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According to the latest research, the global Digital Remittance market size was valued at USD 4835.58 million in 2022 and is expected to expand at a CAGR of 25.18% during the forecast period, reaching USD 18606.22 million by 2028.
A remittance is a transfer of money by a foreign worker to an individual in their home country. Money sent home by migrants competes with international aid as one of the largest financial inflows to developing countries.
Digital remittance is using digital channel to realize the remittance process.
Region Overview:
In 2021, the share of the Digital Remittance market in North America stood at 32.2%.
Company Overview:
Western Union, MoneyGram, Xoom, Transferwise and WorldRemit are the five key players in the global Digital Remittance market. These companies have shown consistent growth in revenue, larger volumes of sales and a prominent presence in terms of share in the global Digital Remittance market in the past 5 years.
Western Union
The Western Union Company provides money movement and payment services worldwide. The company operates in two segments, Consumer-to-Consumer and Business Solutions. The Consumer-to-Consumer segment facilitates money transfers between two consumers, primarily through a network of third-party agents.
MoneyGram
MoneyGram International, Inc., together with its subsidiaries, provides money transfer services in the United States and internationally. The company operates through two segments, Global Funds Transfer and Financial Paper Products. The Global Funds Transfer segment offers money transfer services and bill payment services primarily to unbanked and underbanked consumers.
Segmentation Overview:
By type, Money Transfer Operators segment accounted for the largest share of market in 2021.
Application Overview:
The market's largest segment by application is the segment Migrant Labor Workforce, with a market share of 76.84% in 2021.
This report elaborates on the market size, market characteristics, and market growth of the Digital Remittance industry between the year 2018 to 2028, and breaks down according to the product type, downstream application, and consumption area of Digital Remittance. The report also introduces players in the industry from the perspective of the value chain and looks into the leading companies.
Key Points this Global Digital Remittance Market Report Include:
Market Size Estimates: Digital Remittance market size estimation in terms of revenue and sales from 2018-2028
Market Dynamic and Trends: Digital Remittance market drivers, restraints, opportunities, and challenges
Macro-economy and Regional Conflict: Influence of global inflation and Russia & Ukraine War on the Digital Remittance market
Segment Market Analysis: Digital Remittance market revenue and sales by type and by application from 2018-2028
Regional Market Analysis: Digital Remittance market situations and prospects in major and top regions and countries
Digital Remittance Market
Digital Remittance Industry Chain: Digital Remittance market raw materials & suppliers, manufacturing process, distributors by region, downstream customers
Digital Remittance Industry News, Policies by regions
Digital Remittance Industry Porters Five Forces Analysis
Key players in the global Digital Remittance market are covered in Chapter 2:
Azimo
OrbitRemit
Remitly
Ria Financial Services
Transferwise
WorldRemit
Flywire
MoneyGram
Avenues India Pvt Ltd
Western Union
Mukuru
TransferGo
Xoom
In Chapter 6 and Chapter 9, on the basis of types, the Digital Remittance market from 2018 to 2028 is primarily split into:
Banks
Money Transfer Operators
Others
In Chapter 7 and Chapter 10, on the basis of applications, the Digital Remittance market from 2018 to 2028 covers:
Migrant Labor Workforce
Study Abroad and Travel
Others
Geographically, the detailed analysis of consumption, revenue, market share and growth rate of the following regions from 2018 to 2028 are covered in Chapter 8 and Chapter 11:
United States
Europe
China
Japan
India
Southeast Asia
Latin America
Middle East and Africa
Others
In summary, this report relies on sources from both primary and secondary, combines comprehensive quantitative analysis with detailed qualitative analysis, and pictures the market from a macro overview to micro granular segment aspects. Whatever your role in this industry value chain is, you should benefit from this report with no doubt.
Chapter Outline
This report consists of 12 chapters. Below is a brief guideline to help you quickly grasp the main contents of each chapter:
Chapter 1 first introduces the product overview, market scope, product classification, application, and regional division, and then summarizes the global Digital Remittance market size in terms of revenue, sales volume, and average price.
Chapter 2 analyzes the main companies in the Digital Remittance industry, including their main businesses, products/services, sales, prices, revenue, gross profit margin, and the latest developments/updates.
Chapter 3 is an analysis of the competitive environment of Digital Remittance market participants. This mainly includes the revenue, sales, market share, and average price of the top players, along with the market concentration ratio in 2022 and the players' M&A and expansion in recent years.
Chapter 4 is an analysis of the Digital Remittance industrial chain, including raw material analysis, manufacturing cost structure, distributors, and major downstream buyers.
Chapter 5 focuses on Digital Remittance market dynamics and marketing strategy analysis, which include opportunities, challenges, industry development trends under inflation, industry news and policies analyzed by region, Porter's Five Forces analysis, as well as direct and indirect marketing, and the development trends of marketing channels.
Chapters 6-8 have segmented the Digital Remittance market by type, application, and region, with a focus on sales and value from 2018 to 2023 from both vertical and horizontal perspectives.
Chapters 9-11 provide detailed Digital Remittance market forecast data for 2023-2028, broken down by type and application, region, and major countries to help understand future growth trends.
Chapter 12 concludes with an explanation of the data sources and research methods. Verify and analyze through preliminary research to obtain final quantitative and qualitative data.
2022
A remittance is a transfer of money by a foreign worker to an individual in their home country. Money sent home by migrants competes with international aid as one of the largest financial inflows to developing countries.
