Remittance Market Size, Share, Growth Analysis, By Type(Inward and Outward), By Mode of Transfer(Digital and Traditional), By Region - Industry Forecast 2024-2031

Global Remittance Market size was valued at USD 49.21 billion in 2021 and is poised to grow from USD 54.67 billion in 2022 to USD 114.14 billion by 2030, at a CAGR of 11.09% during the forecast period (2023-2030).

As indicated by the endless networks of middlemen, shady fees, and laborious documentation, sending money internationally has always been time-consuming and expensive. Fortunately, improvements in the sector over the previous several years mean that people and even small-to-medium-sized organisations may now gain from quicker, less expensive, and more useful overseas fund transfer services. In another instance, Trusty, an open banking payments provider, teamed up with Conotoxia, a multi-currency corporation with headquarters in Poland, in August 2022 to offer consumers a secure, quick, and safe way to send money worldwide via their bank accounts. The goal of the agreement was to give both present and potential clients more choice when sending money to North America. The expansion of the industry is anticipated to be accelerated by such activities. The fact that family members who get remittances believe they would be better off leaving their home country and migrating to a developed country where they could make more money than staying put is a significant drawback of remittances because it may stimulate increased labour migration. The majority of the population is made up of ignorant or those who are beyond the labour market's range.