Global Digital Remittance Market: Overview

The global digital remittance market has witnessed a steady growth over the years, owing to the rise in automation and digitization. Digital remittance is one of the powerful monitory solutions which are responsible for positive development on the global and local economy. An ample number of economic situations are handled through banking which offers identity, connectivity, and also involves literacy solutions. These are mainly developed by both public and private sectors with the help of collaboration and support with government bodies. The factor such as existing refugee crisis, otherwise is creating a favorable growth in the global digital remittance market.

From the perspective of remittance types, the global digital remittance market is bifurcated into inward remittance and outward remittance. In terms of end-users, the market is further segmented into money transfer operators, banks, online platforms, and others. The report offers a thorough analysis of the global digital remittance market along with drivers, trends, and restraints. Along with these, the report also includes a detailed product portfolio and competitive scenario of the key vendors.

Global Digital Remittance Market: Notable Developments

Some of the recent developments in the global digital remittance market are gaining traction which include:

  • Rising dependency on blockchain technology will exert far-reaching influence on the global digital remittance market. This is because of the approaches from the most traditional banks, other financial firms, and fintech in testing and researching blockchain technology which is used in remittance volume.
  • Many companies like Coins. Ph, Financial/ Alipay, and Bitspark have already introduced their products in digital remittance.
  • The players in the global digital remittance market have a retail network through which customers can collect and transfer all the remitted amounts. Rapid development of cash-based operators help in facilitating the transfer of huge remittance amount to friends, family, and several businesses associate in foreign countries.

Some of the major companies’ names reflected in the report include Azimo, TransferWise, Regallii, Currency Cloud, Ripple, and Mobetize Corp.

Global Digital Remittance Market: Key Growth Drivers

The growth of the global digital remittance market is majorly fueled by the reduced transfer time and remittance cost. Along with this, rapid adoption of financial and banking services and rising number of campaigns about digitalization are also providing impetus to the growth of the global digital remittance market. In the past two decades, several markets have witnessed the rapid entry of several digital remittance operators. Such operators are challenging conventional cash-in-hand providers because of the ease of usability and decreased user fees. Moreover, they offer a digital transfer network which includes an easy-to-handle mobile application to eliminate the need for hectic form-filling processes, codes, and agents. All such USPs are also majorly propelling expansion in the global digital remittance market.

Furthermore, rising regulatory initiatives which encourage all financial authorizations to become more transparent and governments’ initiatives in nurturing richer ecosystems of data and partners are also contributing growth in the global digital remittance market. Apart from these, rising internet penetration rate and growing access to financial services among remittance recipients are also fueling growth in the global digital remittance market.

Global Digital Remittance Market: Regional Outlook

With respect to geography, North America is expected to lead the global digital remittance market as the region has witnessed rapid advancements in technology. Along with this, rising online transactions, increasing awareness about digitization, and increasing disposable incomes are also promising rapid growth in the digital remittance market in this region.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
  • Eastern Europe (Poland and Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, and North Africa)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
  • An objective assessment of the trajectory of the market
  • Recommendations to companies for strengthening their foothold in the market   

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

Custom Market Research Services

TMR offers custom market research services that help clients to get information on their business scenario required where syndicated solutions are not enough.

REQUEST CUSTOMIZATION

Digital Remittance Market

Pre Book