Market Overview:
The global digital remittance market is expected to exhibit a CAGR of
15.4% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different
end use sectors. These insights are included in the report as a major market contributor.
Digital remittance refers to the cross-border transfer of money or payments of a bill or invoice between two or more parties through the internet. It usually includes fund transfers between residents, non-residents and earnings transfer from short-time workers from other countries to their country of origin. Digital remittance, including inward and outward remittance, is usually conducted through digital transfer networks, such as e-wallets and smartphone applications. It is controlled through banks, money transfer operators and other financial entities for personal consumption, savings and investments of individuals. In comparison to the traditionally used alternatives, digital remittance is highly cost-effective, transparent, convenient to use and secured.
Significant growth in the banking, financial services and insurance (BFSI) industry across the globe is one of the key factors creating a positive outlook for the market. Moreover, the widespread adoption of digital and automated payment and money transfer solutions is providing a thrust to the market growth. Financial institutions are using transparent and data-driven ecosystems for remitting money to expand their business networks and provide their consumers with low remittance costs. As the coronavirus disease (COVID-19) continues to spread across the globe, there has been a significant increase in the demand for digital remittance solutions to transfer funds across regions effectively and quickly. Additionally, various technological solutions, such as the introduction of real-time banking technology to leverage Immediate Payment Service (IMPS), are contributing to the market growth. Other factors, including increasing expenditure capacities of the consumers, along with rapid urbanization and industrialization, especially in the developing economies, are anticipated to drive the market further.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global digital remittance market report, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type, channel and end use.
Breakup by Type:
- Inward Digital Remittance
- Outward Digital Remittance
Breakup by Channel:
- Bank Transfer
- Money Transfer Operators
- Online Platforms
- Others
Breakup by End Use:
- Migrant Labor Workforce
- Individual
- Small Businesses
- Others
Breakup by Region:
- North America
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Azimo Limited, Digital Wallet Corporation, Moneygram International Inc., NIUM Pte. Ltd., PayPal Holdings Inc., Remitly Inc., Ria Financial Services Ltd., Ripple Labs Inc., TransferGo Ltd., Western Union Holdings Inc., Wise Payments Limited (Earlier TransferWise Limited) and WorldRemit Ltd.
Report Coverage:
| Report Features |
Details |
|---|
| Base Year of the Analysis |
2021 |
| Historical Period |
2016-2021 |
| Forecast Period |
2022-2027 |
| Units |
US$ Billion |
| Segment Coverage |
Type, Channel, End Use, Region |
| Region Covered |
Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered |
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| Companies Covered |
Azimo Limited, Digital Wallet Corporation, Moneygram International Inc., NIUM Pte. Ltd., PayPal Holdings Inc., Remitly Inc., Ria Financial Services Ltd., Ripple Labs Inc., TransferGo Ltd., Western Union Holdings Inc., Wise Payments Limited (Earlier TransferWise Limited) and WorldRemit Ltd. |
| Customization Scope |
10% Free Customization |
| Report Price and Purchase Option |
Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499 |
| Post-Sale Analyst Support |
10-12 Weeks |
| Delivery Format |
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
Key Questions Answered in This Report:
- How has the global digital remittance market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global digital remittance market?
- What are the key regional markets?
- What is the breakup of the market based on the type?
- What is the breakup of the market based on the channel?
- What is the breakup of the market based on the end use?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global digital remittance market and who are the key players?
- What is the degree of competition in the industry?
1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Digital Remittance Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Type
6.1 Inward Digital Remittance
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Outward Digital Remittance
6.2.1 Market Trends
6.2.2 Market Forecast
7 Market Breakup by Channel
7.1 Bank Transfer
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Money Transfer Operators
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Online Platforms
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 Others
7.4.1 Market Trends
7.4.2 Market Forecast
8 Market Breakup by End Use
8.1 Migrant Labor Workforce
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Individual
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Small Businesses
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 Others
8.4.1 Market Trends
8.4.2 Market Forecast
9 Market Breakup by Region
