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Remittance Software Market 2025 – Global Analysis and Forecasts by Software (Web-based, and App based); Deployment Type (Cloud, and On-premise); & Application (Personal Remittance, Business Remittance, Public Services Remittance)

Publication Month: Mar 2018 | No. of Pages: 163 | Report Code: TIPTE100000862 | Category: Technology, Media and Telecomunications | Status: Published
       
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  • Global remittance software market is expected to grow from US$ 1279.64 Mn in 2017 to US$ 3323.41 Mn by 2025 at a CAGR of 12.7% during the forecast period.

    Remittance software is a money transfer software which provides online transfer of money by the use of, online portal, money transfer app, and mobile phone apps. In addition to this, the entry of mobile based money transfer online players has put the remittance market dynamics into an interesting situation. The banking industry had already established their own remittance system but lack of availability of these banks or their networks in the remote areas of developing countries has left large scopes for improvement in the remittance services industry. As a result, there has been a marked rise in the awareness amongst the masses about the various available modes for money transfers. The market for remittance software is highly fragmented market with the top ten companies accounting for approximately 20% of the market share.

    APAC is largest adopter of remittance software, followed by North America and South America region. This is attributable to growing numbers of migrants across border and increasing technological trends is anticipated to be the fastest growing region in terms of remittance software market.

    The report focuses on an in-depth segmentation of this market based by software, by deployment type, and by application. The geographic segmentation of the report covers five major regions including; North Americas, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America (SAM). The regional market has been further bifurcated by respective countries. By application segment personal remittance software accounted for the largest market share and highest market growth in 2017; whereas, APAC region is expected to grow at the highest CAGR during the forecast period.

    The report aims to provide an overview of global remittance software market with detailed market segmentation. Also, it analyzes the current remittance software market scenario and forecasts the market till 2025. The report covers market dynamics effecting the market during the forecast period. Furthermore, the report analyzes the competitive scenario, geographic trends, and opportunities in the markets with respect to all geographic regions. The report also includes the detailed company profiles of the key players in the market along with their market strategies. The report also provides PEST analysis of all five regions along with the SWOT analysis for all company profiled in the report.

    Rapidly growing economies in Asia-Pacific (APAC) with significant growth smartphone users and digitalization across countries will pave the path for increasing adoption and propel the market for remittance software market. The Asia-Pacific region is expected to lead the market with highest CAGR during the forecast period.

    Some of the key players of remittance software market include Remit One Ltd., Remit Anywhere, FinCode Ltd., MTS, Girmiti Software Private Limited, Grey Systems, ControlBox Corp. NextGen Systems UK Limited, Fiserv, Inc., and Daemon Software among others.

    1 Table of Contents 2
    1.1 List of Tables 9
    1.2 List of Figures 11

    2 Introduction 14
    2.1 Scope of the Study 14
    2.2 The Insight Partners Research Report Guidance 14

    3 Key Takeaways 16

    4 Market Landscape 19
    4.1 Market Overview 19
    4.2 Market Segmentation 21
    4.2.1 Global Remittance Software Market – By Software 22
    4.2.2 Global Remittance Software Market – By Deployment Type 23
    4.2.3 Global Remittance Software Market – By Application 23
    4.2.4 Global Remittance Software Market – By Geography 23
    4.3 PEST Analysis 25
    4.3.1 North America PEST Analysis 25
    4.3.2 Europe PEST Analysis 27
    4.3.3 Asia Pacific PEST Analysis 30
    4.3.4 Middle East & Africa PEST Analysis 33
    4.3.5 South America PEST Analysis 36

    5 Global Remittance Software Market – Key Industry Dynamics 38
    5.1 Key Market Drivers 38
    5.1.1 Proliferation in Adoption of Mobile App based Remittance Service 38
    5.1.2 Increasing Number of Migrants 39
    5.1.3 Decline in Remittance Cost 39
    5.2 Key Market Restraints 40
    5.2.1 Limited Money Distribution Methods 40
    5.2.2 Cyber Security Concern 40
    5.3 Key Market Opporunities 41
    5.3.1 Emergence of New Technologies 41
    5.3.2 Focusing on Customer Experience 41
    5.4 Future Trends 41
    5.4.1 Emerging Economies Gain More Prominence 42
    5.5 Impact Analysis of Drivers and Restraints 43

