Digital Remittances - North America

  • North America
  • Transaction value in the Digital Remittances market is projected to reach US$47.34bn in 2024.
  • Transaction value is expected to show an annual growth rate (CAGR 2024-2029) of 2.06% resulting in a projected total amount of US$52.43bn by 2029.
  • In the Digital Remittances market, the number of users is expected to amount to 3.94m users by 2029.
  • The average transaction value per user in the Digital Remittances market is expected to amount to US$13.88k in 2024.
  • From a global comparison perspective it is shown that the highest transaction value is reached in the United States (US$42,560.00m in 2024).
Market
Region
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Currency

Transaction Value

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Notes: Data was converted from local currencies using average exchange rates of the respective year.

Most recent update: Dec 2024

Source: Statista Market Insights

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Most recent update: Dec 2024

Source: Statista Market Insights

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Most recent update: Dec 2024

Source: Statista Market Insights

Financial

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This report presents a comprehensive analysis and additional information on the Digital Remittances market, in a PDF format.
Digital Investment: market data & analysis - Background Digital Investment: market data & analysis - Cover

Users

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Most recent update: Dec 2024

Source: Statista Market Insights

Analyst Opinion

Currently, the digital remittances market is experiencing significant growth due to the increasing adoption of digital payment solutions and the rising number of migrants across the world. The COVID-19 pandemic has further accelerated this trend as people are increasingly relying on digital channels to send money to their loved ones, especially in countries where traditional brick-and-mortar remittance channels have been disrupted. Mobile wallets, online money transfer platforms, and blockchain-based solutions are among the popular digital remittance options being adopted by consumers.
The growth in the digital remittances market is being driven by various factors, including the increasing adoption of smartphones and internet connectivity, the growing demand for fast, secure, and cost-effective cross-border payment solutions, and the rising number of migrant workers around the world. Additionally, the implementation of favorable government regulations aimed at promoting digital payments and financial inclusion is also fueling the growth of the digital remittances market.
The global digital remittances market is expected to grow positively in the coming years Other key factors driving market growth include the increasing adoption of mobile and online payment platforms, government initiatives to promote digital payments, and the growing use of blockchain technology in the remittance industry.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on transaction values / revenues / assets under management and user data of relevant services and products offered within the FinTech market.

Modeling approach / Market size:

Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players, industry reports, third-party reports, publicly available databases, and survey results from primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, population, internet penetration, smartphone penetration, credit card penetration, and online banking penetration. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The scenario analysis is based on a Monte Carlo simulation approach generating a range of possible outcomes by creating random variations in forecasted data points, based on assumptions about potential fluctuations in future values. By running numerous simulated scenarios, the model provides an estimated distribution of results, allowing for an analysis of likely ranges and confidence intervals around the forecast.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.

Key Market Indicators

The following Key Market Indicators give an overview of the social and economic outlook of the selected region and provide additional insights into relevant market-specific developments. These indicators, together with data from statistical offices, trade associations and companies serve as the foundation for the Statista market models.

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