India's International Remittance Market Forecasted at $195.3 Billion by 2028: Analyzing the Impact of Tech Layoffs on Remittance Inflows

Dublin, Feb. 02, 2024 (GLOBE NEWSWIRE) -- The "India International Remittance Market Business and Investment Opportunities - Analysis by Transaction Value & Volume, Inbound and Outbound Transfers to and from Key States, Consumer Demographics - Q2 2023" report has been added to's offering.

This research report examining the international remittance landscape in India, analyzes the current trends and providing a forward-looking assessment of the opportunities in both inbound and outbound remittances. The study, conducted by a reputable research firm, presents an in-depth analysis of transaction values and volumes, consumer demographics, and market dynamics influencing the remittance flows to and from the key states in the country.

Key Highlights of the Report:

  • A surge in international inbound remittances, reaching US$ 111.22 billion in 2023 despite global economic challenges.
  • Projections of a compound annual growth rate (CAGR) of 11.9% in the inbound market from 2023 to 2028.
  • The outbound remittance market growing to US$ 10.08 billion in 2023 with an expected CAGR of 11.4% till 2028.
  • Insights into the effect of layoffs from major tech companies on the remittance inflows.
  • An overview of strategic alliances formed by Indian banking firms to enhance digital remittance services.
  • Analysis on how startups are raising funds to expand and introduce innovative product offerings.

The insight provided into the India international remittance market is timely, as the financial sector has seen fluctuations due to a range of macroeconomic factors globally. This report delves into the reaction of the remittance markets to such global trends, including the impact of the economic slowdown in OECD countries and the correlation with the technological industry layoffs.

Digital and Mobile Remittance Services Take Centre Stage

The report observes significant growth in digital and mobile remittance services, spurred by technological advancements and strategic collaborations. Efforts from key banking players in developing digital remittance channels are highlighted, emphasizing their commitment to servicing the vast NRI population and maintaining India's strong position in the global remittance market.

Consumer Demographics Influence Remittance Trends

An examination of the consumer demographics unveils the evolving profile of remittance senders and recipients, considering factors such as age, income, occupation, and purpose of transfers. This segmentation provides valuable insights for stakeholders looking to tailor their services to the varying needs of consumers in the remittance space.

Key Attributes

Report AttributeDetails
No. of Pages130
Forecast Period2023-2028
Estimated Market Value (USD) in 2023$111.2 Billion
Forecasted Market Value (USD) by 2028$195.3 Billion
Compound Annual Growth Rate11.9%
Regions CoveredIndia

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Indian International Remittance Market