Ken Research - What makes India- the desired destination for Dental Services?

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Indian dental service industry comprises dentists and dental ancillaries. This industry has shown a phenomenal compounded annual growth rate of ~8% for the period ranging from FY 2017 to FY 2022 with increased dental awareness and disposable income. In the past five years, the growth in the dental care market of India has been spurred by the rising elderly population, changing lifestyles leading to oral problems, and increased healthcare expenditure by the government as well as households. Also, India is becoming the favored destination for dental tourism. Why?
Here, we have thrown light on those key points that make India- a desired destination for dental tourism. Let’s dive in to find the answer.

1.  The Indian healthcare sector is expected to record a three-fold rise, growing at a CAGR of ~22% between 2016–22 to reach over $ 350 Bn in 2022 from around $ 100 Bn in 2016

Key Trends:-

• Strong demand: The healthcare market in India is expected to reach $372 Bn by 2022, driven by rising income, better health awareness, lifestyle diseases, and increasing access to insurance.
• Rising Manpower and Medical Colleges: Availability of a large pool of well-trained medical professionals in the country. The number of allopathic doctors with recognized medical qualifications registered with the state medical councils/national medical council increased to 1.3 Mn in November 2021, from 0.83 Mn in 2010.
• Government support: In Union Budget 2022-23, ₹86,200.65 Cr ($ 11.28 Bn) was allocated to MoHFW. In March 2021, the Parliament passed the National Commission for Allied & Healthcare Professions Bill 2021, which aims to create a body that will regulate and maintain educational and service standards for healthcare professionals. The Indian government is planning to o introduce a credit incentive program worth ₹500 Bn ($ 6.8 Bn) to boost the country’s healthcare infrastructure.

2. The India Dental Market is also anticipated to grow at a CAGR of 10%-15% for FY’2022-FY’2027F with the increasing number of dentists, dental colleges and labs in the country

Key Takeaway:-

• States with significant shortages of dental surgeons, characterized by less than one surgeon per million people, include Gujarat, Uttar Pradesh, Odisha and Maharashtra. On an average, the population served by a dental surgeon in government institutions during 2017 ranged from 1,141,869 in Uttar Pradesh, 1,483,150 in Maharashtra, 1,037,608 in Jharkhand while in Haryana it was as low as 47,129.¹
• In FY’2019, the country achieved more than the ideal dentists-to-population ratio of 1:5,000, as against the 1:7,500 recommended by the WHO²
• In Karnataka, the dentist to population ratio is 1:2,130 and Kerala where it is 1:3,388 (2021), which is higher as compared to other parts of the country.

3.  Moreover, dental services in India are poised to thrive as dental insurance is finally coming live with PNB MetLife India Insurance Company launching India’s first dental health insurance plan

The Problem:-

• Dental surgeries are not covered by most Indian health insurance companies because of the misconception that they come under cosmetic treatment.
• There are very few private insurance companies in India that cover dental operations and none of the big insurance companies offer dental insurance separately.
• Because of the high cost of dental services, the usage of dental care is low and is proportional to the current demand. As a result, dental payment programs or insurance plans can reach out to more individuals.

Impact of Covid-19:-

• Demand has increased- Since the pandemic, the awareness among population has been increasing for regular check-ups.
• Patient demand for better health care facilities has increased. As a country without a unified health care system, more Indians are purchasing private oral health insurance.

 Needed Dental Insurance Benefits:-

• Free dental consultation
• The advantage of Whitening of tooth and cleaning
• Mild infection management
• There are a few free tooth scaling services available.
• Covers for the tooth extraction
• Routine dental checkup at discounts

Recent Developments:-

• PNB MetLife India Insurance Company has launched India’s first dental health insurance plan.

