareness among the people are significant restraints on the growth of the market.
Many traditional banks and financial institution are testing and researching blockchain technology for digital remittance. Some companies like Coins. Ph, Alipay, and Bitspark have already introduced their products in digital remittance. The development of blockchain technology, along with the growing internet penetration and usage throughout the globe, will offer new opportunities for growth during the forecast period.
Key players in the global Digital Remittance market:
- InstaReM
- Flywire
- Western Union
- Ria Financial Services
- SingX Pte Ltd.
- WorldRemit
- Remitly
- Azimo Limited
- TransferWise
- Ripple
- MoneyGram
- TNG Wallet
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Robust growth of the global ICT (Information and Communications Technology) market is attributed to a wide range of factors. Rapid digitization worldwide, emergence of advanced technologies such as artificial intelligence (AI), machine learning (ML), and robotics, and rising popularity of automation technologies across various industrial sectors such as automotive, agriculture, and food & beverage industries are factors pivotal to market growth. Growing penetration of smart communication devices such as smart phones and tablets, higher accessibility of the internet, development of cutting-edge technologies such as the Internet of Things (IoT), and stringent regulatory norms for safety and privacy of user data are other major factors contributing to market growth.
Market segment based on Remittance Channel:
- Banks
- Money Transfer Operators
- Others
Market segment based on Remittance Type:
- Inward Digital Remittance
- Outward Digital Remittance
Market segment based on End-User:
- Labor Workforce
- Business
- Personal
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Global Remittance Market: Regional Analysis
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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