U.S. markets close in 4 hours 38 minutes
  • S&P 500

    +37.33 (+0.89%)
  • Dow 30

    +186.47 (+0.56%)
  • Nasdaq

    +162.46 (+1.27%)
  • Russell 2000

    +17.36 (+0.88%)
  • Crude Oil

    -1.90 (-2.01%)
  • Gold

    +3.20 (+0.18%)
  • Silver

    +0.14 (+0.67%)

    -0.0066 (-0.64%)
  • 10-Yr Bond

    -0.0260 (-0.90%)

    -0.0074 (-0.61%)

    +0.5850 (+0.44%)

    -556.13 (-2.28%)
  • CMC Crypto 200

    -3.76 (-0.66%)
  • FTSE 100

    +27.02 (+0.36%)
  • Nikkei 225

    +727.65 (+2.62%)

Asia Pacific Digital Remittance Market will Grow at a CAGR of 13% by 2032, Reveals Fact.MR

·7 min read

Growing Smartphone And Internet Penetration Across The Globe Are Anticipated To Propel The Personal Segment Growth Over The Forecast Period. Innovative Solutions Are Already Beginning To Change The Landscape Of Remittance Services By Increasing Convenience And Reducing Costs For Senders Of Remittances And Their Families

Seoul, South Korea, July 21, 2022 (GLOBE NEWSWIRE) -- Fact.MR, a market research and competitive intelligence provider, says that the global digital remittance market would be valued at US$ 18.16 Billion in 2022 and witness a double-digit CAGR, i.e. 13.5% between 2022 and 2032. Fact.MR says that rising number of cross-border transactions coupled with an increasing adoption of the mobile-based payment channels is expected to drive the digital remittance market in the near future.

GSM Association states that in the year 2020 alone, funds close to US$ 12.7 Billion got processed in cross-border remittances via mobile money. The promulgation of digital platform for remittance is anticipated to compel the customers move in the direction of online transactions.

For Critical Insights on Digital Remittance Market, Request a Sample Report

The never-ending chains of hidden charges, mediators, and paperwork in conventional money transfer has been pretty arduous and costly. Digital remittance, on the contrary, has aided customers in enjoying faster and feasible money transfer services.

What Drives the Demand for Digital Remittance in Asia Pacific Countries?

The Asia Pacific regional market is anticipated to emerge as the fastest-growing regional market over the forecast period. Numerous citizens from the Asia Pacific region send thousands of trillion dollars in remittances yearly to colleagues or business partners and families in foreign countries.

Growth in the adoption of banking and financial services in the region is expected to propel the regional market growth over the forecast period. Economies such as China and India are largely focusing on the adoption of mobile banking, cashless payments, and mobile-based payment solutions, thereby contributing to the regional market growth.

An increase in competition from new entrants, coupled with the growth in customer base, is expected to create growth opportunities for the regional market over the forecast period. A CAGR of 13% is anticipated for digital remittance services across APAC.

To learn more about Digital Remittance Market, you can get in touch with our Analyst at https://www.factmr.com/connectus/sample?flag=AE&rep_id=7104

Key Segments Covered in the Digital Remittance Industry Survey

  • By Type

    • Inward Digital Remittance

    • Outward Digital Remittance

  • By Channel

    • Digital Remittance through Banks

    • Digital Remittance through Money Transfer Operators

    • Digital Remittance through Online Platforms

    • Digital Remittance through Other Channels

  • By End Use

    • Digital Remittance for Migrant Labor Workforce

    • Personal Digital Remittance

    • Digital Remittance for Small Businesses

    • Digital Remittance for Other End Uses

Competitive Landscape

The competitive landscape of the digital remittance market is shaped by product innovation and strategic mergers & acquisitions. Front Runners are emphasizing capacity enhancements and global footprint expansion to leverage lucrative prospects in developing economies.

  • In August 2021, WorldRemit Ltd. launched its money transfer services in Malaysia, allowing World Remit users to send money from Malaysia, in addition to 50 other countries, including the U.S. and the U.K., to more than 130 destinations. Based on their location, users can choose from numerous payout methods for the recipient, including payments to mobile wallets, bank deposits, mobile airtime top-up, and cash pick-up.

Get Customization on Digital Remittance Market Report for Specific Research Solutions

Key players in the Digital Remittance Market

  • Azimo Limited

  • Digital Wallet Corporation

  • InstaReM Pvt. Ltd.

  • MoneyGram

  • PayPal Holdings, Inc.

  • Ria Financial Services Ltd.

  • TransferGo Ltd.