    6 Remittance Software Market – Global 44
    6.1 Global Remittance Software Market Overview 44
    6.2 Global Remittance Software Market Forecast and Analysis 45

    7 Global Remittance Software Market Analysis – By Software 46
    7.1 Overview 46
    7.2 Web-Based Software 47
    7.2.1 Overview 47
    7.2.2 Global Web-Based Software Market Revenue and Forecasts to 2025 (US$ Mn) 47
    7.3 Application Based Software 49
    7.3.1 Overview 49
    7.3.2 Global Application Based Software Market Revenue and Forecasts to 2025 (US$ Mn) 49

    8 Global Remittance Software Market Analysis – By Deployment Type 51
    8.1 Overview 51
    8.2 On-Premise Deployment Type 52
    8.2.1 Overview 52
    8.2.2 Global On-Premise Deployment Market Revenue and Forecasts to 2025 (US$ Mn) 52
    8.3 Cloud Deployment Type 53
    8.3.1 Overview 53
    8.3.2 Global Cloud Deployment Market Revenue and Forecasts to 2025 (US$ Mn) 53

    9 Global Remittance Software Market Analysis – By Application 55
    9.1 Overview 55
    9.2 Personal Remittance Software 56
    9.2.1 Overview 56
    9.2.2 Global Personal Remittance Software Market Revenue and Forecasts to 2025 (US$ Mn) 56
    9.3 Business Remittance Software 57
    9.3.1 Overview 57
    9.3.2 Global Business Remittance Software Market Revenue and Forecasts to 2025 (US$ Mn) 57
    9.4 Public Remittance Software 58
    9.4.1 Overview 58
    9.4.2 Global Public Remittance Software Market Revenue and Forecasts to 2025 (US$ Mn) 58