• • This is the first insurance plan in India that covers fixed-benefit outpatient expenses and provides financial assistance with costs related to overall dental health.
  • This launch reinforces PNB MetLife leadership in the industry with this one-of-a-kind, standalone, the dental health insurance plan that covers major dental procedures without the hassles of hospitalization.
• Union Budget 2021 increased FDI limit in insurance from 49% to 74%. India's Insurance Regulatory and Development Authority (IRDAI) has announced the issuance, through Digilocker, of digital insurance policies by insurance firms.

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4.  Government Initiatives like National Oral Health Programme (NOHP) to provide infrastructure and manpower to enhance dental/oral health services in India

Government Initiatives in Indian Dental Services Market

 

• The Ministry of Health and Family Welfare proposed the draft National Dental Commission (NDC) Bill in January 2020.
• This proposed Bill will repeal the existing Dentists Act 1948and dissolve the Dental Council of India.
• The new Bill aims to improve access to good-quality and affordable dental education, availability of dental professionals and their services in all parts of the country, periodic and transparent assessment of dental institutions and facilitate maintenance of a national dental register.
• It proposes the formation of a new regulatory body, called the National Dental Commission (NDC),to draft policies and maintain quality standards in dental education and the profession.
  • The Bill also seeks to standardise the procedure for graduates to enroll in the state dental registers, obtain licenses to practice dentistry and to seek admission into graduate programmes through a National Exit Test (Dental).

• Under the Program, the support is provided to States for recruitment of the dental manpower (dental surgeons, dental hygienists, dental assistants, dental technicians), procurement of dental equipment, and consumables required for treatment of dental diseases. Support is also provided for training and IEC activities for generating awareness and capacity building.
• Objectives of the Programme:
  • To improve the determinants of oral health
  • To reduce morbidity from oral diseases
  • To integrate oral health promotion and preventive services with general health care system
  • To encourage Promotion of Public Private Partnerships (PPP)model for achieving better oral health.

5.  An increasingly ageing population, changing lifestyles, and increased private and public health care expenditures are currently driving the growth of the Indian Dental Services market

Key Growth Drivers in India Dental Services Market

Technological Advancement

• With the introduction of computer-aided design/computer-aided manufacturing (CAD/CAM,) technology has significantly reduced the dental treatment time. Therefore, the technological advancements in the field of dentistry are facilitating this trend. 

Aesthetics

• With the changing demographics and a change in lifestyle, aesthetically driven patients seek tooth treatment procedures & dental implants not as a part of their medical needs but as a cosmetic procedure to enhance beauty.
• The entertainment industry is also fuelling the growth of cosmetic procedures in dentistry. 

Increased Private Investment & Rising Oral Healthcare

• Several seed funding companies and larger VC firms have invested in dental chains.
• Some financial groups in India are building hospitals with dental specializations, offering general dental care, and specialty treatment which is expected to give an impetus to the demand for dental supplies and equipment.

Increased Private Investment & Rising Oral Healthcare

• With the advent of India as a medical tourism destination, dental companies are focusing on improving dental services for tourists seeking lower-cost treatment across India.
• Under dental tourism, some organizations are offering packages to foreign patients which include travel, stay along with the dental treatment. Dental Tourism forms 10% of the total medical tourism industry in India. 

6.  Also, India is becoming the favored destination for dental tourism because of its advanced infrastructure and technology which is at par with the developed countries like USA

7.  Government initiatives, Dental Tourism and rising demand for Dentistry, Dental Services Market is expected to grow in upcoming years in India

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India Dental Services Market

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Agricultural Equipment Sector Outlook Vietnam — Ken Research

 MARD (Ministry of Agriculture and Rural Development) is aimed to provide financial aid when acquiring agricultural equipment, paving the way for Vietnam Agricultural Equipment market to reach over 45,000 units sold by 2025, as per findings released by Ken Research.

1. Mechanization in Agriculture Might Aid in Achieving The $60 Billion Total Export Turnover Goal Set Forth in The Vision 2030 Agricultural Machinery Industry Development Plan.

