DUBLIN–(BUSINESS WIRE)–The “Saudi Arabia International Remittance Market Business and Investment Opportunities – Analysis by Transaction Value & Volume, Inbound and Outbound Transfers to and from Key States, Consumer Demographics – Q2 2023” report has been added to ResearchAndMarkets.com’s offering.
The Saudi Arabian remittance market is experiencing a significant transformation, with an anticipated increase in both inbound and outbound international remittance transactions. A comprehensive analysis of the latest dynamics in this sector reveals key insights into consumer demographics, transaction values, and volume growth within these compelling markets.
An extensive study on the industry’s inbound market indicates a compound annual growth rate (CAGR) of 2.7%, signaling a robust surge from US$291.7 million in 2022 to an estimated US$328.7 million by 2028. This growth trajectory showcases a strengthening foundation for international remittances in the region.
The outbound remittance market is not far behind, projecting an equally strong CAGR of 1.7%. With a starting point of US$38.56 billion in 2022, the market is on course to reach US$42.70 billion by 2028. This uptick accentuates the increasing pattern of cross-border monetary transactions from Saudi Arabia.
Digital and Mobile Channels: Pivotal to Market Expansion
The acceleration of the market can be attributed to the diversified remittance channels, with a noteworthy emphasis on digital and mobile platforms. As consumers shift towards convenience and accessibility, these channels are playing a vital role in the current and future landscape of the remittance market.
Developments in the Saudi Arabian remittance market are closely linked to the evolving migrant population demographics. The report provides an in-depth analysis of the consumer profiles, including age groups, income, occupation, and purpose of remittances, offering strategic insights for relevant stakeholders.
Key Regional Insights and Strategic Alliances
Region-specific analysis showcases the remittance flow between Saudi Arabia and countries such as Kenya, where there has been a striking 30.28% increase in the remittances in the first eight months of 2023. Strategic alliances within the remittance sector, such as the collaboration between digital remittance firms and Enjaz Payment Services, underscore the pursuit of market expansion across various migrant communities.
The findings offer a granular view of the international inbound and outbound remittance landscape, delving into market opportunities by transaction values, transaction volumes, and average value per transaction. Enhanced by robust methodological standards, this report equips industry players with actionable insights to adapt and prosper in the dynamic Saudi Arabian remittance market.
Key Attributes:
Report Attribute | Details |
No. of Pages | 130 |
Forecast Period | 2023 – 2028 |
Estimated Market Value (USD) in 2023 | $287 Million |
Forecasted Market Value (USD) by 2028 | $328.7 Million |
Compound Annual Growth Rate | 2.7% |
Regions Covered | Saudi Arabia |
Industry Growth Outlook and Strategic Planning
- This report offers businesses and investors a panoramic perspective of the international remittance market in Saudi Arabia.
- With the remittance player market share data in hand, stakeholders can gauge the competitive landscape and identify market positioning.
- Forecasts for inbound and outbound transaction values will be instrumental for strategic business planning.
For more information about this report visit https://www.researchandmarkets.com/r/q933g4
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