Global Remittance Market Report: 2015 Edition
Remittance is defined as transfer of money by an individual residing in foreign country to his/her home country. The monetary fund transferred by foreign migrants to their homes represents second largest financial inflow to the respective nation. Remittance channel is collectively comprised of a sender, a recipient, intermediaries in both countries, and the payment interface used by the intermediaries. In order to ensure greatest security during any money transfer transaction, certain international standards have been set by the World Bank. The remittance system encompasses the following components: Remittance Service Providers (RSP), Remittance Corridors, and Remittance Network and, Money Transfer System. Remittances are playing an increasingly large role in the economies of many countries. They contribute to economic growth and to the livelihoods of less prosperous people.
The key factors driving the growth of the global remittance market are growing urbanization, accelerating economic growth, rising employment population and rapidly increasing international migrant population. Some of the noteworthy trends and developments of this industry are sustainable development goals and financing for development, expanding existing payment system infrastructure for remittances, unstable remittance cost, the impact of remittance on health, education and poverty, wide portfolio of remittance services and electronic transactions on the rise. However, the expansion of global remittance market is hindered by strict regulatory compliances and access points establishment.
The report “Global Remittance Market” provides an in-depth analysis of the global market along with a focus on all major regions. The major trends, growth drivers as well as issues being faced by the industry are being presented in this report. The major players in the industry, Western Union Company, MoneyGram International Inc. (MGI) and Euronet Worldwide Inc. are being profiled.
By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.
The key factors driving the growth of the global remittance market are growing urbanization, accelerating economic growth, rising employment population and rapidly increasing international migrant population. Some of the noteworthy trends and developments of this industry are sustainable development goals and financing for development, expanding existing payment system infrastructure for remittances, unstable remittance cost, the impact of remittance on health, education and poverty, wide portfolio of remittance services and electronic transactions on the rise. However, the expansion of global remittance market is hindered by strict regulatory compliances and access points establishment.
The report “Global Remittance Market” provides an in-depth analysis of the global market along with a focus on all major regions. The major trends, growth drivers as well as issues being faced by the industry are being presented in this report. The major players in the industry, Western Union Company, MoneyGram International Inc. (MGI) and Euronet Worldwide Inc. are being profiled.
By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.