“Vision 2030 Agricultural Machinery Industry Development Plan”, Government of Vietnam plans to increase agricultural mechanization in the country. Government is looking forward to boost domestic production of agricultural machinery by supplementing and changing tax regime for machinery development. Government is pushing for farm mechanization to increase productivity through intensification, reduce post-harvest losses, increase added value & maintain the quality of farm products. Moreover, In June 2020, Vietnamese government exempted tax on land for agricultural use till 2025. The average annual total of tax exemptions and reductions was USD 140 million per year from 2003 to 2020, USD 270 million per year from 2011 to 2016, and about USD 320 million per year by 2020.

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2. Increase Incomes and Reduce Poverty Sustainably; Rural Income Increases by 2.5 to 3 Times than 2020 Level: Target to Be Completed by 2030.

The income of individuals in agricultural, fishery and forestry sector, in the period 2010 – 2019 has increased. At present, there are over 2.2 million households with income from VND 100 million VND 200 million a year, over 775,000 households with incomes from VND 200 million to 300 million VND, and 505,000 households with income from VND 300 million VND 1 billion. There are 27,000 farmer households with income above VND 1 billion. These factors contributed to raising the rural people's income from VND 9.15 million per person in 2008 to nearly 36 VND million per person in 2018.

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Vietnam Farm Equipment Market

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Emerging Public Medical Colleges Indonesia — Ken Research

 The 2020 allocation of IDR 123 trillion to the health sector did provide several specialized courses in Indonesia, including those for pediatricians, surgeons, internal doctors, ophthalmologists, and anesthesiologists, among others, as per research published by Ken Research

1. More Than 480 No. of Ophthalmologists Are Available in DJK Jakarta and Jawa Timur.

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Highest no. of Ophthalmologists is available in DJK Jakarta and Jawa Timur. Total no. of Ophthalmologist is 2,831 in Indonesia. Jawa Timur, Jakarta, Jawa Barat, Jawa Tengah and Sulawesi Selatan collectively have more than 50% of the total Ophthalmologists. Competition in the Indonesian Medical Education Market is high and it is expected to grow in future.

2. Indonesia Has More Than 65 Medical Colleges That Helped in Balancing a Country's Limited Resources with Unmet Medical Needs in Rural and Poverty Areas.

Medical Colleges in Indonesia are increasing as per the socio-political needs. Moreover, Growth in the no. of medical colleges challenged quality of medical education. Indeed, several curriculum changes and improvements applied to elevate the quality. Since 2005, a national level competency-based curriculum (CBC) was carried out for undergraduate programs, while for postgraduate clinical training the CBC began later on. Moreover, Specialization in Indonesia requires Bachelor's degree plus 1 Year Internship, Rotational Practice and passing the board exam conducted by specialized board of the country.

3. Airlangga University shows more than 200 no. of Enrollment in 2020 for the Internal Medicine Specialization Program.

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In Indonesia, it takes 9-10 years to become a specialist in Internal Medicine, duration may vary depending on the rotational practice years. Highest no. of Internal Medicine Professionals (internist) is found in Jakarta and the least no. is in Maluku. Highest no. of Sub specialists is also found in Jakarta. Internal Medicine has been a popular master’s program due to the pool of sub specialties. Internal Medicine is divided into 16 affiliates. This program is opted by most general physicians since candidate can pursue Allergy/Immunology, Cardiology, Critical, care medicine, Endocrinology, Gastroenterology, Geriatric medicine, Hematology/Oncology, Infectious diseases. Increasing difficulty in controlling the distribution of newly-graduated internists throughout the archipelago has become one of major constraints for the government to overcome.

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Leading Colleges Indonesia Medical Education Industry - Ken Research

 Indonesia’s Ministry of Health plans to improve the healthcare infrastructure by allocating IDR 123 Tn to the health sector in 2020.

1. Java and Sumatra Has More Than 20 Public Medical Colleges in Indonesia as It Has a Favourable Conditions for A Student Which Includes Low Cost of Living and High Cultural Diversity.

