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Digital Remittance Market Rising at 13.5% CAGR to Hit $83.2 Billion by 2034 | Fact.MR Analysis
Outward Digital Remittance Services to Drive Major Revenue Generation for Companies
ROCKVILLE, Md., May 22, 2024 /PRNewswire/ — According to a recently updated industry report published by Fact.MR, the global Digital Remittance Market will hit $23.4 billion in 2024 and surpass $83.2 billion by 2034, growing at a CAGR of 13.5% from 2024 to 2034.
The ever-increasing use of smartphones and other electronic devices for international payments and remittance services will boost the global market growth over the next 10 years. Quick, easy, and safe transfer of funds is increasing the popularity of digital remittance services.
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The advanced remittance platforms are offering their users a secure and fast transaction experience. The conventional way of transferring funds is time-consuming and expensive, while digital remittance platforms are comparatively inexpensive, faster, and offer value-added services. The growing increasing competition among market players is leading to low costs associated with money transfer.
International remittances are aiding in revenue generation at a maximum level. The immigration of individuals in search of jobs, the surge in international business activities, and the trend of getting an education from overseas are contributing to the growing adoption of digital remittance solutions for fund transfer. The immigrant people make use of outward digital remittance services to transfer money to their families. The rising number of customers of international banks and financial institutions is further increasing the use of outward digital remittance services.
Key Takeaways from the Market Study:
- Global demand for digital remittance services is forecasted to reach a market value of US$ 83.2 billion by 2034.
- The United States market is set to register a CAGR of 13.3% through 2034.
- Japan is expected to capture 28.9% of the East Asia market share in 2024.
- Revenue from outward digital remittance services has been evaluated at US$ 12.9 billion in 2024.
“Integration of artificial intelligence and machine learning will enhance the capabilities and increase the adoption of digital remittance solutions in the years ahead”, says a Fact.MR analyst.
Winning Strategy:
The global digital remittance market is offering lucrative opportunities for both prominent service providers and new companies. The established players are adopting strategies such as collaborations, mergers, partnerships, and acquisitions to increase their product offerings and market reach. New companies are investing in the production of digital remittance solutions integrated with the latest technologies. This move is aiding start-ups to earn high profits and attract early adopters.
- The UAE-based fintech start-up Go F5 offers a mobile application to perform financial transactions. The company uses blockchain technology for secure and quick fund transfers. The app F5 offers services for both individuals and businesses.
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U.S. and South Korea: Key Players and Growing Markets in Digital Remittance Services
The United States hosts prominent financial service and communication companies such as Continental Exchange Solutions, Inc., Western Union Holdings, Inc., and MoneyGram. Many individuals migrate to the U.S. for better education, job opportunities, and business prospects.
The increasing number of immigrants in the country is expected to create significant growth opportunities for digital remittance service providers. Additionally, the trend toward faster money transfers is driving high demand for advanced payment applications.
South Korea: Rapidly Growing Digital Remittance Market in East Asia
South Korea is emerging as the fastest-growing market in the East Asia region. Many South Koreans use digital remittance platforms to transfer funds annually to colleagues, business partners, and family members abroad. The increasing adoption of online banking and financial services in South Korea is expected to propel the demand for digital remittance services. The growing focus on mobile banking, cashless payments, and mobile-based payment solutions is also contributing to the growth of the digital remittance market in South Korea.
More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the global digital remittance market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034). Download a Sample Report
The study divulges essential insights on the market based on type (inward, outward), channel (banks, money transfer operators, online platforms), and end use (migrant labor workforce, personal, small businesses, others), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
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