Govt initiatives and Diaspora drives market growth
India’s Remittance Market is expected to reach US$54.12 billion by 2027, growing at a CAGR of 6.12%, from an estimated US$40.21 billion in 2022, according to a ResearchAndMarkets report.
Increase in the Government Initiatives and Diaspora bonds drives market growth, said the report, providing information on the companies’ recent development and competitive scenario.
The report presents a detailed Ansoff matrix analysis for India’s Remittance Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.
The analyst analyses India’s Remittance Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.
Based on the SWOT analysis conducted on the industry and industry players, the analyst has devised suitable strategies for market growth, said ResearchAndMarkets on 31 Mar 2022.
Companies leading the market are:
Azimo Ltd
Bank Of America
Citigroup
HDFC Bank Ltd (Remitnow)
Euronet Worldwide Inc
InstaReM India Pvt Ltd
JPMorgan Chase & Co
MoneyGram International Inc
Remit2India
Remitr Payments
Ria Financial Services Ltd
TransferGo Ltd
Send
UAE Exchange
Wells Fargo
Western Union Holdings Inc
Wise Payments Limited
WorldRemit Ltd
Xoom Corporation (PayPal). fiinews.com