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Java and Sumatra have the highest no. of Medical Colleges because of its high diversity and good accommodation facilities for students. These regions are rich in urban land area as well as population. In addition, colleges with highest no. of accreditation are located in Java. Moreover, highest no. of Ophthalmology specialized course is also provided in Java. Total public universities offering Ophthalmology courses are 10. All of the universities offering Ophthalmology course have accreditation.

2. "High Concentration of Prospective International Students:" Indonesia Has Been a Great Place to Accommodate Students, Especially Those from Other Countries.

Competition in the Indonesian Medical Education Market is high and it is expected to grow in future since the Indonesian government has given free pass by allowing foreign entities to establish a university in Indonesia, subject to certain conditions and restrictions, including cooperation with a local university. This trend will eventually affect the student flow in the colleges. Indonesian government (Ministry of Education & Training) signed a free trade agreement with Australia that lays the groundwork for Australian universities like the University of Melbourne and the University of Queensland to establish branch campuses in Indonesia.

3. Indonesian Medical Industry Has Total 68 Medical Colleges as of 2020, Including Both Public and Private.

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Unlike other Middle Eastern Countries Indonesia has more Public Colleges than Private Colleges. Public Medical Colleges have outnumbered the private Universities in Indonesia due to high interest of the government. Responsibility for the management and provision of public health services; and the progressive introduction of greater autonomy in the management of public service organizations includes medical education as a primary sector of concern.

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Indonesia Medical Education Market

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Leading Colleges Vietnam Medical Education Industry - Ken Research

 Vietnam's education and training sector accounted for 4.0 % of the country's total GDP, contributing a GDP value of about VND 252.3 Tn in 2020, as per research published by ken research.

1. Health Professions Education and Training for Health Systems Reform Project (HPET) sourced nearly, $121 Mn in coordination with the World Bank, run by the Vietnam Ministry of Health.

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• Vietnamese Ministry of Health called for medical education reforms, which follow competency-based and system-based approaches. With the support from the World Bank and other international partners, including the European Union and the US Agency for International Development, the Project has brought a fresh wind of change in the country’s medical education Market.
• Building on Boston University’s Global Health Collaborative affiliated training programs with Vietnamese institutions and the resulting 1000+ first degree Family Medicine specialist physicians, additional 1000 of FM-trained undergraduate medical students, and more than 100 of 3-month short-course general and subspecialist physicians trained in FM, the World Bank has reported a breakthrough in scale-up of training numbers through the Health Professions Education and Training for Health Systems Reform Project (HPET).

2. Having A Budget of More Than $ 8,000,000, The IMPACT MED Alliance Expects That There Will Be More Than 5,000 Physician Graduates of The New Training Programs By 2025.

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The IMPACT MED Alliance brings together a diverse group of university, public sector, and private sector partners to build a strong and effective health workforce in Vietnam. 5 medical universities and policymakers to improve and innovate undergraduate medical education by providing technical assistance to comprehensively reform the 6-year training program for general medical doctors. A close partnership with the Ministry of Health facilitates sharing successful models and lessons learned with universities nationwide. More than 2,000 university faculty will be trained in new educational methods and five leading medical universities will be implementing a reformed six-year curriculum for training general medical doctors. By 2025, there will be more than 5,000 physician graduates of the new training programs.

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Medicine Studies in Vietnam Market

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Major Players in Vietnam Agricultural Machinery Market - Ken Research

 Rising farm mechanization and labor shortage, set the path for The Vietnam Agricultural Machinery Market to register a CAGR of more than 10% during the forecast period 2021-2025,as per findings released by Ken Research.

1. The Rate of Mechanization of Agricultural Land Preparation Reached 94%, 42% Of Sowing and Planting Stages, and Care Reached 77% in Vietnam.

