The article cited AMA's Global Digital Remittance Market Study explored substantial growth with CAGR of 22.0%. According the report, Blockchain technology is exerting far-reaching influence on the remittance market is one of the primary growth factors for the market. Rise in automation and digitization
is also expected to contribute significantly to the Digital Remittance market. Overall, Migrant Labor Workforce
applications of Digital Remittance, and the growing awareness of them, is what makes this segment of the industry important to its overall growth.
AMAs Analyst on the Global Digital Remittance market identified that the demand is rising in many different parts of the world as "Growing access of financial services such as basic bank accounts among remittance recipients and rise in internet usage offer growth opportunities for the market". Furthermore, some recent industry insights like "The Western Union Company, a leader in cross-border, cross-currency money movement, has launched the Western Union mobile app in Singapore, connecting customers to their families and loved ones around the world, 24/7" is constantly making the industry dynamic. One of the challenges that industry facing is "Lack of skilled professional for using this service"
The Remittance channel, such as Banks, is boosting the Digital Remittance 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 report provides an in-depth analysis and forecast about the industry covering the following key features: o Industry outlook including current and future market trends, drivers, restraints, and emerging technologies o Analyses the Global Digital Remittance market according to Type, Application, and regions o Analyzes the top 10 players in terms of market reach, business strategy, and business focus o Provides stakeholders insights and key drivers & trends of the market
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 Digital Remittance market and other related sub-markets covered in the study.
o Key & emerging players in the Digital Remittance 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 Digital Remittance market size is calculated using market estimation process, the Digital Remittance 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 Digital Remittance market size has been validated using both top-down and bottom-up approaches.