(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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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.
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.
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.)
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