The mechanization level is increasing rapidly in Vietnam to improve the quality of grown crops. The amount of mechanization in agriculture is rising in the pre- and post-harvest stages, according to the Ministry of Agriculture and Rural Development in 2020. In particular, the rate of mechanization for preparing agricultural land for planting reached almost 95%, for maintaining sowing and planting at 40% it reached over 75%, and for harvesting rice at more than 65%.

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2. Renting an Agricultural Machinery (Combine Harvester) is Approximately 3 Times Cheaper than Hiring Labor for over a Hectare of Produce.

Vietnam is experiencing a severe labor shortage in the agricultural sector as more people go into the construction and other industries in search of better paying jobs. This has significantly influenced the rising usage of equipment in a variety of procedures. The Red River Delta, the North Central and Central Coastal Areas, the Mekong River Delta, and the South East are the four primary regions experiencing this change in occupational structure from agriculture to other industries. Since machines can do humans' tasks, a lack of seasonal farm labor is a primary impetus for the use of automation in agriculture. Mechanizing operations results in time and cost savings, thus making farming activity more profitable.

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Vietnam Agricultural Machinery Market

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Digital Disruption in Malaysian Insurance Industry: Ken Research

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Covid-19 accelerated the trend of digital transformation with many more consumers adopting online during lockdown to manage their everyday life needs. Additionally, the government’s policy of insuring the uninsured has progressively pushed insurance penetration in Malaysia and led to a proliferation of insurance schemes.

1.  Malaysia's digital economy is flourishing, thanks to a number of supportive factors that include a young population, improved industry infrastructure, and government policy backing

2.  Insurance industry in Malaysia also underwent digitization as a result of the COVID-19 epidemic; however online penetration in the industry remains less than 2%

Malaysia Insurance Industry Segmentation (GMV $Bn) – 2022

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General Insurance and General Takaful having around 2% online penetration, while Family Takaful and Life Insurance contributing less than 0.5%. The total Online penetration stand out to be less than 2% with the gross direct premium of more than USD 100 Mn

3.  Even with a growing digital appetite, omni-channel distribution, with a mix of digital and human touchpoints is a must as consumers in Malaysia are not comfortable with sharing personal data, even in exchange for better policy terms

Customer Journey in Insurtech

 4.  Owning to the increased government focus, technological developments, development of Aggregators, and increased convenience, Malaysian Online Insurance market is expected to grow with a 10-12% CAGR

Market Size for Malaysia Online Insurance Market, ‘21-’26F

In the future, it is expected that Malaysian Online Insurance market will grow with a 10-12% CAGR due to increased government focus, technological developments, development of Aggregators, and increased convenience. The market will pick up for both Motor and Non-Motor Insurance.

Future Outlook & Market Segmentation for Malaysia Online Insurance Market, ‘21-’26F

General insurance has seen an increased acceptance for online registrations & is expected to dominate the Online Insurance Market in Malaysia followed by Life Insurance, General Takaful, and Family Takaful.

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Malaysia Insurance Industry

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India- the next major hub of the semiconductor industry: Ken Research

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With the rising domestic demand for electronic products, an increasing number of collaborations with global manufacturing players to shift in India, and the Indian government’s encouraging policies like Make in India, Production Linked Incentive Scheme (PLI), the road to India’s success as a global hub of semiconductor manufacturing industry looks promising and a near possibility.

1. India’s semiconductor market is flourishing as a result of increasing design centres, rising local demand, expansion of chip manufacturing plants, and government support

 

Key Findings

India Semiconductor Manufacturing Sales Value increased at a CAGR of ~11% from 2017 to 2022.

In India, semiconductors are designed and then sent to countries like China, Taiwan, the USA and a few European countries for manufacturing.

India also plays a role in assembling, testing, and packaging of semiconductors.

