The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

According to The Business Research Company’s Digital Remittance Global Market Report 2023, The global digital remittance market is expected to grow from $19.06 billion in 2022 to $21.85 billion in 2023 at a compound annual growth rate (CAGR) of 14.6%. The digital remittance market is expected to reach $37.36 billion in 2027 at a CAGR of 14.4%.

North America was the largest region in the digital remittance market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period.

Digital Remittance Market Driver

A rising number of international transactions is expected to propel the growth of the digital remittance market going forward. International money transactions refer to the process by which money is paid directly to a person’s or company’s overseas bank account. One can make international money transfers with the aid of a bank, an international money transfer service, online platforms, or specific agents. Digital remittances can provide quicker and more effective transfers with other money transfer operator developments since they use new money movement networks and, in many cases, avoid correspondent banking movements. For instance, in May 2022, according to the World Bank, a US-based international financial institution, the amount of officially registered money transfers sent to low- and middle-income countries (LMICs) is anticipated to rise by 4.2% in 2022 to $630 billion. Therefore, the rising number of international transactions is driving the growth of the digital remittance market.

View More On The Digital Remittance Market Report 2023 – https://www.thebusinessresearchcompany.com/report/digital-remittance-global-market-report

Digital Remittance Market Trend

The increasing number of food adulteration cases is expected to propel the growth of the food diagnostics market going forward. Food adulteration refers to the process of lowering the quality of food by either including or replacing food substances with hidden alternative components, or by removing some useful components. Food diagnostics is a scientific method for determining the content and quality of food products that are used to detect food adulteration, which occurs when inferior or hazardous ingredients are added to food items. Hence, the increasing number of food adulteration cases increases the demand for food diagnostics. For instance, in January 2023, according to the Food and Drug Administration, a US-based intergovernmental organization, experts estimated that food fraud affects 1% of the global food sector and costs $10-$15 billion per year, though other more recent expert estimates put the cost as high as $40 billion per year. Therefore, the increasing number of food adulteration cases is driving the growth of the food diagnostics market.

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The global digital remittance market is segmented –

1) By Type: Inward Digital Remittance, Outward Digital Remittance

2) By Channel: Banks, Money Transfer Operators, Online Platforms, Other Channels

3) By End Use: Migrant Labor Workforce, Individual, Small Businesses, Other End Uses

The Digital Remittance Global Market Report 2023  provides comprehensive insights on the digital remittance market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the digital remittance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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