1. OVERVIEW
1.1 Types of Remittance Services
1.2 Remittance Marketplace
1.2.1 Components of Remittance Marketplace
1.3 Remittance Market Value Chain
2. GLOBAL REMITTANCE MARKET
2.1. Remittance Market by Income Characteristics
2.1.1 Low Income Countries
2.1.2 Middle Income Countries
2.1.3 High Income Countries
2.2 Remittances Market by Region
2.2.1 Developing Countries
2.2.2 East Asia and Pacific Region
2.2.3 Europe and Central Asia Region
2.2.4 Latin America and Caribbean Region
2.2.5 Middle East and North Africa Region
2.2.6 South Asia Region
2.2.7 Sub Saharan Africa Region
2.3 Remittances Market by Largest Receiving Countries
2.3.1 India
2.3.2 China
2.3.3 Philippines
2.3.4 Mexico
2.4 Remittances Market by Largest Contributing Countries
2.4.1 The US
2.4.2 Saudi Arabia
2.4.3 Russian Federation
2.4.4 Switzerland
3. MARKET DYNAMICS
3.1 Growth Drivers
3.1.1 Increasing International Migration
3.1.2 Growing Urbanization
3.1.3 Economic Growth
3.1.4 Rising Employment Opportunities
3.2 Trends & Developments
3.2.1 Sustainable Development Goals and Financing for Development
3.2.2 Expanding Existing Payment System Infrastructures for Remittances
3.2.3 Unstable Remittance Cost
3.2.4 Impact of Remittance on Health, Education and Poverty
3.2.5 Wide Portfolio of Remittance Service
3.2.6 Electronic Transactions on Rise
3.3 Challenges
3.3.1 Strict Regulatory Compliances
3.3.2 Access Points Establishment
4. COMPETITIVE LANDSCAPE
4.1 Global Market
5. COMPANY PROFILES
5.1 MoneyGram International, Inc.
5.1.1 Business Overview
5.1.2 Financial Overview
5.1.3. Business Strategies
5.2 The Western Union Company
5.2.1 Business Overview
5.2.2 Financial Overview
5.2.3 Business Strategies
5.3 Euronet Worldwide, Inc.
5.3.1 Business Overview
5.3.2 Financial Overview
5.3.3 Business Strategies
6. MARKET OUTLOOK
6.1 Market Forecast
6.2 Forecast Methodology
6.2.1 Dependent and Independent Variables
6.2.2 Correlation Analysis
6.2.3 Regression Analysis
1.1 Types of Remittance Services
1.2 Remittance Marketplace
1.2.1 Components of Remittance Marketplace
1.3 Remittance Market Value Chain
2. GLOBAL REMITTANCE MARKET
2.1. Remittance Market by Income Characteristics
2.1.1 Low Income Countries
2.1.2 Middle Income Countries
2.1.3 High Income Countries
2.2 Remittances Market by Region
2.2.1 Developing Countries
2.2.2 East Asia and Pacific Region
2.2.3 Europe and Central Asia Region
2.2.4 Latin America and Caribbean Region
2.2.5 Middle East and North Africa Region
2.2.6 South Asia Region
2.2.7 Sub Saharan Africa Region
2.3 Remittances Market by Largest Receiving Countries
2.3.1 India
2.3.2 China
2.3.3 Philippines
2.3.4 Mexico
2.4 Remittances Market by Largest Contributing Countries
2.4.1 The US
2.4.2 Saudi Arabia
2.4.3 Russian Federation
2.4.4 Switzerland
3. MARKET DYNAMICS
3.1 Growth Drivers
3.1.1 Increasing International Migration
3.1.2 Growing Urbanization
3.1.3 Economic Growth
3.1.4 Rising Employment Opportunities
3.2 Trends & Developments
3.2.1 Sustainable Development Goals and Financing for Development
3.2.2 Expanding Existing Payment System Infrastructures for Remittances
3.2.3 Unstable Remittance Cost
3.2.4 Impact of Remittance on Health, Education and Poverty
3.2.5 Wide Portfolio of Remittance Service
3.2.6 Electronic Transactions on Rise
3.3 Challenges
3.3.1 Strict Regulatory Compliances
3.3.2 Access Points Establishment
4. COMPETITIVE LANDSCAPE
4.1 Global Market
5. COMPANY PROFILES
5.1 MoneyGram International, Inc.
5.1.1 Business Overview
5.1.2 Financial Overview
5.1.3. Business Strategies
5.2 The Western Union Company
5.2.1 Business Overview
5.2.2 Financial Overview
5.2.3 Business Strategies
5.3 Euronet Worldwide, Inc.
5.3.1 Business Overview
5.3.2 Financial Overview
5.3.3 Business Strategies
6. MARKET OUTLOOK
6.1 Market Forecast
6.2 Forecast Methodology
6.2.1 Dependent and Independent Variables
6.2.2 Correlation Analysis
6.2.3 Regression Analysis
LIST OF CHARTS
Account-Based Model
Basic Non-Account Based Model
Value Chain: Remittance Industry
Global Remittance Inflow (2008-2015E)
Global Remittance Outflow (2008-2014)
Global Average Cost by Remittance Service Provider (Q113-Q415)
Global Average Remittance Cost by Region (Q12013-Q42015)
Remittance Flow to Low Income Countries (2008-2015E)
Remittance Flow to Middle Income Countries (2008-2015E)
