Global Remittance Market Data 2024, Forecast To 2033

8 Mar, 2024

The remittance market has demonstrated robust growth, escalating from $737.05 billion in 2023 to $785.92 billion in 2024, with a 6.6% CAGR. This rise is attributed to global migration patterns, labor mobility, economic disparities, remittance corridor enhancements, and financial inclusion initiatives. Forecasts indicate continued strong growth, with the market projected to reach $990.33 billion by 2028, maintaining a 5.9% CAGR. Driving factors include technology-driven remittance services, economic and social dynamics, governmental policies, and enhanced banking accessibility. Anticipated trends encompass digitalization, blockchain integration, regulatory shifts, fintech innovations, and mobile payment expansion.

Global Remittance Market Key Driver

The remittance market is expected to expand as a result of the rise in overseas migration. As more people migrate abroad, remittance transactions increase as migrant workers send money back to their home countries. With significant increases in migrant arrivals reported by organizations like the Australian Bureau of Statistics, the remittance market is poised for growth driven by global migration trends.

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Global Remittance Market Segments

The remittance market covered in this report is segmented –
1) Type:Inward Remittance, Outward Remittance
2) Channel:Banks, Money Transfer Operators, Online Platforms (Wallets)
3) Application:Consumption, Savings, Investment
4) End User:Business, Personal
By Geography: The countries covered in the remittance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain. North America was the largest region in the remittance market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the remittance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Major Remittance Industry Players

Ria Financial Services Ltd.; The Kroger Co.; JPMorgan Chase & Co.; Citigroup Inc.; Bank of America Corporation; Wells Fargo & Company; Banco Bradesco S.A.; PayPal Inc.; U.S. Bancorp; Absa Group Limited; UAE Exchange; Western Union Holdings Inc.; Instarem; XE Money Transfer; MoneyGram International Inc.; Remitly Inc.; Wise Ltd.; Payoneer Inc; ZEPZ; WorldRemit Ltd; ZelleAirWallex; Skrill; OFX; CurrencyFair Limited; Azimo Limited; Popmoney; TransferGo; Bithumb

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Remittance Market Overview

Remittance refers to the transfer of money or funds from one person or entity to another, typically across national or international borders. It is often associated with migrant workers sending money back to their home countries to support their families or to make payments for various purposes.