    10 Global Remittance Software Market – Geographical Analysis 59
    10.1 Overview 59
    10.2 North America Remittance Software Market Revenue and Forecasts to 2025 60
    10.2.1 Overview 60
    10.2.2 North America Remittance Software Market Revenue and Forecasts to 2025 (US$ Mn) 61
    10.2.3 North America Remittance Software Market Breakdown by Key Countries 62
    10.2.3.1 U.S. Remittance Software Market Revenue and Forecasts to 2025 (US$ Mn) 63
    10.2.3.2 Canada Remittance Software Market Revenue and Forecasts to 2025 (US$ Mn) 64
    10.2.3.3 Mexico Remittance Software Market Revenue and Forecasts to 2025 (US$ Mn) 65
    10.2.4 North America Remittance Software Market Breakdown by Software 66
    10.2.5 North America Remittance Software Market Breakdown by Deployment Type 67
    10.2.6 North America Remittance Software Market Breakdown by Application 68
    10.3 Europe Remittance Software Market Revenue and Forecasts to 2025 70
    10.3.1 Overview 70
    10.3.2 Europe Remittance Software Market Revenue and Forecasts to 2025 (US$ Mn) 71
    10.3.3 Europe Remittance Software Market Breakdown by Key Countries 72
    10.3.3.1 France Remittance Software Market Revenue and Forecasts to 2025 (US$ Mn) 73
    10.3.3.2 Germany Remittance Software Market Revenue and Forecasts to 2025 (US$ Mn) 74
    10.3.3.3 Italy Remittance Software Market Revenue and Forecasts to 2025 (US$ Mn) 75
    10.3.3.4 Spain Remittance Software Market Revenue and Forecasts to 2025 (US$ Mn) 76
    10.3.3.5 UK Remittance Software Market Revenue and Forecasts to 2025 (US$ Mn) 77
    10.3.3.6 Rest of Europe Remittance Software Market Revenue and Forecasts to 2025 (US$ Mn) 78
    10.3.4 Europe Remittance Software Market Breakdown by Software 79
    10.3.5 Europe Remittance Software Market Breakdown by Deployment Type 80
    10.3.6 Europe Remittance Software Market Breakdown by Application 81
    10.4 Asia Pacific (APAC) Remittance Software Market Revenue and Forecasts to 2025 83
    10.4.1 Overview 83
    10.4.2 Asia Pacific Remittance Software Market Revenue and Forecasts to 2025 (US$ Mn) 84
    10.4.3 Asia Pacific Remittance Software Market Breakdown by Key Countries 85
    10.4.3.1 Japan Remittance Software Market Revenue and Forecasts to 2025 (US$ Mn) 86
    10.4.3.2 China Remittance Software Market Revenue and Forecasts to 2025 (US$ Mn) 87
    10.4.3.3 India Remittance Software Market Revenue and Forecasts to 2025 (US$ Mn) 88
    10.4.3.4 Australia Remittance Software Market Revenue and Forecasts to 2025 (US$ Mn) 89
    10.4.3.5 Rest of APAC Remittance Software Market Revenue and Forecasts to 2025 (US$ Mn) 90
    10.4.4 Asia Pacific Remittance Software Market Breakdown by Software 91
    10.4.5 Asia Pacific Remittance Software Market Breakdown by Deployment Type 92
    10.4.6 Asia Pacific Remittance Software Market Breakdown by Application 93
    10.5 Middle East & Africa (MEA) Remittance Software Market Revenue and Forecasts to 2025 95
    10.5.1 Overview 95
    10.5.2 Middle East & Africa Remittance Software Market Revenue and Forecasts to 2025 (US$ Mn) 96
    10.5.3 Middle East & Africa Remittance Software Market Breakdown by Key Countries 97
    10.5.3.1 Saudi Arabia Remittance Software Market Revenue and Forecasts to 2025 (US$ Mn) 98
    10.5.3.2 UAE Remittance Software Market Revenue and Forecasts to 2025 (US$ Mn) 99
    10.5.3.3 South Africa Remittance Software Market Revenue and Forecasts to 2025 (US$ Mn) 100
    10.5.4 Middle East and Africa Remittance Software Market Breakdown by Software 101
    10.5.5 Middle East and Africa Remittance Software Market Breakdown by Deployment Type 102
    10.5.6 Middle East and Africa Remittance Software Market Breakdown by Application 103
    10.6 South America Remittance Software Market Revenue and Forecasts to 2025 105
    10.6.1 Overview 105
    10.6.2 South America Remittance Software Market Revenue and Forecasts to 2025 (US$ Mn) 105
    10.6.3 South America Remittance Software Market Breakdown by Key Countries 107
    10.6.3.1 Brazil Remittance Software Market Revenue and Forecasts to 2025 (US$ Mn) 108
    10.6.4 South America Remittance Software Market Breakdown by Software 109
    10.6.5 South America Remittance Software Market Breakdown by Deployment Type 110
    10.6.6 South America Remittance Software Market Breakdown by Application 111

    11 Industry Landscape 113
    11.1 Market Initiatives 113
    11.2 Merger & Acquisitions 115
    11.3 Investment Scenario 116

    12 Competitive Landscape 117
    12.1 Competitive Product Mapping 117
    12.2 Market Positioning – Global Top 5 Players Ranking 119

