Remittance is referred as the money sent by immigrants to their families residing in their native countries. Remittance market plays a vital role in the economic growth and livelihoods of people across the world. Remittance inflows in developing countries make a notable share in their GDPs. Remittance market is completely dependent on the migrated population living across the world.
The global remittance market is booming at a lucrative CAGR over the years. Lower-middle income regions act as the major sources of remittance inflow whereas high income regions are usually the sources of remittance outflows. East Asia and Pacific acquired a lion’s share in global inflow of remittances. In terms of countries, India remained the largest remittance receiving country followed by China. The U.S. persisted as the largest source of remittance outflow.
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Decreasing remittances costs and increasing number of international immigrants are the key drivers for market growth. Additionally, number of refugees increases every year seeking shelter and better livelihood in other countries. These immigrants and refugees send high amount of remittances to their families residing overseas.
In terms of competition, key players of the market include PayPal Holdings Inc., Western Union, Euronet, and MoneyGram international. These firms have huge volume of cross border transactions. But many international organizations are pressurizing the Banks and MTOs to reduce remittance fee, affecting their revenues. This is allowing new entrants to position against the existing players as new entrants can lower remittance fees as a tangible differentiator.
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Few points from Table of Contents:1. Overview1.1 Remittance1.2 Components of Remittance Marketplace1.3 Remittance Market Value Chain
2. Remittance Market Analysis2.1 Global Remittance Inflow2.2 Global Remittance Inflow Forecast2.3 Global Remittance Inflow to Low-Middle Income Region2.4 Global Remittance Inflow to Low-Middle Income Region Forecast2.5 Global Remittance Inflow by Countries2.5.1 India Remittance Inflow Forecast2.5.2 China Remittance Inflow Forecast2.5.3 Philippines Remittance Inflow Forecast2.5.4 Mexico Remittance Inflow Forecast2.5.5 Egypt, Arab Republic Remittance Inflow Forecast2.6 Global Remittance Outflow by Countries2.6.1 The U.S. Remittance Outflows Forecast2.6.2 United Arab Emirates Remittance Outflows Forecast2.6.3 Saudi Arabia Remittance Outflows Forecast2.6.4 Switzerland Remittance Outflows Forecast2.6.5 Germany Remittance Outflows Forecast
3. Lower Middle Income Regions Remittance Market Analysis3.1 Lower Middle Income Region Remittance Inflow Share3.2 East Asia-Pacific Remittance Inflow Forecast3.3 South Asia Remittance Inflow Forecast3.4 Latin America & Caribbean Remittance Inflow Forecast3.5 Middle East & North Africa Remittance Inflow Forecast3.6 Europe & Central Asia Remittance Inflow Forecast3.7 Sub-Saharan Africa Remittance Inflow Forecast
4. Market Dynamics4.1 Growth Drivers4.1.1 Decreasing Remittance Costs4.1.2 Increasing International Migration4.1.3 Improving Economic Growth4.1.4 Increasing Youth Unemployment Rate4.1.5 Growing Urbanization4.1.6 Growing Population of Refugees4.1.7 Increasing Disposable Income4.2 Key Trends4.2.1 Fluctuating Remittance Costs by Region4.2.2 Average Remittance Sending Costs by G20 Countries 4.2.3 Rising Demand of Mobile Payment Transactions4.2.4 High Pressures to Lower Remittance Fees on MTOs4.2.5 Growing Options of Sending Money4.3 Challenges4.3.1 De-risking Practices4.3.2 Government Regulations
5. Competition5.1 Global Market5.1.1 Revenue Comparison of Key Players5.1.2 Market Cap Comparison of Key Players5.1.3 Cross Border Money Transfer Volume Comparison of Key Players 5.1.4 Comparison of Services Offered by Money Transfer Operators
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Few points from List of Figures:
List of Charts
Types of Remittance ServiceValue Chain: Remittance IndustryGlobal Remittance Inflow (2014-2018) Global Remittance Inflow Forecast (2019-2023) Global Remittance Inflow to Low-Middle Income Region (2014-2018) Global Remittance Inflow to Low-Middle Income Region Forecast (2019-2023) Global Remittance Inflow by Countries (2018) India Remittance Inflow Forecast (2014-2023) China Remittance Inflow Forecast (2014-2023) Philippines Remittance Inflow Forecast (2014-2023) Mexico Remittance Inflow Forecast (2014-2023) Egypt, Arab Republic Remittance Inflow Forecast (2014-2023) Global Remittance Outflow by Countries (Top 5) (2018)The U.S. Remittance Outflows Forecast (2014-2023) United Arab Remittance Outflows Forecast (2014-2023) Saudi Arabia Remittance Outflows Forecast (2014-2023) Switzerland Remittance Outflows Forecast (2014-2023)Germany Remittance Outflows Forecast (2014-2023) Lower Middle Income Region Remittance Inflow Share (2018) East Asia-Pacific Remittance Inflow Forecast (2014-2023) South Asia Remittance Inflow Forecast (2014-2023)Latin America & Caribbean Remittance Inflow Forecast (2014-2023) Middle East & North Africa Remittance Inflow Forecast (2014-2023) Europe & Central Asia Remittance Inflow Forecast (2014-2023)Sub-Saharan Africa Remittance Inflow Forecast (2014-2023) Global Average Costs of Remittance (2014-Q32018)Global International Migrants Population (2014-2018)Global GDP per Capita (2014-2018)Global Youth Unemployment Rate (2014-2018)Global Urban Population (2014-2018)Global Refugees Population (2014-2018)Global GNI per Capita (2014-2018)
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