Allied Market Research Forecasts $65.87 Trillion Valuation for Money Transfer Agencies by 2032
Deal News | Feb 05, 2025 | EIN
Allied Market Research predicts the global money transfer agencies market size will reach $65.87 trillion by 2032, marking a substantial increase from its $14.9 billion valuation in 2022. This growth is underpinned by a compound annual growth rate (CAGR) of 16.2% from 2023 to 2032, driven by increased digitalization in the financial sector, the integration of blockchain technology, and heightened demand for cross-border transactions. Notably, the money transfer service segment dominated the market in 2022 and is anticipated to continue leading due to increased demand for faster, real-time transactions. The currency exchange segment is also projected to witness significant growth due to innovations in digital currency exchange services. Regionally, North America commanded the largest market share in 2021, although the Asia-Pacific is expected to achieve the fastest growth rate through 2032 thanks to remittances in the region. Key market players include companies such as Ria Financial Services, Skrill, MoneyGram, and Western Union. The report provides an in-depth quantitative and qualitative analysis of market trends and competitive dynamics, aiding stakeholders in strategic decision-making.
Sectors
- Financial Services
- FinTech
Geography
- United States – The article covers Allied Market Research, based in Delaware, and includes data about the North American market which is currently leading in terms of revenue.
- Asia-Pacific – Specifically mentioned as anticipated to witness the highest growth rate in the money transfer agencies market from 2022 to 2032.
Industry
- Financial Services – The article focuses on the financial services sector, particularly the money transfer and currency exchange markets, which are integral components of financial services globally.
- FinTech – The growth in digitalization and the integration of blockchain and cryptocurrency in money transfer services are key highlights, making FinTech a relevant classification.
Financials
- $65.87 Trillion – Projected market valuation of the money transfer agencies market by 2032.
- 16.2% – Predicted compound annual growth rate (CAGR) of the money transfer agencies market from 2023 to 2032.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Allied Market Research | Research Firm | Company | A market research and business consulting company that published the report on the money transfer agencies market. |
| Ria Financial Services | Market Player | Company | A key player in the global money transfer market. |
| Skrill | Market Player | Company | A key player in the global money transfer market. |
| MoneyGram | Market Player | Company | A key player in the global money transfer market. |
| SMALL WORLD FINANCIAL SERVICES | Market Player | Company | A key player in the global money transfer market. |
| Remitly, Inc. | Market Player | Company | A key player in the global money transfer market. |
| Xoom Corporation (Paypal) | Market Player | Company | A key player in the global money transfer market. |
| Wise Payments Limited | Market Player | Company | A key player in the global money transfer market. |
| WorldRemit | Market Player | Company | A key player in the global money transfer market. |
| The Western Union | Market Player | Company | A key player in the global money transfer market. |
| XE.com Inc. | Market Player | Company | A key player in the global money transfer market. |