2.  However, the country still remains 100% import driven; India is only involved in designing, assembling, testing and packaging of semiconductors

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 Key Findings

• Research & Development: Pre-production efforts to increase processing capability & speed at a reduced cost.
• Design: Start of production. Highly skill-intensive, access to design software & IP blocks. R&D costs are high in this stage as well.
• Manufacturing: Highly capital intensive, access to manufacturing equipment, chemicals & wafer facilities, need to constantly upgrade facilities as per technological advancement.
• Assembly & Testing: Highly labor-intensive, less reliant on tech, high volume low margins, could be proved redundant by fabs creating wafer-level packaging.
• Distribution: Finished semiconductors are sold to Original Equipment Manufacturers (OEMs) for use in electronic goods. Needs an efficient logistics network.

3.  The industry is poised to grow at a CAGR of ~19% in the coming years due to continued government push and rising demand from the end-user market

India Semiconductor Manufacturing Sales Value is expected to increased at a CAGR of ~19% from FY’22to FY’27

Key Takeaways

India is planning to expand chip manufacturing plants. International semiconductor consortium (ISMC), a joint venture between Abu Dhabi-based Next Orbit Ventures and Israel’s Tower Semiconductor, plans to invest Rs 22,900 crore ($3 billion) in a chip fab.

• The 65-nanometer analog semiconductor fabrication factory is expected to provide opportunities for 1500 high-tech and high-quality jobs and at least 10,000 ancillary jobs. ISMC expects to help fund the development with the Indian government's $10 billion semiconductor and display incentive plan.

With the growing demand by end user industries such as industrial machinery, automobiles, telecommunication equipment, and office automation, among others for computing purposes is expected to accelerate the growth of the semiconductor market in the coming years.

• With internet penetration expected to reach 900 million users in the next few years from 622 million users in 2020, there will be an increasing adoption of smart devices, hence, contributing to the semiconductor market growth.

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India semiconductor industry

Future of Agritech in India: Ken Research

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India's agritech sector has grown significantly as a result of increased investor interest in the industry, decreasing post-harvest and supply chain losses, increasing rural internet penetration, and other factors. It is thought to have a bright future, especially as it integrates with tech entrepreneurs.

1. Presence of Large Number of Intermediaries & Inadequate Supply Chain Infrastructure Impacting the Agribusiness Value Chain

2.  To solve these pain points of the farmers, The >INR 1k crores Agritech market is majorly fuelled by three types of Business Models spread across segments

Market Size by Revenue of Agritech Sectors in India in FY2021

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Supply Chain and Market Linkages maximally contribute to the overall agritech market (in terms of revenue) by eliminating the middlemen and highly benefiting the farmers as well as other end users

3.  Past five years have witnessed a strong surge in the development of this ecosystem, with a 9X increase in institutional funding in the sector during this period

Funding in Agritech Sector (Mn USD); FY’17-FY’21

Founders and investors begin to look for significant opportunities for technology-first companies to disrupt traditional models. Investors’ interest in agritech startups has increased tremendously today as agritech is one of the few sectors that not only survived but thrived during the pandemic.

4.  All the segments are poised to continue to grow at double digit CAGR with an average of > 20%

In the next 5 years, the face of agriculture will be changed by the Indian Agritech start-ups. Farmers productivity and efficiency will improve and a robust supply chain network shall be created to reduce the wastage. There will continue to be a tremendous uptick in demand for Farm-to-Consumer (F2C) brands that are able to assure quality and provide traceability back to the source.

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Agritech Market in India

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Indonesia Agritech Market Outlook to 2026: Driven by Innovative Start-ups and Influx of Foreign Investors

 

France Remittance Market Outlook to 2027: Ken Research

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What is the Size of France Remittance Industry?

France Remittance market is growing at a CAGR of ~% in 2017-2022 and is expected to reach EUR ~ Bn by 2027F. The France Remittance Market is largely driven by increased migration, increasing government support for new competitors, improved banking knowledge and increased awareness towards digitalized remittance services in the space. Growth in mobile-based payment channels and cross-border transactions and deduction in remittance transfer time & cost propels the growth of the market.