9.1 North America
9.1.1 United States
9.1.1.1 Market Trends
9.1.1.2 Market Forecast
9.1.2 Canada
9.1.2.1 Market Trends
9.1.2.2 Market Forecast
9.2 Asia-Pacific
9.2.1 China
9.2.1.1 Market Trends
9.2.1.2 Market Forecast
9.2.2 Japan
9.2.2.1 Market Trends
9.2.2.2 Market Forecast
9.2.3 India
9.2.3.1 Market Trends
9.2.3.2 Market Forecast
9.2.4 South Korea
9.2.4.1 Market Trends
9.2.4.2 Market Forecast
9.2.5 Australia
9.2.5.1 Market Trends
9.2.5.2 Market Forecast
9.2.6 Indonesia
9.2.6.1 Market Trends
9.2.6.2 Market Forecast
9.2.7 Others
9.2.7.1 Market Trends
9.2.7.2 Market Forecast
9.3 Europe
9.3.1 Germany
9.3.1.1 Market Trends
9.3.1.2 Market Forecast
9.3.2 France
9.3.2.1 Market Trends
9.3.2.2 Market Forecast
9.3.3 United Kingdom
9.3.3.1 Market Trends
9.3.3.2 Market Forecast
9.3.4 Italy
9.3.4.1 Market Trends
9.3.4.2 Market Forecast
9.3.5 Spain
9.3.5.1 Market Trends
9.3.5.2 Market Forecast
9.3.6 Russia
9.3.6.1 Market Trends
9.3.6.2 Market Forecast
9.3.7 Others
9.3.7.1 Market Trends
9.3.7.2 Market Forecast
9.4 Latin America
9.4.1 Brazil
9.4.1.1 Market Trends
9.4.1.2 Market Forecast
9.4.2 Mexico
9.4.2.1 Market Trends
9.4.2.2 Market Forecast
9.4.3 Others
9.4.3.1 Market Trends
9.4.3.2 Market Forecast
9.5 Middle East and Africa
9.5.1 Market Trends
9.5.2 Market Breakup by Country
9.5.3 Market Forecast
10 SWOT Analysis
10.1 Overview
10.2 Strengths
10.3 Weaknesses
10.4 Opportunities
10.5 Threats
11 Value Chain Analysis
12 Porters Five Forces Analysis
12.1 Overview
12.2 Bargaining Power of Buyers
12.3 Bargaining Power of Suppliers
12.4 Degree of Competition
12.5 Threat of New Entrants
12.6 Threat of Substitutes
13 Price Analysis
14 Competitive Landscape
14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
14.3.1 Azimo Limited
14.3.1.1 Company Overview
14.3.1.2 Product Portfolio
14.3.2 Digital Wallet Corporation
14.3.2.1 Company Overview
14.3.2.2 Product Portfolio
14.3.3 Moneygram International Inc.
14.3.3.1 Company Overview
14.3.3.2 Product Portfolio
14.3.3.3 Financials
14.3.3.4 SWOT Analysis
14.3.4 NIUM Pte. Ltd.
14.3.4.1 Company Overview
14.3.4.2 Product Portfolio
14.3.5 PayPal Holdings Inc.
14.3.5.1 Company Overview
14.3.5.2 Product Portfolio
14.3.5.3 Financials
14.3.5.4 SWOT Analysis
14.3.6 Remitly Inc.
14.3.6.1 Company Overview
14.3.6.2 Product Portfolio
14.3.7 Ria Financial Services Ltd.
14.3.7.1 Company Overview
14.3.7.2 Product Portfolio
14.3.8 Ripple Labs Inc.
14.3.8.1 Company Overview
14.3.8.2 Product Portfolio
14.3.9 TransferGo Ltd.
14.3.9.1 Company Overview
14.3.9.2 Product Portfolio
14.3.10 Western Union Holdings Inc.
14.3.10.1 Company Overview
14.3.10.2 Product Portfolio
14.3.11 Wise Payments Limited (Earlier TransferWise Limited)
14.3.11.1 Company Overview
14.3.11.2 Product Portfolio
14.3.12 WorldRemit Ltd.
14.3.12.1 Company Overview
14.3.12.2 Product Portfolio
List of Figures
Figure 1: Global: Digital Remittance Market: Major Drivers and Challenges
Figure 2: Global: Digital Remittance Market: Sales Value (in Billion US$), 2016-2021
Figure 3: Global: Digital Remittance Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 4: Global: Digital Remittance Market: Breakup by Type (in %), 2021
Figure 5: Global: Digital Remittance Market: Breakup by Channel (in %), 2021
Figure 6: Global: Digital Remittance Market: Breakup by End Use (in %), 2021
Figure 7: Global: Digital Remittance Market: Breakup by Region (in %), 2021
Figure 8: Global: Digital Remittance (Inward Digital Remittance) Market: Sales Value (in Million US$), 2016 & 2021
Figure 9: Global: Digital Remittance (Inward Digital Remittance) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 10: Global: Digital Remittance (Outward Digital Remittance) Market: Sales Value (in Million US$), 2016 & 2021
Figure 11: Global: Digital Remittance (Outward Digital Remittance) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 12: Global: Digital Remittance (Bank Transfer) Market: Sales Value (in Million US$), 2016 & 2021
Figure 13: Global: Digital Remittance (Bank Transfer) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 14: Global: Digital Remittance (Money Transfer Operators) Market: Sales Value (in Million US$), 2016 & 2021
Figure 15: Global: Digital Remittance (Money Transfer Operators) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 16: Global: Digital Remittance (Online Platforms) Market: Sales Value (in Million US$), 2016 & 2021
Figure 17: Global: Digital Remittance (Online Platforms) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 18: Global: Digital Remittance (Other Channels) Market: Sales Value (in Million US$), 2016 & 2021
Figure 19: Global: Digital Remittance (Other Channels) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 20: Global: Digital Remittance (Migrant Labor Workforce) Market: Sales Value (in Million US$), 2016 & 2021
Figure 21: Global: Digital Remittance (Migrant Labor Workforce) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 22: Global: Digital Remittance (Individual) Market: Sales Value (in Million US$), 2016 & 2021
Figure 23: Global: Digital Remittance (Individual) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 24: Global: Digital Remittance (Small Businesses) Market: Sales Value (in Million US$), 2016 & 2021
Figure 25: Global: Digital Remittance (Small Businesses) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 26: Global: Digital Remittance (Other End Uses) Market: Sales Value (in Million US$), 2016 & 2021
