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Money Transfer Agencies
Revolutionizing Finances: Money Transfer Agencies Market Poised to Surge to $65,873.02 Billion by 2032 with a 16.2% CAGR
Some money transfer agencies are exploring blockchain technology and cryptocurrencies like Bitcoin for cross-border transactions.” - Allied Market Research
NEW CASTLE, WILMINGTON, UNITED STATES, April 19, 2024 /EINPresswire / -- 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.
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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.
"The money transfer agencies market has grown significantly in recent years and is expected to boost significantly in upcoming years owing to rising demand for remittance services. Further, as central banks explore CBDCs, money transfer agencies are monitoring developments in this space, as CBDCs could potentially reshape cross-border transactions"
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.
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.
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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 Inc.
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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.
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.
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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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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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