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Growth Insights into India's International Remittance Market

A detailed report analyzing the trends, opportunities, and consumer demographics shaping India's international remittance market, with projections up to 2028.

Dheeraj Kumar
22/01/2024

Dublin, February 2, 2024 - A comprehensive report titled 'India International Remittance Market Business and Investment Opportunities' has been released, offering a detailed analysis of the remittance landscape in India for the second quarter of 2023. This report, available on ResearchAndMarkets.com, delves into the trends, transaction values, volumes, and consumer demographics that are shaping the remittance flows in and out of India.

Key findings from the report highlight a significant increase in international inbound remittances to India, which reached US$ 111.22 billion in 2023, showcasing resilience amidst global economic uncertainties. The report forecasts a robust compound annual growth rate (CAGR) of 11.9% for the inbound market from 2023 to 2028. Similarly, the outbound remittance market has shown growth, reaching US$ 10.08 billion in 2023, with an anticipated CAGR of 11.4% through 2028.

The study also touches on the impact of layoffs in the tech sector on remittance inflows and outlines the strategic partnerships Indian banks are forming to boost digital remittance services. Additionally, it highlights the role of startups in innovating and expanding product offerings in this sector.

One of the standout observations is the significant shift towards digital and mobile remittance services, driven by technological advancements and strategic collaborations. This shift underscores the efforts of key banking players to cater to the vast NRI population and maintain India's strong position in the global remittance market.

Consumer demographics play a crucial role in shaping remittance trends, with the report providing insights into the profiles of remittance senders and recipients. This segmentation offers valuable information for stakeholders aiming to customize their services to meet the diverse needs of consumers in the remittance space.

Conclusion: The India International Remittance Market report provides a comprehensive overview of the current state and future prospects of remittance flows in and out of India. As the financial sector navigates through global economic fluctuations, this report serves as a crucial resource for understanding the dynamics of the remittance market. Additionally, platforms like Probz.ai are emerging as innovative solutions, offering AI-powered insights collection to further enhance understanding and decision-making in the remittance and broader financial sectors.

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Dheeraj Kumar

data specialist

Archit has been working in the field of data science since 2018. He has worked with various clients in the field of healthcare, education, and finance. He has worked with various clients in the field of healthcare, education, and finance. He has worked with various clients in the field of healthcare, education, and finance.

Member since Mar 15, 2021

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