Remittance Software Market will reach $50.8 billion USD by 2023 with 42% CAGR | Remit Anywhere, FinCode, MTS, Girmiti Software Private Limited, Grey Systems, ControlBox Corp, NextGen Systems UK Limited
Remittance Software market is expected to grow US$ 3323.41 Mn by 2025 from US$ 1279.64 Mn in 2017. Cloud deployment model expected to continue its dominance as well as currently almost 61% of the Remittance Software deployments are on the cloud. Cloud models are most preferred by large organizations to store, manage and share efficiently the critical and sensitive data. Lesser investments and easy integration with the systems have made the adoption of the cloud deployment model more attractive among large enterprises.
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1. Remit One Ltd.
2. Remit Anywhere
3. FinCode Ltd.
5. Girmiti Software Private Limited
6. Grey Systems
7. ControlBox Corp
8. NextGen Systems UK Limited
9. Fiserv, Inc.
10. Daemon Software.
Key trend which will predominantly affect the market in coming year is remittance software market is rising due to increasing number of migrants across the globe and smartphones penetration in developing countries. The needs and wants of customer increase each passing day modernization and innovation in traditionally used methods for remittance took place for gaining customer retention and loyalty. The companies that survive in the ecosystem would be on account of innovations and to support the digital workplace. The Remittance Software vendors would be classified in a broader category and be acquired by players who want to add remittance software as feature to their larger platform of technology. In addition to this, the market is highly fragmented market with the top ten companies accounting for approximately 20% of the market share. Less entry barriers to enter the business has favored the influx of many small companies into this business. The existing business models that were the brick-and-mortar stores are anticipated to face huge pressures from digital modes of money transfer. Also, the market saturations in the advanced countries of the world would lead to players tapping opportunities in the Sub-Saharan African regions as well as some of the developing Asian economies.
Remittance Software market by application is segmented into personal remittance software, business remittance software, and public remittance software. The propagation of smart phone across the globe and reduction in remittance cost in recent years are some of the trends contributing to the emerging remittance software market. Almost all the industry verticals are increasingly demanding remittance software capabilities that is less time-consuming mode for money transfer and secured.
The overall market size has been derived using both primary and secondary source. The research process begins with an exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the market. Also, primary interview was conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers and national sales managers, and external consultant such as valuation experts, research analysts and key opinion leaders specializing in the remittance software industry.
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