Asia Pacific Digital Remittance Market: Segmented: By Remittance Type (Inward Digital Remittance and Outward Digital Remittance); By Remittance Channel (Banks, Online Platforms, Money Transfer Operators and Others); By End-use(Personal, Small Businesses, Migrant Labor Workforce and Others];and Regional Analysis of Market Size, Shares & Trends for 2016-2019 and Forecasts to 2030
Asia Pacific digital remittance market is expected to exceed USD 251,792.33 million by 2030 from USD 43,644.67 million in 2019 at a CAGR of 23.73% throughout the forecast period i.e. 2020-2030. The market is anticipated to grow on the back of rising innovating technology.
Remittance is defined as the movement of capital among people in two separate regions, usually by foreign employees to people in their domestic region. Digital remittance is outlined as one of the most influential exemplary solutions that can have the capability to have progressive growth of the domestic and worldwide economy. Some economic circumstances can be controlled from side-to-side banking providing connectivity, uniqueness, and it also consists of knowledgeable solutions. The massive greater part of remittances reaches out to emerging countries, many of which have missing groundwork that would allow digital remittances to solve cost savings for citizens.
Increasing smartphone dissemination, together with the growing number of digital-savvy customers choosing digital remittances, is estimated to push the market over the forecast period. Furthermore, rising internet diffusion has facilitated customers to avail of financial remittance services. Additionally, growth in payment mechanization and digitalization is anticipated to generate growth prospects for the market over the forecast period. Additionally, the rising number of economic refugees moving from emerging economies to evolved economies in search of better job prospects is projected to provide to market growth.
Asia Pacific digital remittance market is segmented by Remittance Type into Inward Digital Remittance and Outward Digital Remittance. Among these, the outward digital remittance segment is estimated to hold the largest market share of xx% in 2019.The rising implementation of mobile payment technology for supply relocation among the refugees in the emerged regions is estimated to upsurge the segment growth in the coming years. This digital remittance type allows secure, quick, and safe transactions and provides optional services to the customers. In addition to this, it provides services to both resident and non-resident customers of the bank.
By Remittance Type (in %), Asia Pacific Digital Remittance Market, 2019
Asia Pacific digital remittance market is segmented by Remittance Channel into Banks, Online Platforms, Money Transfer Operators, and Others. Among these, the money transfer operators’ segment is witnessed to hold the largest market share of xx% in the year 2019, owing to the rising implementation of mobile-based applications and mobile banking, which are brought together by financial organizations and money transfer operators. Also, digitization in the cross-border money transfer industry is predicted to generate growth prospects for mandatory workers. Furthermore, customers are broadly implementing the money transfer operator model as it provides several advantages, such as affordability, clearness, safe and secure operation, and suitability in money transfers.
Asia Pacific digital remittance market is segmented by End-use Industries into Personal, Small Businesses, Migrant Labor Workforce, and Others. Among these, the personal segment is witnessed to hold the largest market share of xx% in the year 2019, based on the huge number of fund relocation transported out by the refugees that are studying abroad. Digital remittance services facilitate customers to put down their cheques pulled out in foreign currencies and payable at foreign centers for crediting to their account. Raised smartphone and internet dissemination across the region is estimated to further boost the segment growth over the forecast period.
Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are estimated to create a substantial setback while reacting to the Covid-19 epidemic and attending ever-changing challenges. The present scenario as an outcome of the eruption of the pandemic will stimulate pharmaceutical dealers and healthcare institutions to enhance their R&D spending in AI, acting as a primary technology for facilitating several ingenuities.
Shortened Transfer Time and Remittance Cost
The rise of the Asia Pacific digital remittance market is primarily boosted by the decreased transfer time and remittance cost. Along with this, hasty implementation of financial and banking services and an increasing number of operations about digitalization are also offering an incentive to the growth of the regional digital remittance market. In the past few decades, various markets have experienced the swift entry of numerous digital remittance workers. Such operators are challenging traditional cash-in-hand suppliers owing to the simplicity in utility and reduced user charges. Furthermore, they provide a digital transfer network that involves an easy-to-handle mobile application to eradicate the requirement for tedious form-filling procedures, codes, and agents. All such USPs are also primarily driving growth in the Asia Pacific digital remittance market.
China to surge at the highest CAGR of xx% during 2020-2030
Region-wise, the market for Asia Pacific digital remittance across the region is segmented into China, Japan, India, Hong Kong, Singapore, Taiwan, Indonesia, and the Rest of Asia Pacific. Among these, China is witnessed to constitute xx% of the total market share in the year 2019, owing to a foremost shift toward digital payment, the market players of China are concentrating on introducing the electronic cross-boundary remittance services. Apart from this, the substantial rise of digital remittance in China based on lesser fees by the remittance service suppliers make the procedure of sending and receiving money much easier than the conventional technique.
Asia Pacific digital remittance market is further segmented by region into:
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