countries to developed countries. In 2015, remittances to emerging countries were expected to be
$435 billion with a modest growth of 2% from last year.
Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America
and Middle East and Africa. North America is estimated to dominate the market due to continuous
growth in GDP and increasing new and developing technologies. In 2014, the U.S was the largest
remittance source country with an estimated outflow of $56 billion. Asia Pacific is expected to
witness fastest growth over the coming six years owing to increasing number of workers, high
disposable income levels and rising population base in this region. In 2015, this region was
amounted to $129 billion while outflow accounted for $24 billion in 2014. The source of emigrant
countries includes China, Vietnam, Indonesia, Philippines and Myanmar. In this region, India was
considered to receive the largest remittance with an estimated $72 billion followed by China around
$64 billion.
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Migrants from Latin America and Caribbean region were approximately 32.5 million out of which
around 85% were living in Organization of Economic Cooperation and Development countries
(OECD). Remittances to this region amounted to be $67 billion in 2015 and outflow were $6 billion
in 2014. Migrants from Middle East and Africa region were 23.9 million and nearly 38% of whom
were living in OECD countries and, 31% were living within this region. The source of emigrants was
Syria, West Bank and Gaza, Iraq, Morocco and Egypt. The inflow in this region was $52billion in 2015
and outflow amounted for $98 billion in 2014. The high income Gulf Cooperation Council countries
in this region have witness significant increase in immigration in past few years mostly from East
Asia.
The major player in this market include The World Bank, Western Union Company, Euronet
worldwide Inc. and, MoneyGram International Inc.