Adoption of digital remittance is projected to reduce the dependency on cash agents in both the sending and receiving countries, who currently contributes to sustaining high transaction fees. Adoption of digital remittance is projected to reduce the dependency on cash agents in both the sending and receiving countries, who currently contributes to sustaining high transaction fees.

The increasing numbers of startups in Fintech industry are expected to push the cost of fund transfers down in the coming years. All this will be complimented by increased security checks and safety regulations, as have already been started by DBS bank. The continuous enlargement of the remittances in the recent past years has been encouraged by the sustained innovation on the behalf of banks, money transfer corporates, MTO’s and several other financial associations which deliver the remittance services to the overseas workers.

France Remittance Market by Channels

The France Remittance market is segmented by Channels into Banking channels, MTOs, M-Wallets and Others. Choice of a remittance channel depends on the ease of access for payer and payee, cost involved, range of products and services offered, amount of remittance and similar.

France Remittance Market by Inflow Countries

The France Remittance market is segmented by Inflow Countries into Italy, Poland, Portugal, Romania, United Kingdom and Other EU-28 Countries. Some developed countries are now net importers of cash, as professional people working abroad send increasing amounts of cash home. France benefited from a huge remittance inflow in recent years.

France Remittance Market by Point of Contact

The France Remittance market is segmented by Point of Contact into Branch Pick-up, Mobile Payment & Online Transactions, Prepaid Cards. The inbound remittance market is dominated by branch pick-ups and mobile & online transactions equally followed by prepaid cards in terms of remittance transaction volume.

France Remittance Market by Outflow Countries

The France Remittance market is segmented by Outflow Countries into Germany, Spain, Italy and others. The outflow of remittances can be viewed as a leakage from the circular flow of income that reduces the amount of money that is available for economic activity. Excessive leakage can hamper economic growth.

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Competition Scenario in France Remittance Market

The France market is moderately concentrated with majority of the market being captured by MTOs & Banks. There are 5 major MTOs in the market namely Western Union, MoneyGram, Ria Money Transfer, Transferwise and UAE Exchange. 4 major Banks include HSBC Bank, Lloyds Bank, BNP Paribas and Barclays Plc. Major m-wallet in the region is Xoom by Paypal. Major competing parameters for the entities include fees charged, transfer speed, services offered, reach of the service providers, payout networks, and trust value attached, technological advancements, promotional offers and transparency in costs.

What is the Expected Future Outlook for the Overall France Remittance Market Across the globe?

The France Remittance market was valued at EUR ~billion in 2022 and is anticipated to reach EUR ~billion by the end of 2027F, witnessing a CAGR of ~% during the forecast period 2022-2027F. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.

The France Remittance market is driven by growth in internet & mobile penetration and technological modernization in remittance industry are projected to deliver the lucrative opportunity for the remittance market in the forthcoming years.

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In terms of volume of transactions, the inbound remittance is expected to register a CAGR close to ~% and the outbound remittance is expected to showcase a CAGR close to ~% during the same period. As the cases of financial crime and frauds is increasing day by day and this technology in banking and financial services facilitate numerous offers to the solution by identifying the customers through their fingerprint scanning or retina scanning as these two things never be same or matched with another person.

The market has been fostered by effectively augment the migration, significant growth government support for fresh competitors, developed the banking knowledge and positive growth awareness towards the digitalized remittance services in the space. In the coming years, the players would be increasing through the acquisitions, tie-ups, augmented the digital modes of money transfer and effective growth to the payout networks around and outside Europe.

The significant increment in the smartphone penetration, combined with growing amount of the digital-savvy consumers choosing for the digital remittances, is predicted to propel the market over the review duration. Additionally, the growing internet penetration has allowed the consumer to access the financial remittance services. The technology of biometrics is playing effective role as this technology is considered highly effective and efficient because of the unique process.

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Future Outlook of France Remittance Market

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Egypt Remittance Market Outlook to 2023