Published on : Mar 08, 2017
Albany, New York, March 8, 2017: People have always crossed boundaries for better job opportunities and it has never been truer than in today’s global workplace. There are millions of people presently working abroad that have caused the global remittance market to boom rapidly. A latest research report titled “Global Remittance Market: Industry Analysis & Outlook” has been added on the online repository of Market Research Hub. This report provides a professional and in-depth analysis of the global remittance market, along with the study of top remittance receiving and contributing regions. It also includes a detailed description of regional markets, major trends, growth drivers as well as hindrances faced by the major industry players in the market.
Firstly, the report provides a basic outline of the global remittance market which includes introduction, types of remittance services, remittance marketplace, and remittance market value chain. Remittance is a money transfer made by a foreign worker back to its home country. The remittance industry market adds to the economic growth of the countries taking part in the practice as well as to the livelihood of the individuals involved. Growth drivers of global remittance market are increasing international migration, accelerating economic growth, growing urbanization and rising employment opportunities. The market is stalled by de-risking in the industry and access points establishment. Issues such as unstable remittance cost, changing technological landscape, increased access to financial services, advancement in technology and maturing of immigrant communities are discussed.
The global remittance market thoroughly analyzed and factors like global remittance inflow, global average remittance cost by region, global average cost by remittance service provider are discussed. By regions, the market is segregated into East Asia, pacific region, Europe, central Asia region, Latin America, Caribbean region, Middle East, North Africa region, South Asia region and Sub Saharan Africa region. On the basis of income, market is divided into low and middle income countries. The report further illustrates largest remittance receiving countries which are as follows:
Countries, which are largest remittance contributors in the market are as follows;
- The US
- Saudi Arabia
With an extensive five-year forecast period of 2015-2020, the report provides an in-depth analysis of factors like remittances as a percent of GDP, urban population growth and GDP growth for various countries.
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The global remittance market industry has a few large players such as MoneyGram International Inc., Euronet Worldwide Inc. and Western Union Company. All these players operating in the market are illustrated in the report highlighting their financial overview, business overview and business strategies for growth.
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