The article cited AMA's Global Money Remittance Services Market Study explored substantial growth with CAGR of 4.76%. According the report, Blockchain-Based Remittances for Fast Transfer Time and Relatively Low Transaction Costs is one of the primary growth factors for the market. The surge in International Migrant Population and Safe, Fast & Reliable Services
is also expected to contribute significantly to the Money Remittance Services market. Overall, Consumption
applications of Money Remittance Services, and the growing awareness of them, is what makes this segment of the industry important to its overall growth. The presence of players such as Western Union Holdings, Inc. (United States), MoneyGram (United States), Bank of America (United States), Wells Fargo & Company (United States), TransferWise (United Kingdom), UAE Exchange (UAE), Ria Money Transfer (Euronet Worldwide) (United States), JPMorgan Chase & Co. (United States), Xoom (PayPal) (United States) and Remitly, Inc. (United States) may see astonishing sales in this Market and certainly improve revenue growth.
The Channel, such as Banks, is boosting the Money Remittance Services market. Additionally, the rising demand from SMEs and various industry verticals, macro-economic growth are the prime factors driving the growth of the market.
The End User, such as Corporate/Businesses, is boosting the Money Remittance Services market. Additionally, the rising demand from SMEs and various industry verticals, macro-economic growth are the prime factors driving the growth of the market.
AMAs Analyst on the Global Money Remittance Services market identified that the demand is rising in many different parts of the world as "Significant Increase in Reach of the Internet, Online and Mobile Phone
". Furthermore, some recent industry insights like "In July 2023, The U.S. Federal Reserve has launched a long-awaited service which will aim to modernize the country's payment system by eventually allowing everyday Americans to send and receive funds in seconds, 24 hours a day, seven days a week, the central bank" is constantly making the industry dynamic. One of the challenges that industry facing is "Transparency in Other Charges, Change in Government Policies, The Entry of Wallets and FinTechs in the Remittance Business and Concerns Regarding Money Laundering and Violent Activities"
The report provides an in-depth analysis and forecast about the industry covering the following key features:
Detailed Overview of Money Remittance Services market will help deliver clients and businesses making strategies. Influencing factors that thriving demand and latest trend running in the market What is the market concentration? Is it fragmented or highly concentrated? What trends, challenges and barriers will impact the development and sizing of Money Remittance Services market SWOT Analysis of profiled players and Porter's five forces & PEST Analysis for deep insights. What growth momentum or downgrade market may carry during the forecast period? Which region may tap highest market share in coming era? What focused approach and constraints are holding the Money Remittance Services market tight? Which application/end-user category or Product Type [Inward Remittance and Outward Remittance] may seek incremental growth prospects? What would be the market share of key countries like Germany, USA, France, China etc.?
Market Size Estimation In market engineering method, both top-down and bottom-up approaches have been used, along with various data triangulation process, to predict and validate the market size of the Money Remittance Services market and other related sub-markets covered in the study.
o Key & emerging players in the Money Remittance Services market have been observed through secondary research. o The industrys supply chain and overall market size, in terms of value, have been derived through primary and secondary research processes. o All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
Data Triangulation The overall Money Remittance Services market size is calculated using market estimation process, the Money Remittance Services market was further split into various segments and sub-segments. To complete the overall market engineering and arriving at the exact statistics for all segments and sub-segments, the market breakdown and data triangulation procedures have been utilized, wherever applicable. The data have been triangulated by studying various influencing factors and trends identified from both demand and supply sides of various applications involved in the study. Along with this, the Global Money Remittance Services market size has been validated using both top-down and bottom-up approaches.