    13 Global Remittance Software Market – Key Company Profiles 120
    13.1 ControlBox Corp. 120
    13.1.1 Key Facts 120
    13.1.2 Business Description 120
    13.1.3 Financial Overview 121
    13.1.4 SWOT Analysis 121
    13.1.5 Key Developments 122
    13.2 Daemon Enterprise Private Limited 123
    13.2.1 Key Facts 123
    13.2.2 Business Description 123
    13.2.3 Financial Overview 124
    13.2.4 SWOT Analysis 124
    13.2.5 Key Developments 125
    13.3 FinCode Ltd. 126
    13.3.1 Key Facts 126
    13.3.2 Business Description 126
    13.3.3 Financial Overview 127
    13.3.4 SWOT Analysis 127
    13.3.5 Key Developments 129
    13.4 Fiserv, Inc. 130
    13.4.1 Key Facts 130
    13.4.2 Business Description 130
    13.4.3 Financial Overview 131
    13.4.4 SWOT Analysis 132
    13.4.5 Key Developments 134
    13.5 Girmiti Software Pvt. Ltd. 135
    13.5.1 Key Facts 135
    13.5.2 Business Description 135
    13.5.3 Financial Overview 135
    13.5.4 SWOT Analysis 136
    13.5.5 Key Developments 137
    13.6 Grey Systems 138
    13.6.1 Key Facts 138
    13.6.2 Business Description 138
    13.6.3 Financial Overview 138
    13.6.4 SWOT Analysis 139
    13.6.5 Key Developments 140
    13.7 White Wings Technologies (MTS) 141
    13.7.1 Key Facts 141
    13.7.2 Business Description 141
    13.7.3 Financial Overview 141
    13.7.4 SWOT Analysis 142
    13.7.5 Key Developments 143
    13.8 Xoom (PayPal Holdings, Inc.) 144
    13.8.1 Key Facts 144
    13.8.2 Business Description 144
    13.8.3 Financial Overview 145
    13.8.4 SWOT Analysis 146
    13.8.5 Key Developments 148
    13.9 RemitOne Ltd 149
    13.9.1 Key Facts 149
    13.9.2 Business Description 149
    13.9.3 Financial Overview 150
    13.9.4 SWOT Analysis 150
    13.9.5 Key Developments 151
    13.1 World Remit 153
    13.10.1 Key Facts 153
    13.10.2 Business Description 153
    13.10.3 Financial Overview 153
    13.10.4 SWOT Analysis 154
    13.10.5 Key Developments 155

    14 Appendix 157
    14.1 About The Insight Partners 157
    14.2 Glossary of Terms 158
    14.3 Methodology 160
    14.3.1 Coverage 160
    14.3.2 Secondary Research 160
    14.3.3 Primary Research 161
    14.4 Contact Us 162
    14.5 Disclaimer 162

    1.1 List of Tables

    Table 1: Global Remittance Software Market Revenue and Forecasts to 2025 (US$ Bn) 45
    Table 2: North America Remittance Software Market Revenue and Forecasts to 2025 – By Software (US$ Mn) 66
    Table 3: North America Remittance Software Market Revenue and Forecasts to 2025 – By Deployment Type (US$ Mn) 67
    Table 4: North America Remittance Software Market Revenue and Forecasts to 2025 – By Application (US$ Mn) 69
    Table 5: Europe Remittance Software Market Revenue and Forecasts to 2025 – By Software (US$ Mn) 79
    Table 6: Europe Remittance Software Market Revenue and Forecasts to 2025 – By Deployment Type (US$ Mn) 80
    Table 7: Europe Remittance Software Market Revenue and Forecasts to 2025 – By Application (US$ Mn) 81
    Table 8: Asia Pacific Remittance Software Market Revenue and Forecasts to 2025 – By Software (US$ Mn) 91
    Table 9: Asia Pacific Remittance Software Market Revenue and Forecasts to 2025 – By Deployment Type (US$ Mn) 92
    Table 10: Asia Pacific Remittance Software Market Revenue and Forecasts to 2025 – By Application (US$ Mn) 94
    Table 11: Middle East and Africa Remittance Software Market Revenue and Forecasts to 2025 – By Software (US$ Mn) 101
    Table 12: Middle East and Africa Remittance Software Market Revenue and Forecasts to 2025 – By Deployment Type (US$ Mn) 102
    Table 13: Middle East and Africa Remittance Software Market Revenue and Forecasts to 2025 – By Application (US$ Mn) 104
    Table 14: South America Remittance Software Market Revenue and Forecasts to 2025 – By Software (US$ Mn) 109
    Table 15: South America Remittance Software Market Revenue and Forecasts to 2025 – By Deployment Type (US$ Mn) 110
    Table 16: South America Remittance Software Market Revenue and Forecasts to 2025 – By Application (US$ Mn) 112
    Table 17: Glossary of Terms, Remittance Software Market 158

