Global Remittance Market bounces back, embraces digitization - Makreo Research

LOS ANGELES - April 6, 2023 - PRLog -- Makreo Research recently released a report on the global remittance market, titled "Global Money Remittance Market Analysis and Forecast (2016-2027)- Impact Assessment of COVID-19 and Russia-Ukraine War". The study delves into various parameters, including market size, segmentation, value chain analysis, and industry cause and effect analysis. The report also includes market dynamics that provide an understanding of industry opportunities, driving forces, major challenges impeding growth, and an analysis of future opportunities that may help market players capitalize on untapped business potential in the specific geography.

The study found that remittance flow declined by only 1.6% in 2020 as compared to 2019, which was significantly less than what had been predicted at the onset of the COVID-19 crisis. India, China, Mexico, the Philippines, and Egypt were the top five remittance recipients in current USD terms in 2021, with remittances to low- and middle-income countries expected to increase by 7.3% in 2021.

The recovery is more substantial than previous projections, and it follows the resilience of remittances in 2020, when despite a harsh global recession caused by COVID-19, remittances fell by only 1.7%. Higher oil prices boosted economic recovery and spurred the surge in remittances from the Gulf Cooperation Council (GCC) countries, which engage over half of South Asia's migrants. Remittances to India increased by 4.6% in 2021.

The report also highlighted the increasing digitization in the remittance market, with digital channels gaining popularity as a medium for remittance payments. However, the revised anticipated growth rates of remittances in Central Asia in 2022 is anticipated to decline due to the war and the heavy reliance of Central Asian countries on Russian remittances. The report further found that the COVID-19 lockdown hindered the business of money transfer operators, underscoring the necessity of digitization in service delivery.

The report found that more students are migrating for higher studies, with the US, Canada, and the UK as top destinations. Internet access has increased to 63% of the world's population. Cryptocurrency is expected to play a significant role in global remittances. DLT-based solutions can reduce inefficiencies and costs in cross-border remittances.

To know more about Global Remittance Industry:-
Global Money Remittance Market Analysis and Forecast (2016-2027)- Impact Assessment of COVID-19 and Russia-Ukraine War (https://www.makreo.com/report/global-money-remittance-mar...)

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