The Digital Remittance Global Market Report 2023, provides comprehensive information on the digital remittance market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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https://www.thebusinessresearchcompany.com/report/digital-remittance-global-market-report
As per The Business Research Company’s Digital Remittance Global Market Report 2023, the global digital remittance market is expected to grow from $19.06 billion in 2022 to $21.85 billion in 2023 at a compound annual growth rate (CAGR) of 14.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The digital remittance market is expected to reach $37.36 billion in 2027 at a CAGR of 14.4%.
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Product innovation is a key trend gaining popularity in the digital remittance market. Major players operating in the digital remittance market are focused on innovating new products and solutions to sustain their position in the market. For instance, in June 2023, Velmie, a US-based financial technology provider, launched its white-label international remittance software, an international money transfer platform. It will make international transactions faster and more affordable than conventional cross-border payment methods and international money transfers. Its cost-effective, flexible, and scalable cloud-native software enables clients to launch their products in an average of three months. With an innovative currency translation engine powered by real-time market data and revenue optimization algorithms, the system now supports more than 38 currencies around the globe.
The digital remittance market is segmented:
1) By Type: Inward Digital Remittance, Outward Digital Remittance
2) By Channel: Banks, Money Transfer Operators, Online Platforms, Other Channels
3) By End Use: Migrant Labor Workforce, Individual, Small Businesses, Other End Uses
North America was the largest region in the digital remittance market in 2022.
The table of contents in TBRC’s digital remittance market report includes:
1. Executive Summary
2. Digital Remittance Market Characteristics
3. Digital Remittance Market Trends And Strategies
4. Digital Remittance Market – Macro Economic Scenario
5. Global Digital Remittance Market Size and Growth
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26. South America Digital Remittance Market
27. Brazil Digital Remittance Market
28. Middle East Digital Remittance Market
29. Africa Digital Remittance Market
30. Digital Remittance Market Competitive Landscape And Company Profiles
Top Major Players:
- Remitly Inc
- Citigroup Inc
- American Express Company
- PayPal Holdings Inc
- Mastercard Inc
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The Business Research Company is a market intelligence firm that pioneers in market, company, and consumer research. TBRC’s specialist consultants are located globally and are experts in a wide range of industries that include healthcare, manufacturing, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries. Through the report businesses can gain a thorough understanding of the market’s size, growth rate, major drivers and leading players.
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