What is the Size of Belgium Remittance Industry?
Belgium Remittance market is growing at a CAGR of ~% in 2017-2022 and is expected to reach EUR ~ Bn by 2027F. The Belgium Remittance Market is largely driven by a rise in outbound remittances, which is led by stronger growth in the employment prospects in the euro area. Moreover, the appreciation in the currency is also a supportive factor for such growth of remittances in the region.
The market has been fuelled by increased migration, increasing government support for new competitors, improved banking knowledge and increased awareness towards digitalized remittance services in the space. Covid had an impact on the overall growth, hindering the robust growth & causing fluctuations when it came to profit generation. Belgium has a moderately concentrated remittance market that is still in its growth stage.
Banks dominate the inbound remittance market in terms of volume of transactions followed by MTOs, m-wallets and other channels including postal networks, credit union and informal channels. During the year 2020-21, personal remittances came to the rescue of Belgium. The region, thanks to its flow of personal remittances, recorded a current account deficit. Belgium showed a current account surplus of ~ Billion. Without personal remittances, this surplus could have easily turned into a current account deficit of ~ Billion in 2020.
Belgium Remittance Market by Channels
The Belgium Remittance market is segmented by Channels into Banking and non-banking channels. 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.
Belgium Remittance Market by flow Countries
The Belgium Remittance market is segmented by flow Countries into ASEAN, Middle East, America, Europe, Africa and Others. Some developed countries are now net importers of cash, as professional people working abroad send increasing amounts of cash home. Belgium benefited from a huge remittance inflow in recent years.
Belgium Remittance Market by Point of Contact
The Belgium 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.
Belgium Remittance Market by Flow Type
The Belgium Remittance market is segmented by Flow Type into Inbound and Outbound. Both Inbound & Outbound remittances accounted for an almost equal share of the market. Although the Inbound remittance accounted for a slightly larger share as compared to outbound remittance.
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Competition Scenario in Belgium Remittance Market
The Belgium Remittance market is moderately concentrated with formal & informal players operating in the market at the same time. The market has been driven by increased migration, increasing government support for new competitors, improved banking knowledge and increased awareness towards digitalized remittance services in the space. The key players operating in the market are HSBC Bank, Lloyds Bank, Visa, American Express, Barclays, Deutsche Bank, and Ria Money Transfer. Banks dominate the inbound remittance market in terms of volume of transactions followed by MTOs, m-wallets and other channels including postal networks, credit unions and informal channels. MTOs dominate the outbound remittance market of the region in terms of the transaction volume as of 2022P.
What is the Expected Future Outlook for the Overall Belgium Remittance Market Across the globe?
The Belgium 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.
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The Belgium 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. 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 Belgium remittance market has displayed a steady growth when it comes to transaction value driven by an increment in both inbound & outbound remittances. The total value of transaction increased displaying a CAGR of close of 4%. This was driven basically by an increase in outbound remittance, which is led by a robust growth in employment prospects in Belgium & other European countries. Moreover, an appreciation in the currency during the period 2015-2019 is also a supporting factor.
While personal remittances saved the Belgium remittance market to a large extent, Covid still had an impact on the overall growth, hindering the robust growth & causing fluctuations when it came to profit generation. Moreover, Europe’s resistance to the inflow of migrants can also affect the market to a large extent. If this one factor is taken care of effectively, the market is predicted to grow at a CAGR of ~%, generating a total revenue of ~ Billion. 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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