Digital remittance is using digital channel to realize the remittance process.
Region Overview:
In 2021, the share of the Digital Remittance market in North America stood at 32.2%.
Company Overview:
Western Union, MoneyGram, Xoom, Transferwise and WorldRemit are the five key players in the global Digital Remittance market. These companies have shown consistent growth in revenue, larger volumes of sales and a prominent presence in terms of share in the global Digital Remittance market in the past 5 years.
Western Union
The Western Union Company provides money movement and payment services worldwide. The company operates in two segments, Consumer-to-Consumer and Business Solutions. The Consumer-to-Consumer segment facilitates money transfers between two consumers, primarily through a network of third-party agents.
MoneyGram
MoneyGram International, Inc., together with its subsidiaries, provides money transfer services in the United States and internationally. The company operates through two segments, Global Funds Transfer and Financial Paper Products. The Global Funds Transfer segment offers money transfer services and bill payment services primarily to unbanked and underbanked consumers.
Segmentation Overview:
By type, Money Transfer Operators segment accounted for the largest share of market in 2021.
Application Overview:
The market's largest segment by application is the segment Migrant Labor Workforce, with a market share of 76.84% in 2021.
This report elaborates on the market size, market characteristics, and market growth of the Digital Remittance industry between the year 2018 to 2028, and breaks down according to the product type, downstream application, and consumption area of Digital Remittance. The report also introduces players in the industry from the perspective of the value chain and looks into the leading companies.
Key Points this Global Digital Remittance Market Report Include:
Market Size Estimates: Digital Remittance market size estimation in terms of revenue and sales from 2018-2028
Market Dynamic and Trends: Digital Remittance market drivers, restraints, opportunities, and challenges
Macro-economy and Regional Conflict: Influence of global inflation and Russia & Ukraine War on the Digital Remittance market
Segment Market Analysis: Digital Remittance market revenue and sales by type and by application from 2018-2028
Regional Market Analysis: Digital Remittance market situations and prospects in major and top regions and countries
Digital Remittance Market
Competitive Landscape
and Major Players: Analysis of 10-15 leading market players, sales, price, revenue, gross, gross margin, product/service profile and recent development/updates, etc.Digital Remittance Industry Chain: Digital Remittance market raw materials & suppliers, manufacturing process, distributors by region, downstream customers
Digital Remittance Industry News, Policies by regions
Digital Remittance Industry Porters Five Forces Analysis
Key players in the global Digital Remittance market are covered in Chapter 2:
Azimo
OrbitRemit
Remitly
Ria Financial Services
Transferwise
WorldRemit
Flywire
MoneyGram
Avenues India Pvt Ltd
Western Union
Mukuru
TransferGo
Xoom
In Chapter 6 and Chapter 9, on the basis of types, the Digital Remittance market from 2018 to 2028 is primarily split into:
Banks
Money Transfer Operators
Others
In Chapter 7 and Chapter 10, on the basis of applications, the Digital Remittance market from 2018 to 2028 covers:
Migrant Labor Workforce
Study Abroad and Travel
Others
Geographically, the detailed analysis of consumption, revenue, market share and growth rate of the following regions from 2018 to 2028 are covered in Chapter 8 and Chapter 11:
United States
Europe
China
Japan
India
Southeast Asia
Latin America
Middle East and Africa
Others
In summary, this report relies on sources from both primary and secondary, combines comprehensive quantitative analysis with detailed qualitative analysis, and pictures the market from a macro overview to micro granular segment aspects. Whatever your role in this industry value chain is, you should benefit from this report with no doubt.
Chapter Outline
This report consists of 12 chapters. Below is a brief guideline to help you quickly grasp the main contents of each chapter:
Chapter 1 first introduces the product overview, market scope, product classification, application, and regional division, and then summarizes the global Digital Remittance market size in terms of revenue, sales volume, and average price.
Chapter 2 analyzes the main companies in the Digital Remittance industry, including their main businesses, products/services, sales, prices, revenue, gross profit margin, and the latest developments/updates.
Chapter 3 is an analysis of the competitive environment of Digital Remittance market participants. This mainly includes the revenue, sales, market share, and average price of the top players, along with the market concentration ratio in 2022 and the players' M&A and expansion in recent years.
Chapter 4 is an analysis of the Digital Remittance industrial chain, including raw material analysis, manufacturing cost structure, distributors, and major downstream buyers.
Chapter 5 focuses on Digital Remittance market dynamics and marketing strategy analysis, which include opportunities, challenges, industry development trends under inflation, industry news and policies analyzed by region, Porter's Five Forces analysis, as well as direct and indirect marketing, and the development trends of marketing channels.
Chapters 6-8 have segmented the Digital Remittance market by type, application, and region, with a focus on sales and value from 2018 to 2023 from both vertical and horizontal perspectives.
Chapters 9-11 provide detailed Digital Remittance market forecast data for 2023-2028, broken down by type and application, region, and major countries to help understand future growth trends.
Chapter 12 concludes with an explanation of the data sources and research methods. Verify and analyze through preliminary research to obtain final quantitative and qualitative data.
Years considered for this report:
Historical Years:
2018-2022Base Year:
2022Estimated Year:
2023Forecast Period:
2023-2028Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
- By product type
- By End User/Applications
- By Technology
- By Region
The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
