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Remittance Market to Reach $1.23 Trillion, Globally, By 2030 at 5.7% CAGR: Allied Market Research
Based on application, the consumption segment accounted for nearly three-fifths of the global remittance market share in 2020, and is anticipated to rule the roost by 2030. A huge sum of money is remitted every month by the workers to their home country for food, clothing, and other expenditures. This factor drives the growth of the segment. The investment segment, however, would cite the throughout the forecast period. This is due to the fact that it helps developed countries regenerate new revenue stream by investing the remitted money in different investment schemes, which boosts the GDP of the country.
Based on remittance channel, the banks segment held nearly half of the global remittance market revenue in 2020, and is expected to lead the trail by 2030. The fact that banks are joining forces to develop cross-border real-time services propels the segment growth. The money transfer operator segment, on the other hand, would manifest the fastest CAGR of 8.1% from 2020 to 2030. This is because an array of digital-only players such as WorldRemit, Xoom, Transfer Wise, and InstaReM enable direct global money transfers sent from and received through mobile wallets held on personal devices.
Based on region, Asia-Pacific , followed by LAMEA, Europe , and North America , held the major share in 2020, generating nearly half of the global remittance market. The same region would also grow at the fastest CAGR of 6.4% by 2030. This is attributed to rapidly advancing technologies, evolving customer expectations, and changing regulatory setting in the region.
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