    1.2 List of Figures

    Figure 1: Remittance Software Market, South America Revenue for App based Software (US$ Mn), 2017 & 2025 17
    Figure 2: APAC Remittance Software Market, Global Revenue (US$ Mn), 2016 & 2025 18
    Figure 3: Remittance Software Market Segmentation 21
    Figure 4: Remittance Software Market Segmentation 22
    Figure 6: North America PEST Analysis 25
    Figure 7: Europe PEST Analysis 27
    Figure 8: APAC PEST Analysis 30
    Figure 9: MEA PEST Analysis 33
    Figure 10: SAM PEST Analysis 36
    Figure 10: Remittance Software Market Impact Analysis of Driver and Restraints 43
    Figure 11: Global Remittance Software Market 44
    Figure 12: Global Remittance Software Market Breakdown By Software, 2017 & 2025 (%) 46
    Figure 13: Global Web-Based Software Market Revenue and Forecasts to 2025 (US$ Mn) 48
    Figure 14: Global Application Based Software Market Revenue and Forecasts to 2025 (US$ Mn) 50
    Figure 15: Global Remittance Software Market Breakdown By Deployment Type, 2017 & 2025 (%) 51
    Figure 16: Global On-Premise Deployment Market Revenue and Forecasts to 2025 (US$ Mn) 52
    Figure 17: Global Cloud Deployment Type Market Revenue and Forecasts to 2025 (US$ Mn) 54
    Figure 18: Global Remittance Software Market Breakdown By Application, 2017 & 2025 (%) 55
    Figure 19: Global Personal Remittance Software Market Revenue and Forecasts to 2025 (US$ Mn) 56
    Figure 20: Global Business Remittance Software Market Revenue and Forecasts to 2025 (US$ Mn) 57
    Figure 21: Global Public Remittance Software Market Revenue and Forecasts to 2025 (US$ Mn) 58
    Figure 22: Remittance Software Market, Global Breakdown by Regions, 2017 & 2025 (%) 59
    Figure 23: North America Remittance Software Market Revenue and Forecasts to 2025 (US$ Mn) 61
    Figure 24: North America Remittance Software Market Breakdown by Key Countries, 2017 & 2025 (%) 62
    Figure 25: U.S. Remittance Software Market Revenue and Forecasts to 2025 (US$ Mn) 63
    Figure 26: Canada Remittance Software Market Revenue and Forecasts to 2025 (US$ Mn) 64
    Figure 27: Mexico Remittance Software Market Revenue and Forecasts to 2025 (US$ Mn) 65
    Figure 28: North America Remittance Software Market Breakdown by Software, 2017 & 2025 (%) 66
    Figure 29: North America Remittance Software Market Breakdown by Deployment Type, 2017 & 2025 (%) 67
    Figure 30: North America Remittance Software Market Breakdown by Application, 2017 & 2025 (%) 68
    Figure 31: Europe Remittance Software Market Revenue and Forecasts to 2025 (US$ Mn) 71
    Figure 32: Europe Remittance Software Market Breakdown by Key Countries, 2017 & 2025 (%) 72
    Figure 33: France Remittance Software Market Revenue and Forecasts to 2025 (US$ Mn) 73
    Figure 34: Germany Remittance Software Market Revenue and Forecasts to 2025 (US$ Mn) 74
    Figure 35: Italy Remittance Software Market Revenue and Forecasts to 2025 (US$ Mn) 75
    Figure 36: Spain Remittance Software Market Revenue and Forecasts to 2025 (US$ Mn) 76
    Figure 37: UK Remittance Software Market Revenue and Forecasts to 2025 (US$ Mn) 77
    Figure 38: Rest of Europe Remittance Software Market Revenue and Forecasts to 2025 (US$ Mn) 78
    Figure 39: Europe Remittance Software Market Breakdown by Software, 2017 & 2025 (%) 79