  • TransferWise Ltd.

  • Western Union Holdings Inc.

  • WorldRemit Ltd.

Key Takeaways from Digital Remittance Market Study

  • North America holds 27% of the market share.

  • The Asia-Pacific is expected to witness a CAGR of 13% between 2022 and 2032.

  • The global digital remittance market was valued at US$ 16 Bn in the year 2021.

  • The same digital remittance market is likely to be worth US$ 64.43 Bn by the year 2032.

About the Technology Division at Fact.MR

Expert analysis, actionable insights, and strategic recommendations of the highly seasoned technology team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the technology industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services.

Explore Fact.MR's Coverage on the Technology Domain-

High Power RF Amplifier Market- The global high power RF amplifier market enjoys a valuation of around US$ 4.6 Billion at present. Sales of high power RF amplifiers are slated to accelerate at a high CAGR of 12.3% to reach US$ 14.7 Billion by 2031. Demand for smart energy in end-use sectors is likely to increase at a CAGR of 10.2% over the assessment period of 2021 to 2031.

Physical Access Control System (PACS) Market- Physical access control system (PACS) market analysis shows that global demand enjoyed year-on-year (YoY) growth of over 10% in 2021, to total 2.2 Million units. Demand for biometric PACS is poised to grow 9% to total 850 ‘000 units, while demand for card-based PACS will be up 12.5% to 960 ‘000 units in 2021.

Airport Kiosk Market- The global airport kiosk market was valued at around US$ 1.7 Billion in 2020. Sales of airport kiosks are projected to accelerate at a healthy CAGR of 9% to top US$ 4 Billion by 2031.

Public Safety Software Market- The global public safety software market reached a valuation of around US$ 7 Billion in 2020, and is slated to rise at a CAGR of 11% to top US$ 20 Billion by 2031. Demand for computer-aided dispatch solutions is set to increase at a CAGR of 9% across the assessment period of 2021 to 2031.

AI Virtual Visor Market- As per a new report published by Fact.MR, a market research and competitive intelligence provider, the number of vehicle displays is steadily increasing, and over the years, has increased almost 65% between 2016 and 2021. Fact.MR estimates that the automotive display market is likely to reach almost US$ 22 Billion by 2022.

Bicycle Subscription Market- As per industry analysis by Fact.MR, a market research and competitive intelligence provider, the global market for bicycles stood at US$ 58 Billion in 2020, wherein, around 140 Million bicycles are produced annually across the globe. The market is set to reach a valuation of little over US$ 127 Billion by 2030, with a projected growth of above 8% CAGR.

Satellite Internet Market- The satellite internet market is expected to surpass a market valuation of US$ 6 Billion and expand at a CAGR of more than 8% during the forecast period, 2021-2031. The internet has moved from a goods to an amenity and to a must-have over the past 2 decades, mainly as a result of the smartphone revolution.

Big Data Analytics in Healthcare Market- The global big data analytics in healthcare market is estimated at US$ 39.7 billion in 2022. Data as a technology has been adopted by healthcare industry stakeholders rapidly and is being monetized, which is slated to push the global big data analytics in healthcare market to grow at CAGR of over 19%, and register total market value of US$ 194.7 billion by 2032 end.

Digital Door Lock System Market- The global digital door lock system market is likely to reach a valuation of around US$ 9 Billion in 2022. The sales of digital door lock system are slated to accelerate at a steady CAGR of 18% to top US$ 47 Billion by 2032.

SiC & GaN Power Semiconductor Market- The global SiC & GaN power semiconductor market is estimated at US$ 884 million in 2022. Demand of SiC & GaN power semiconductor devices is forecast to surpass the market value of US$ 6,954 Million by 2032. Stupendous growth rate of 22.9% is projected for the demand of these electronic discrete components during the forecast period of 2022-32.

About Us:
Market research and consulting agency with a difference! That’s why 80% of Fortune 1,000 companies trust us for making their most critical decisions. While our experienced consultants employ the latest technologies to extract hard-to-find insights, we believe our USP is the trust clients have on our expertise. Spanning a wide range – from automotive & industry 4.0 to healthcare & retail, our coverage is expansive, but we ensure even the most niche categories are analyzed. Our sales offices in United States and Dublin, Ireland. Headquarter based in Dubai, UAE. Reach out to us with your goals, and we’ll be an able research partner.

Mahendra Singh
US Sales Office:
11140 Rockville Pike
Suite 400
Rockville, MD 20852
Email: sales@factmr.com
Tel: +1 (628) 251-1583
Follow Us: LinkedIn | Twitter