Portland, May 05, 2020 (GLOBE NEWSWIRE) -- According to the research published by Allied Market Research, the global remittance industry garnered $682.60 billion in 2018, and is expected to reach $930.44 billion by 2026, registering a CAGR of 3.9% from 2019 to 2026. The report offers an extensive analysis of changing market dynamics, key segments, current market size & estimations, value chain, and competitive scenario.

Increase in cross-border transactions & mobile-based payment channels, lowered cost & transfer time, and surge in adoption of banking & financial services drive the growth of the global remittance market. However, lack of awareness regarding digital remittance and slowdown in the Asia-Pacific region hinder the market growth. On the other hand, technological innovations and increase in penetration of smartphones and internet create new opportunities in the coming years.

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Covid-19 scenario:

  • Economic crisis occurring due to lockdown across the world affects the money transfer operator segment greatly.
  • Migrant employees and laborers will return to their native countries, which in turn, will impact the economy of the countries they were employed in. However, they have better skills and experience, which can favor their native countries.
  • There will be a drop in inward remittances due to loss of employment and homecoming of workers.

The report offers a detailed segmentation of the global remittance market based on type, channel, application, and region. Based on channel, the banks segment held more than half of the total market share in 2018, and is estimated to continue to lead during the forecast period. However, the money transfer operator segment is estimated to maintain its highest CAGR of 5.2% from 2019 to 2026.

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Based on end user, the personal segment accounted for the largest share of the total market, holding more than two-thirds of the market in 2018, and is expected to maintain its dominant share in terms of revenue by 2026. Moreover, this segment is expected to grow the highest CAGR of 4.2% during the forecast period. The report also discusses the business segment. 

For the inward remittance market, the South Asia/Southeast Asia region is expected to witness the largest CAGR of 6.2% from 2019 to 2026. However, for the outward remittance market, the MENA region is estimated to portray the highest CAGR of 6.1% during the forecast period.

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Leading players discussed in the global remittance market include Bank of America, JPMorgan Chase & Co., Citigroup Inc., RIA Financial Services Ltd., MoneyGram International Inc., UAE Exchange, TransferWise Ltd., Western Union Holdings Inc., Wells Fargo, and XOOM.

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