The World Bank predicts that global remittance flows will reach $553 billion in 2021 and $574 billion in 2022, indicating a positive outlook for the industry.
Remittance Market: Breakup by Region, 2022 & 2031
Source: Primary Research and Secondary Research Analysis
The Remittance market is a critical aspect of the global financial system that allows individuals and businesses to send and receive money across borders. It is driven by various factors, including globalization, immigration, economic growth, and advancements in technology.
Globalization has led to an increase in the movement of people across borders for work, study, or other purposes. As a result, there is a growing demand for remittance services as people need to send money back to their families and friends in their home countries. The rise in immigration has also contributed to the growth of the remittance market as immigrants need to send money to their families and friends in their home countries regularly.
Economic growth is another significant driver of the remittance market. As economies grow, the demand for labor increases, leading to more people moving to countries where they can earn better wages. This results in an increase in remittance flows as more people need to send money back to their home countries.
Advancements in technology have also played a significant role in driving the growth of the remittance market. The emergence of digital payment platforms, such as PayPal, Venmo, and TransferWise, has made it easier and more convenient for people to send and receive money across borders. These platforms offer low fees, fast transfer times, and better exchange rates, making them a popular choice for many people.
The size of the remittance market has been steadily growing over the years. According to the World Bank, global remittance flows reached $702 billion in 2020, despite the COVID-19 pandemic's negative impact on the global economy. The largest remittance recipient countries in 2020 were India, China, Mexico, and the Philippines. India alone received $83 billion in remittances, making it the largest recipient country for the past several years.
Table of Contents : Global Remittance Market Research Report, 2020-20
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