    Figure 40: Europe Remittance Software Market Breakdown by Deployment Type, 2017 & 2025 (%) 80
    Figure 41: Europe Remittance Software Market Breakdown by Application, 2017 & 2025 (%) 81
    Figure 42: Asia Pacific Remittance Software Market Revenue and Forecasts to 2025 (US$ Mn) 84
    Figure 43: Asia Pacific Remittance Software Market Breakdown by Key Countries, 2017 & 2025 (%) 85
    Figure 44: Japan Remittance Software Market Revenue and Forecasts to 2025 (US$ Mn) 86
    Figure 45: China Remittance Software Market Revenue and Forecasts to 2025 (US$ Mn) 87
    Figure 46: India Remittance Software Market Revenue and Forecasts to 2025 (US$ Mn) 88
    Figure 47: Australia Remittance Software Market Revenue and Forecasts to 2025 (US$ Mn) 89
    Figure 48: Rest of APAC Remittance Software Market Revenue and Forecasts to 2025 (US$ Mn) 90
    Figure 49: Asia Pacific Remittance Software Market Breakdown by Software, 2017 & 2025 (%) 91
    Figure 50: Asia Pacific Remittance Software Market Breakdown by Deployment Type, 2017 & 2025 (%) 92
    Figure 51: Asia Pacific Remittance Software Market Breakdown by Application, 2017 & 2025 (%) 93
    Figure 52: Middle East & Africa Remittance Software Market Revenue and Forecasts to 2025 (US$ Mn) 96
    Figure 53: Middle East & Africa Remittance Software Market Breakdown by Key Countries, 2017 & 2025 (%) 97
    Figure 54: Saudi Arabia Remittance Software Market Revenue and Forecasts to 2025 (US$ Mn) 98
    Figure 55: UAE Remittance Software Market Revenue and Forecasts to 2025 (US$ Mn) 99
    Figure 56: South Africa Remittance Software Market Revenue and Forecasts to 2025 (US$ Mn) 100
    Figure 57: Middle East and Africa Remittance Software Market Breakdown by Software, 2017 & 2025 (%) 101
    Figure 58: Middle East and Africa Remittance Software Market Breakdown by Deployment Type, 2017 & 2025 (%) 102
    Figure 59: Middle East and Africa Remittance Software Market Breakdown by Application, 2017 & 2025 (%) 103
    Figure 60: South America Remittance Software Market Revenue and Forecasts to 2025 (US$ Mn) 106
    Figure 61: South America Remittance Software Market Breakdown by Key Countries, 2017 & 2025 (%) 107
    Figure 62: Brazil Remittance Software Market Revenue and Forecasts to 2025 (US$ Mn) 108
    Figure 63: South America Remittance Software Market Breakdown by Software, 2017 & 2025 (%) 109
    Figure 64: South America Remittance Software Market Breakdown by Deployment Type, 2017 & 2025 (%) 110
    Figure 65: South America Remittance Software Market Breakdown by Application, 2017 & 2025 (%) 111

    List Companies

    1. Remit One Ltd.
    2. Remit Anywhere
    3. FinCode Ltd.
    4. MTS
    5. Girmiti Software Private Limited
    6. Grey Systems
    7. ControlBox Corp
    8. NextGen Systems UK Limited
    9. Fiserv, Inc.
    10. Daemon Software.

    - Highlights key business priorities in order to assist companies to realign their business strategies.

    - The key findings and recommendations highlight crucial progressive industry trends in the remittance software market, thereby allowing players to develop effective long term strategies.

    - Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.

    - Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.

    - Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.