DUBLIN--(BUSINESS WIRE)--The "Global Remittance Market (2022-2027) by Appliance, Channel, Type, End User, Geography, Competitive Analysis and the Impact of Covid-19 with Ansoff Analysis" report has been added to ResearchAndMarkets.com's offering.
The Global Remittance Market is estimated to be USD 901.4 Bn in 2022 and is expected to reach USD 1207.41 Bn by 2027, growing at a CAGR of 6.02%.
Market Dynamics
Market dynamics are forces that impact the prices and behaviors of the Global Remittance Market stakeholders. These forces create pricing signals which result from the changes in the supply and demand curves for a given product or service. Forces of Market Dynamics may be related to macro-economic and micro-economic factors. There are dynamic market forces other than price, demand, and supply. Human emotions can also drive decisions, influence the market, and create price signals.
As the market dynamics impact the supply and demand curves, decision-makers aim to determine the best way to use various financial tools to stem various strategies for speeding the growth and reducing the risks.
Market Segmentation
- The Global Remittance Market is segmented based on Appliance, Channel, Type, End User, and Geography.
- Appliance, the market is classified into Consumption, Saving, and Investment.
- Channel, the market is classified into Life-Time Coverage, and Term Insurance.
- Type, the market is classified into Inward Digital Remittance, and Outward Digital Remittance.
- End User, the market is classified into Business, and Personal.
- Geography, the market is classified into Americas, Europe, Middle-East & Africa and Asia-Pacific.
Companies Mentioned
- Azimo Ltd.
- Bank of America
- Citigroup, Inc.
- cWallet Services W.L.L.
- Denarii Cash
- Digital Wallet Corporation
- Euronet Worldwide, Inc
- HDFC Bank Ltd (Remitnow)
- InstaReM India Pvt. Ltd.
- JPMorgan Chase & Co.
- MoneyGram International Inc.
- Now Money
- OzForex Limited
- Remit2India
- Remitly, Inc.
- Remitr Payments
- Ria Financial Services Ltd.
- Sendah
- TransferGo Ltd.
- UAE Exchange
- U.S. Bank
- Wells Fargo
- Western Union Holdings Inc.
- Wise Payments Limited
- WorldRemit Ltd.
- Xoom Corporation(PayPal)
Countries Studied
- America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of - Americas)
- Europe (Austria, Belgium, Denmark, Finland, France, Germany, Italy, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of - Europe)
- Middle-East and Africa (Egypt, Israel, Qatar, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA.
- Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)
Competitive Quadrant
The report includes Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.
Ansoff Analysis
The report presents a detailed Ansoff matrix analysis for the Global Remittance Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.
The analyst analyses the Global Remittance Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.
Based on the SWOT analysis conducted on the industry and industry players, the analyst has devised suitable strategies for market growth.
Market Dynamics
Drivers
- Shift in Flows From Cash to Digital and From Informal to Formal Channels
- Rise in Cross-Border Transactions
- Increase in Mobile-Based Payment and Internet Banking Channels
- Reduced Remittance Cost & Transfer Time
Restraints
- Lack of Awareness for Digital Remittance
Opportunities
- Growing Significance as a Source of External Financing for Low- And Middle-Income Countries
- Technological Innovations in Digital Remittance
Challenges
- Rise in Number of Financial Frauds
For more information about this report visit https://www.researchandmarkets.com/r/okqff6
