(MENAFN- Alliance News) The most recent research report on the Bahrain Remittance market [2023-2032] by Report Ocean aims to provide comprehensive details about the Bahrain Remittance, including market perspectives, business practices, trends, and industry potential. This study, which has a detailed presentation over 100+ pages and is supported by tables and visual aids, stands out as a crucial tool for companies and investors looking to gain a thorough understanding of the Market.
The report provides a comprehensive analysis of the Remittance Industry in Bahrain. The report covers an overview and genesis of the industry, market size in terms of revenue.
Its market segmentations include by types of flow, by channels and others. Growth enablers and drivers; challenges and bottlenecks; trends driving adoption trends; regulatory framework; end-user analysis, industry analysis, competitive landscape including competition scenario & Market Share. The report concludes with future market projections of each market segmentation and analyst recommendations.
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Market Overview:
Bahrain Remittance Market is moderately concentrated and in the growth stage. The market includes both formal and informal payment service providers including banks, money transfer operators, mobile wallets, postal networks. The market has been fueled the increasing inflow of expatriates, digitization, e-wallets, increasing internal migration and major government investments. The market has displayed a steady growth in terms of transaction value supported by an increase in both inbound and outbound remittances. The total transaction value expanded displaying a CAGR of close to ~%. This was majorly fueled by a rise in the outbound remittances, which is led by a stronger growth in the employment prospects. Moreover, the rising fuel prices is also a supportive factor for such growth of remittances in the region.
Growth in mobile-based payment channels and cross-border transactions and deduction in remittance transfer time & cost propels the growth of the market.
Adoption of digital remittance is projected to reduce the dependency on cash agents in both the sending and receiving countries, who currently contributes to sustaining high transaction fees.
The three largest immigrants? groups in Bahrain are from India, Bangladesh and Egypt.
Key Trends by Market Segment
By Channel: Inbound remittance in international remittance market has accounted for a significant portion of overall transaction volume owing to inflow of remittance from other countries to Bahrain. The growing number of expatriates from other countries in quest of better employment prospects and higher pay has contributed to the growth of the remittance sector. During 2017, inward remittances accounted for ~% (USD ~million) of total transaction volume.
By Point of Contact: The inbound remittance market is dominated by branch pick-ups and mobile & online transactions equally followed by prepaid cards in terms of remittance transaction volume.
Competitive Landscape
The Bahrain Remittance market is moderately concentrated with majority of the market being captured by MTOs & Banks. Some of the major companies in the market namely Western Union, MoneyGram, Al Barka Bank etc. Major competing parameters for the entities include fees charged, transfer speed, services offered, reach of the service providers, payout networks, and trust value attached, technological advancements, promotional offers and transparency in costs.
Future Outlook
The inbound remittance is expected to showcase a CAGR close to ~% and the outbound remittance is anticipated to showcase a CAGR close to ~% by value of transactions USD ~Mn. The governments infrastructure development operations are likely to enhance job possibilities in the country in the upcoming years. The majority of these positions are likely to be in the countrys flourishing private sector, resulting in a considerable rise in the number of expatriates in the country. This will undoubtedly have a significant impact on rising remittance inflows and outflows, which are highly influenced by the countrys expatriate community. The domestic remittance sector will also see a rise in the future with the increasing digital money transfer company.
(*Note: The historical years and projected period in the report are flexible and can be tailored upon request. Additionally, the scope of the published report is adjustable to meet specific requirements, and customized analyses based on particular geographies or countries can be included as part of the customization.)
Market Analysis
Understanding the dynamics of any sector or market requires a thorough understanding of market analysis. It entails examining a range of variables that have an impact on consumer behavior, market trends, and overall business performance. Market insights provide useful information to businesses and investors through thorough research and data analysis, assisting them in making wise decisions and developing winning strategies.
Findings from both primary and secondary research sources are used in the market research report. It provides a thorough study of the current and future market values, including a thorough competition analysis divided by application, kind, and regional expansion. The research also provides a dashboard review of the markets top-performing industries, using a variety of strategies and analytical techniques to provide insightful information.
The report aims to provide answers to the following key questions:
?Target Market:
?Competitors:
?Product/Service:
?Pricing:
?Distribution Channels:
?Marketing and Advertising:
?Customer Satisfaction:
?Market Size and Growth:
Why you should buy our report?
The market study provides an in-depth examination of the present market environment. The research offers insightful local information that highlights market trends, consumer behavior, and area preferences. The study divides the market into categories based on a number of variables, including location, industry, application, and search intent. The top market players are thoroughly examined in the study, along with their market shares, competitive advantages, and most recent advancements. The paper assesses the COVID-19 pandemics effects on the market and offers insightful information on how the crisis has changed trends, user behavior, and market dynamics.
About Report Ocean:
Report Ocean is a renowned provider of market research reports, offering high-quality insights to clients in various industries. Their goal is to assist clients in achieving their top line and bottom line objectives, thereby enhancing their market share in today's competitive environment. As a trusted source for innovative market research reports, Report Ocean serves as a comprehensive solution for individuals, organizations, and industries seeking valuable market intelligence.
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