View Report Details Global Remittance Market ----------------------------------------------------2014
View Report Details Executive Summary Remittance is defined as transfer of money by a person who resides in a foreign country to his or her home country. Remittance industry contributes to economic growth and livelihoods of people across the world. In most of the developing countries, money sent by foreign migrants to their home countries constitutes the second largest financial inflow to the respective nations. Furthermore, in the money receiving countries, remittance industry promotes further economic dependence on the global economy instead of building sustainable local economies. Remittance channel is collectively comprised of a sender, a recipient, intermediaries in both countries and the payment interface used by the intermediaries. The remittance system encompasses the following components: Remittance Service Providers (RSP), Remittance Corridors, Remittance Network and, Money Transfer System. Remittance Services are divided primarily on the basis of ways a network of access points is created and linked. There are broadly four categories: unilateral services, franchised services, negotiated services, and open services. The key factors driving growth of the global remittance industry include rising employed and urban population, ameliorating global economic development, and unceasingly climbing migrant population. Some of the noteworthy developments of this industry include unstable remittance cost, the impact of remittance on health, education and poverty, wide portfolio of remittance services and correlation between remittance and foreign exchange rates. Also, the number of electronic payment service providers that offer over-the-counterpayments, mobile money payment and payment cards have increased rapidly. However, the growth of remittance industry is hindered by the difficulty in establishment of access points, tax regulations and strict regulatory compliances along with the lack of transparency and understanding. This report offers a comprehensive analysis of the global remittance market, along with an in-depth study of top remittance receiving and contributing countries. The report also includes detailed description of regional markets. The competition in the respective market is highly diversified and fragmented. Some of the major players are Western Union Company, MoneyGram International Inc (MGI) and Euronet Worldwide Inc, among others. The competitive landscape of the global remittance markets, along with the company profiles of the leading players are also discussed in detail. By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.
The remittance system encompasses the following components: Remittance Service Providers (RSP), Remittance Corridors, Remittance Network and Money Transfer System.
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Remittance Flow to Low Income Countries (2009-2015E)
Almost 36 countries out of 214 countries are classified as low income countries, which include Afghanistan, Cambodia, Bangladesh and Nepal among others. A majority of the low income countries are a part of Sub-Saharan African region.
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The total remittance flow to the middle income group countries is expected to reach US$... billion at the end of 2014. This is expected to display an incline of ..%, compared to US$... billion in the prior year. Furthermore, the same is expected to grow at a CAGR of …% during the period spanning 2009 to 2014.
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Representing an increase of …%, the remittance flow to high income countries is expected to be recorded at US$.. billion by the end of year 2014, compared to US$... billion in 2013. However, the growth of this segment is expected to be reported at a CAGR of …% during the period spanning 2009 to 2014.
Remittance Flow to High Income Countries (2009-2015E)
Remittance Flow to Middle Income Countries (2009-2015E)
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Remittance Services are broadly four categories: unilateral services, franchised services, negotiated services and open services.
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Remittance Flow to Developing Countries (2009-2015E)
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Low and middle income economies are basically represented by the developing countries thereby making the developing countries the main source of emigrants. The remittance flow to the developing countries is expected to grow further to reach US$... billion by the end of 2014. This represents an increase of …%, compared to US$... billion in the prior year.
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The remittance inflow to East Asia and Pacific region is estimated to increase by ….%, to reach US$… billion in 2014, compared to US$... billion during the previous year. The inflow to EAP region is anticipated to increase from US$... billion in 2009 to US$... billion in 2015 thereby reporting the growth at a CAGR of …% during the cited period.
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The remittance flow to the European and Central Asian region increased from US$... billion in 2009 to US$... billion in 2013. This displayed a remarkable incline of …%.
Remittance Flow to Europe and Central Asia Region (2009-2015E)
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Remittance Flow to East Asia and Pacific Region (2009-2015E)
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The key factors driving growth of the global remittance industry include rising employed and urban population, ameliorating global economic development, and unceasingly climbing migrant population. •
India is the highest recipient of global remittance inflow with an estimated remittance inflow of US$... billion by the end of 2013. The same represented an incline of …%, compared to US$... billion in 2012.
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China was the second largest remittance receiving country by the end of 2013. The remittance inflow accounted for US$... billion in the aforementioned year from US$.. billion in 2007, thus, depicting growth at a CAGR of ..%. In addition, the same represented an increase of …%, compared to US$... billion in 2012.
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The remittance flow to the US represented a marginal increase of ….% from US$... billion outflow in 2012, to US$... billion in 2013. Even though, the US remittance market has not touched the pre-recession levels yet, but it is quite stable. The inflow in the US has also inclined to US$... billion, up by …%, compared to US$.. billion in the previous year.
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Remittance Flows in India (2007-2013)
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Remittance Flows in China (2007-2013)
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Remittance Flows in the US (2007-2013)
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Some of the noteworthy developments of this industry include unstable remittance cost, wide portfolio of remittance services and correlation between remittance and foreign exchange rates. Global Remittance Outflow (2007-2013)
The global remittance market has been consistently increasing over the past couple of years. The global remittance inflow increased from US$... billion in 2012 to US$... billion in 2013 thereby representing growth of …%. The increase in the global remittance inflow can be attributed to increase in employment and incomes of migrants drawn by booming economies in the OECD and non-OECD high income countries, a shift from informal channels to formal channels and global economic growth. The growth of the global remittance market has been recorded at a CAGR of …% during the period spanning 2007 to 2013.
Like global remittance inflow, the global remittance outflow is also escalating steadily over the past few years. The global remittance outflow was reported at US$.... billion at the end of 2013. This represented a marginal incline of …%, compared to US$.... billion in the previous year. However, the growth of the global remittance outflow is noted at a CAGR of ….% during the period spanning 2007 to 2013.
The growth of the remittance market is strongly driven by growing international migration. In 2013, international migrants comprised about …% of the world population, compared to …% in 1990. International migrants signify a huge customer base for the worldwide remittance industry. The number of international migrants reached … million by the end of 2013, up by ….%, compared to … million migrants in 2010. The average rate of change in the international migration was computed to be …% for the period spanning 2000-2013 compared to …% of average change for the period 1990-2000.
Note: Market attractiveness is inverse of penetration. Low penetration means high attractiveness and vice-versa
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Global Remittance Inflow (2007-2014E)
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