Remittance Flow to High Income Countries (2008-2015E)
Remittance Flow to Developing Countries (2008-2015E)
Remittance Flow to East Asia and Pacific Region (2008-2015E)
Remittance Flow to Europe and Central Asia Region (2008-2015E)
Remittance Flow to Latin America & Caribbean Region (2008-2015E)
Remittance Flow to Middle East and Africa Region (2008-2015E)
Remittance Flow to South Asia Region (2008-2015E)
Remittance Flow to Sub Saharan Africa (2008-2015E)
Top 10 Countries by Largest Remittance Inflow (2015E)
Top 10 Recipients of Migrant Remittances as % of GDP (2014)
Remittance Inflows in India (2008-2015E)
Remittance Inflows in China (2008-2015E)
Remittance Inflow in Philippines (2008-2015E)
Remittance Inflow in Mexico (2008-2015E)
Top 10 Countries by Largest Remittance Outflow (2014)
Remittance Outflow from the US (2008-2014)
Remittance Outflow from Saudi Arabia (2008-2014)
Remittance Outflow from Russian Federation (2008-2014)
Remittance Outflow from Switzerland (2008-2014)
International Migrants Population (2000-2015)
Global Migrants Population by Destination (2014)
Global Urban Population (2007-2014)
Global GDP Growth (2006-2014)
Global Employed Population (2006-2014)
Global Weighted Average for Sending US$200 (Q113-Q315)
Average Cost of Remitting from G20 Countries (Q314)
Availability of Product Type (Q115)
Global Remittance Market Share by Company (2014)
MoneyGram’s Revenue Share by Business Segments (2014)
MoneyGram’s Revenue and Net Income (2010-2014)
Western Union’s Revenue by Business Segments (2014)
Western Union’s Revenue and Net Income (2010-2014)
Euronet’s Revenue Share by Business Segments (2014)
Euronet’s Revenue and Net Income (2010-2014)
Global Remittance Inflow (2014-2018E)
List of Tables
Top 10 Domestic Bank Remittances and Implied Bank Share of the US Remittance Market (2014)
Dependent & Independent Variables (2009–2014)
Correlation Matrix
Model Summary – Coefficient of Determination
Regression Coefficients Output
Account-Based Model
Basic Non-Account Based Model
Value Chain: Remittance Industry
Global Remittance Inflow (2008-2015E)
Global Remittance Outflow (2008-2014)
Global Average Cost by Remittance Service Provider (Q113-Q415)
Global Average Remittance Cost by Region (Q12013-Q42015)
Remittance Flow to Low Income Countries (2008-2015E)
Remittance Flow to Middle Income Countries (2008-2015E)
Remittance Flow to High Income Countries (2008-2015E)
Remittance Flow to Developing Countries (2008-2015E)
Remittance Flow to East Asia and Pacific Region (2008-2015E)
Remittance Flow to Europe and Central Asia Region (2008-2015E)
Remittance Flow to Latin America & Caribbean Region (2008-2015E)
Remittance Flow to Middle East and Africa Region (2008-2015E)
Remittance Flow to South Asia Region (2008-2015E)
Remittance Flow to Sub Saharan Africa (2008-2015E)
Top 10 Countries by Largest Remittance Inflow (2015E)
Top 10 Recipients of Migrant Remittances as % of GDP (2014)
Remittance Inflows in India (2008-2015E)
Remittance Inflows in China (2008-2015E)
Remittance Inflow in Philippines (2008-2015E)
Remittance Inflow in Mexico (2008-2015E)
Top 10 Countries by Largest Remittance Outflow (2014)
Remittance Outflow from the US (2008-2014)
Remittance Outflow from Saudi Arabia (2008-2014)
Remittance Outflow from Russian Federation (2008-2014)
Remittance Outflow from Switzerland (2008-2014)
International Migrants Population (2000-2015)
Global Migrants Population by Destination (2014)
Global Urban Population (2007-2014)
Global GDP Growth (2006-2014)
Global Employed Population (2006-2014)
Global Weighted Average for Sending US$200 (Q113-Q315)
Average Cost of Remitting from G20 Countries (Q314)
Availability of Product Type (Q115)
Global Remittance Market Share by Company (2014)
MoneyGram’s Revenue Share by Business Segments (2014)
MoneyGram’s Revenue and Net Income (2010-2014)
Western Union’s Revenue by Business Segments (2014)
Western Union’s Revenue and Net Income (2010-2014)
Euronet’s Revenue Share by Business Segments (2014)
Euronet’s Revenue and Net Income (2010-2014)
Global Remittance Inflow (2014-2018E)
List of Tables
Top 10 Domestic Bank Remittances and Implied Bank Share of the US Remittance Market (2014)
Dependent & Independent Variables (2009–2014)
Correlation Matrix
Model Summary – Coefficient of Determination
Regression Coefficients Output
