Published On : 12 Oct 2018
Remittance refers to the act of sending money by immigrants to their home countries. The billion-dollar market is largely associated with the numbers of migrants working in foreign countries for their livelihoods and has been expanding at an excellent pace over the years. Remittance incomes account for a sizeable share of the GDPs of developing and under-developed countries. With a vast rise in immigration activities across the globe, some triggered by political upheavals and disharmony, some triggered by lack of good employment opportunities, while some by necessary business-related immigration, the global market for remittance is expected to expand at a promising pace in the next few years.
Noted below are some of the leading trends observes in the global remittance market in the past few years:
Rising Migration Population and Decreasing Remittance Costs Drive Market
The global market for remittance is likely to exhibit a promising growth prospect in the near future owing to the vast rise in numbers of international migrants in the past few years, rising disposable incomes globally, and decreasing costs of remittance transactions. Steady improvement of economies due to rising industrialization and the rapid pace of urbanization across a number of regions globally are allowing for rising numbers of job prospects for immigrants in industries such as construction, infrastructure development, healthcare, and public services. These are also working well for the global remittance market by leading to an increase in demand for foreign money transfer services and solutions.
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North America and Middle East Remain Leading Markets
Over the years, immigrants have mostly moved to countries across regions such as North America, Europe, and Middle East for job prospects. These regions continue to remain the leading contributors of job prospects for immigrants and have a well-established remittance infrastructure. As jobs abound in industries such as power, oil and gas, and construction and infrastructure development in these regions in present times as well, the demand for effective remittance services is likely to continue to remain strong. These regions feature a number of leading companies operating in the remittance sector, including Western Union and MoneyGram.
In terms of inflow, emerging economies across regions such as Asia Pacific, Africa, and Latin America, are the leading receivers. As such, the remittance market in these regions is also well established and continues to be driven at an impressive pace. Due to recent economic crisis, the remittance market in Europe has been struggling to recover and is likely to witness sluggish growth in the next few years as well. Remittance inflows in the region have also decreased over the years and the region continues to take a step back in the global market.
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