Figure 27: Global: Digital Remittance (Other End Uses) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 28: North America: Digital Remittance Market: Sales Value (in Million US$), 2016 & 2021
Figure 29: North America: Digital Remittance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 30: United States: Digital Remittance Market: Sales Value (in Million US$), 2016 & 2021
Figure 31: United States: Digital Remittance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 32: Canada: Digital Remittance Market: Sales Value (in Million US$), 2016 & 2021
Figure 33: Canada: Digital Remittance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 34: Asia-Pacific: Digital Remittance Market: Sales Value (in Million US$), 2016 & 2021
Figure 35: Asia-Pacific: Digital Remittance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 36: China: Digital Remittance Market: Sales Value (in Million US$), 2016 & 2021
Figure 37: China: Digital Remittance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 38: Japan: Digital Remittance Market: Sales Value (in Million US$), 2016 & 2021
Figure 39: Japan: Digital Remittance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 40: India: Digital Remittance Market: Sales Value (in Million US$), 2016 & 2021
Figure 41: India: Digital Remittance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 42: South Korea: Digital Remittance Market: Sales Value (in Million US$), 2016 & 2021
Figure 43: South Korea: Digital Remittance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 44: Australia: Digital Remittance Market: Sales Value (in Million US$), 2016 & 2021
Figure 45: Australia: Digital Remittance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 46: Indonesia: Digital Remittance Market: Sales Value (in Million US$), 2016 & 2021
Figure 47: Indonesia: Digital Remittance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 48: Others: Digital Remittance Market: Sales Value (in Million US$), 2016 & 2021
Figure 49: Others: Digital Remittance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 50: Europe: Digital Remittance Market: Sales Value (in Million US$), 2016 & 2021
Figure 51: Europe: Digital Remittance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 52: Germany: Digital Remittance Market: Sales Value (in Million US$), 2016 & 2021
Figure 53: Germany: Digital Remittance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 54: France: Digital Remittance Market: Sales Value (in Million US$), 2016 & 2021
Figure 55: France: Digital Remittance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 56: United Kingdom: Digital Remittance Market: Sales Value (in Million US$), 2016 & 2021
Figure 57: United Kingdom: Digital Remittance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 58: Italy: Digital Remittance Market: Sales Value (in Million US$), 2016 & 2021
Figure 59: Italy: Digital Remittance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 60: Spain: Digital Remittance Market: Sales Value (in Million US$), 2016 & 2021
Figure 61: Spain: Digital Remittance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 62: Russia: Digital Remittance Market: Sales Value (in Million US$), 2016 & 2021
Figure 63: Russia: Digital Remittance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 64: Others: Digital Remittance Market: Sales Value (in Million US$), 2016 & 2021
Figure 65: Others: Digital Remittance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 66: Latin America: Digital Remittance Market: Sales Value (in Million US$), 2016 & 2021
Figure 67: Latin America: Digital Remittance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 68: Brazil: Digital Remittance Market: Sales Value (in Million US$), 2016 & 2021
Figure 69: Brazil: Digital Remittance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 70: Mexico: Digital Remittance Market: Sales Value (in Million US$), 2016 & 2021
Figure 71: Mexico: Digital Remittance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 72: Others: Digital Remittance Market: Sales Value (in Million US$), 2016 & 2021
Figure 73: Others: Digital Remittance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 74: Middle East and Africa: Digital Remittance Market: Sales Value (in Million US$), 2016 & 2021
Figure 75: Middle East and Africa: Digital Remittance Market: Breakup by Country (in %), 2021
Figure 76: Middle East and Africa: Digital Remittance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 77: Global: Digital Remittance Industry: SWOT Analysis
Figure 78: Global: Digital Remittance Industry: Value Chain Analysis
Figure 79: Global: Digital Remittance Industry: Porter's Five Forces Analysis
List of Tables
Table 1: Global: Digital Remittance Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: Digital Remittance Market Forecast: Breakup by Type (in Million US$), 2022-2027
Table 3: Global: Digital Remittance Market Forecast: Breakup by Channel (in Million US$), 2022-2027
Table 4: Global: Digital Remittance Market Forecast: Breakup by End Use (in Million US$), 2022-2027
Table 5: Global: Digital Remittance Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 6: Global: Digital Remittance Market: Competitive Structure
Table 7: Global: Digital Remittance Market: Key Players