What is the global market size of Digital Remittance Market?

Global Digital Remittance Market size was valued at USD 19.65 Billion in 2022 and is poised to grow from USD 22.72 Billion in 2023 to USD 72.45 Billion by 2031, at a CAGR of 15.6% during the forecast period (2024-2031).

Digital Remittance Market Size, Share, Growth Analysis, By Type(Inward Digital Remittance and Outward Digital Remittance), By Channel(Banks, Money Transfer Operators, Online Platforms, and Others), By End-use(Migrant Labor Workforce, Personal, Small Businesses, and Others), By Region - Industry Forecast 2024-2031

Report ID: SQMIG40A2009 | Region: Global | Published Date: March, 2024
Pages: 207 | Tables: 90 | Figures: 76

Digital Remittance Market Dynamics

Digital Remittance Market Drivers

Increasing Global Migration

The rise in global migration and the need for cross-border money transfers have led to the growth of the digital remittance market. As more people move to different countries for work or other purposes, there is a greater demand for convenient and cost-effective ways to send money back home.

Digital Remittance Market Restraints

Regulatory Challenges

The digital remittance market is subject to various regulations and compliance requirements, including anti-money laundering (AML) and know-your-customer (KYC) regulations. Adhering to these regulations can be complex and time-consuming, creating barriers for smaller players to enter the market and comply with regulatory requirements.

Digital Remittance Market Report Snapshots

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Digital Remittance Market size was valued at USD 19.65 Billion in 2022 and is expected to grow from USD 22.72 Billion in 2023 to reach USD 72.44 Billion by 2031, at a CAGR of 15.60% during the forecast period (2024-2031).

The market is only slightly fragmented. To strengthen their position in the market, prominent players are implementing a variety of methods, including product innovation, collaborations, R&D activities, mergers and acquisitions, strategic joint ventures, and geographic expansion. Software for managing money transfers between enterprises and between businesses & their clients. B2B clients and financial professionals utilize money transfer software & remittances primarily to make payments online. 'Western Union', 'PayPal', 'TransferWise (now Wise)', 'MoneyGram', 'WorldRemit', 'Remitly', 'Ria Financial Services', 'Paytm', 'Azimo', 'Xoom (a PayPal service)', 'InstaReM', 'OFX', 'CurrencyFair', 'TransferGo', 'Pangea Money Transfer', 'OrbitRemit', 'WorldFirst', 'Remitbee', 'Transfast', 'Skrill'

The rise in migration and the need for cross-border money transfers have led to the growth of the digital remittance market. As more people move to different countries for work or other purposes, there is a greater demand for convenient and cost-effective ways to send money back home.

Increasing Adoption of Digital Payment Solutions: The digital remittance market is witnessing a significant shift towards digital payment solutions. Consumers are increasingly adopting mobile wallets, online platforms, and other digital channels for remittance transactions, leading to the growth of the market.

North American dominated the market and generated more than 28.0% of worldwide sales in 2022. The region is home to well-known financial service and communication companies like Continental Exchange Options, Inc., Western Union Holdings, Inc., and MoneyGram. Many people move to the North American continent in search of improved educational possibilities, employment chances, as well as for business-related reasons. The region's digital remittance services are anticipated to experience growth as a result of the increasing immigrant population. The development of multiple payment applications has also helped the trend of quicker money transfers gain popularity in the North American region.

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Digital Remittance Market Dynamics

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