Allied Market Research published a report, titled, "Money Transfer Agencies Market by Service Type (Money Transfer and Currency Exchange), and End User (Business and Individual): Global Opportunity Analysis and Industry Forecast, 2023–2032". According to the report, the global money transfer agencies industry generated $14.9 billion in 2022 and is anticipated to generate $65.9 billion by 2032, witnessing a CAGR of 16.2% from 2023 to 2032.
Prime determinants of growth
The growth in digitalization in the financial sector is driving the demand for the money transfer agencies market. In addition, the integration of blockchain and cryptocurrency is expected to fuel the growth of the market in upcoming years. Furthermore, increasing demand for cross-border transactions is propelling the growth of the market.
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The money transfer segment is projected to maintain its dominance throughout the forecast period.
By service type, the money transfer segment held the highest market share in 2022, accounting for more than two-thirds of the global money transfer agencies' market revenue, and is estimated to maintain its dominance throughout the forecast period, as customers are seeking faster cross-border transactions, and money transfer agencies are responding with real-time or instant transfer options to meet this demand. In addition, transparency in fee structures and exchange rates is a key customer expectation. However, the currency exchange segment is projected to manifest the highest CAGR of 16.2% from 2023 to 2032, as money transfer agencies are increasingly offering digital currency exchange services through online platforms and mobile apps, enabling customers to convert currencies conveniently and quickly.
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The individual segment is projected to maintain its leadership status throughout the forecast period
By end user, the individual segment held the highest market share in 2022, accounting for more than two-fifths of the global money transfer agencies market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to many money transfer agencies are integrating with popular mobile wallet services, enabling users to receive funds directly into their digital wallets.
North America is expected to maintain its dominance by 2032
By region, North America held the highest market share in terms of revenue in 2021, accounting for more than one-third of the global money transfer agencies market revenue, as various people in North America use money transfer agencies to send funds to family members and friends in other countries. These agencies provide a convenient and often cost-effective way to transfer money internationally, which is particularly important for immigrants and expatriates. However, the Asia-Pacific region is expected to witness the fastest CAGR of 19.3% from 2022 to 2032 and is projected to dominate the market during the forecast period. This is attributed to the Asia-Pacific region, where remittances represent a substantial use of money transfer companies. Many people who work overseas send money to their families. A dependable and practical method of facilitating these international transfers is through money transfer companies.
Leading Market Players: -
- Ria Financial Services
- Skrill
- MoneyGram
- SMALL WORLD FINANCIAL SERVICES
- Remitly, Inc.
- Xoom Corporation (Paypal)
- Wise Payments Limited
- WorldRemit
- The Western Union
- XE.com Inc.
The report provides a detailed analysis of key players in the global money transfer agencies market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others, to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the money transfer agencies market analysis from 2022 to 2032 to identify the prevailing money transfer agencies market share.
- Market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the money transfer agencies' market size segmentation assists to determine the prevailing merchant banking services market opportunity.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global money transfer agencies' market trends, key players, market segments, application areas, and market growth strategies.
Money Transfer Agencies Market Report Highlights
Aspects Details
By Service Type
- Money Transfer
- Currency Exchange
By End User
- Individual
- Business
By Region
- North America (U.S., Canada)
- Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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The advancement of technology has enabled various financial institutions to provide a high standard of service in all aspect of banking and financial services.
Customers can use either internet banking or mobile banking to fulfill their banking requirements.
Customers now have access to multiple online fund transfer options like asRia Money Transfer, TransferWise, Payoneer, Western Union, WorldRemit, Money mule, Timeline of PayPal, WebMoney, Moneygram, Electronic funds transfer, Interac e-Transfer, Revolution Money, etc.
Visit: Best Transfer Money to Czech Republic
COVID-19 Impact Analysis on Money Transfer Platforms Market report published by Value Market Research provides a detailed market analysis comprising market size, share, value, growth and trends for the period 2020-2027.
Moreover, this market report also covers regional and country markets in detail.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the money transfer platforms market include Azimo Limited, Global Payments Inc., TransferWise Ltd., ACI Worldwide, Inc., Financial Software & Systems Pvt.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Money Transfer Platforms Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/money-transfer-platforms-market/download-sampleMarket DynamicsThe rising integration of payment platforms in all kinds of business is the primitive market driver for the market growth of money transfer platforms.
Hence, increased demand by consumers all over the globe is expected to fuel the market growth of money transfer platforms.
Also, the increased adoption of smartphones and increasing customer's interest in the paperless transaction is assumed to spur the market growth of money transfer platforms.The research report covers Porter’s Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis.
