Press Release-Digital Remittance Market to Reach Valuation of USD 39.8 Billion by 2028 - The Adoption of Digitalization is Expected to Open the Door to Drive the Global Digital Remittance Market Growth
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Digital Remittance Market to Reach Valuation of USD 39.8 Billion by 2028 - The Adoption of Digitalization is Expected to Open the Door to Drive the Global Digital Remittance Market Growth
From the period 2022 to 2028, the global Digital Remittance Market is expected to reach USD 39.8 Billion in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 14.7%.
The dynamics of the Digital Remittance Market sector are continuously changing due to technological advancements. Digitization can provide a number of advantages, including increased efficiency, convenience, transparency, accessibility, and lower transfer costs. Over the forecast period, changing customer needs for cross-border remittances are expected to boost market growth. Customers in low and middle-income countries are increasingly accepting digital money transfer services. Furthermore, the need for Digital Remittance Market services is being driven by rising earnings and expanding urbanization. Cross-border remittances have a number of economic benefits, including increased financial inclusion and economic development. In the lives of migrants and their families, Digital Remittance Markets are extremely important. Money received in migrant homes in their countries of origin accounts for over 60% of household income, which is typically spent on necessities like medication, education, food, and housing. The pandemic has proven to be a key growth factor for remittance service digitization. Customers shifting to digital solutions out of necessity, as well as the closure of money transfer agent sites due to nationwide lockdowns, all contributed to the market's rise.
Key Highlights from the Report
Some of the key players in the Digital Remittance Market include [object Object] and others.
Market Dynamics:
The Adoption of Digitalization is Projected to Pave the Way for Worldwide Market Growth
Digitalization and payment automation are expected to drive corporate growth. Many tech-savvy consumers throughout the world are making the switch to Digital Remittance Markets, which is moving the industry forward. These clienteles choose Digital Remittance Markets because of the faster transfer time. As a result of industrialization and urbanization, residents from numerous rural and semi-rural areas are flocking to urban areas. In quest for work or education, a big number of people are shifting to new places. As a result, the number of cross-border transactions has increased. Terrorist funding and money laundering, on the other hand, pose a security risk to the global Digital Remittance Market system, with substantial consequences for all of these acts. The way these operations are carried out tarnishes a company's reputation and puts it behind its competitors. As a result, these factors may hinder the expansion of the Digital Remittance Market business.
Reductions in Remittance Costs and the Time it Takes to Transmit Money
Cross-border payments have become minor in cost, quick, auditable, and open to everyone due to the usage of digital transfer networks such as mobile phone technology, mobile money, digital currencies, to send money, distributed ledgers, electronic identities, and other uses. In both sender and receiver countries, the adoption of Digital Remittance Market is expected to minimize reliance on cash agents, which is now contributing to the maintenance of high transaction costs. Many of the risks, stumbling blocks, and expenses connected with security are also projected to be reduced with KYC. As a result, banks and money transfer providers leverage digital technology to offer remittance services at far lower pricing than traditional over-the-counter services, resulting in greater adoption of Digital Remittance Market in the area.
North America is the world's largest Digital Remittance Market, accounting for more than a quarter of all revenue. Many people migrate to North America in search of higher education, employment opportunities, and business opportunities. New opportunities for Digital Remittance Market service providers are projected to rise as the region's immigrant population grows. Furthermore, as a result of the introduction of various payment applications, the trend of speedier money transmission has gained pace in the North American market.
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Digital Remittance Market to Reach Valuation of USD 39.8 Billion by 2028 - The Adoption of Digitalization is Expected to Open the Door to Drive the Global Digital Remittance Market Growth
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