The Money Transfer Services Global Market Report 2023, provides comprehensive information on the money transfer services 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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As per The Business Research Company’s Money Transfer Services Global Market Report 2023, the global money transfer services market is expected to grow from $27.01 billion in 2022 to $31.41 billion in 2023 at a compound annual growth rate (CAGR) of 16.3%. 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, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and resulted in increased interest rates affecting many markets across the globe. The money transfer services market is expected to reach $56.83 billion in 2027 at a CAGR of 16%.
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Product innovation is a key trend gaining popularity in the money transfer services market. Major companies operating in the money transfer services market focus on developing innovative products and solutions to sustain their positions in the market. For instance, in May 2023, Banque Populaire, a France-based group of cooperative banks, launched Swift Go, the country’s first cross-border money transfer service. The unique feature of this service is that it caters to the various requirements of corporate and individual customers while guaranteeing quick and secure transactions with a limit of $10,000. The strategic decision made by Banque Populaire to introduce Swift Go is in line with the changing needs of Moroccan clients, who are looking for more streamlined cross-border transfer services.
The money transfer services market is segmented:
1) By Type: Inward Money Transfer, Outward Money Transfer
2) By Channel: Banks, Money Transfer Operators, Other Channels
3) By End User: Personal, Small Businesses, Other End-Users
Asia-Pacific was the largest region in the money transfer services market in 2022.
The table of contents in TBRC’s money transfer services market report includes:
- Executive Summary
- 2. Money Transfer Services Market Characteristics
- Money Transfer Services Market Trends And Strategies
- Money Transfer Services Market – Macro Economic Scenario
- Global Money Transfer Services Market Size and Growth
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- Money Transfer Services Market Other Major And Innovative Companies
- Global Money Transfer Services Market Competitive Benchmarking
- Global Money Transfer Services Market Competitive Dashboard
- Key Mergers And Acquisitions In The Money Transfer Services Market
- Money Transfer Services Market Future Outlook and Potential Analysis
Top Major Players
- JPMorgan Chase and Co.
- Bank of America Corporation
- Citigroup Inc.
- Wells Fargo and Company
- WorldFirst
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