Japan Remittance Market Size, Share, and COVID-19 Impact Analysis, By Type (Inward Remittance and Outward Remittance), By Platform (Digital and Non-Digital), and Japan Remittance Market Insights, Industry Trend, Forecasts to 2033

Japan Remittance Market Insights Forecasts to 2033

• The Market Size is Growing at a CAGR of 4.9% from 2023 to 2033
• The Japan Remittance Market Size is Expected to hold a significant share by 2033

The Japan Remittance Market Size is Anticipated to hold a significant share by 2033, Growing at a CAGR of 4.9% from 2023 to 2033.

Market Overview

The industry that deals with both receiving money from overseas and sending money home by foreign workers and residents is known as the Japan remittance market. Remittance is a way to send money that can be done via e-payment, wire transfer, draft, or check. Payments in the form of invoice orders or other forms may be made with these remittances. The term specifically refers to a person who works in one country moving to a different country to live with relatives. Furthermore, a surge in digitization and payment automation in Japan will create a prosperous roadmap for the remittance business during the years ahead. Additionally, inflation noticed in the number of migrants from emerging economies to established ones for better employment opportunities in Japan would further define the market advancement throughout the coming couple of years.

Report Coverage

This research report categorizes the market for the Japan remittance market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Japan remittance market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Japan remittance market.

Driving Factors

The expansion of the market will be fueled by a significant increase in the number of migrants in Japan as well as a rise in the country's adoption of banking and financial services over the projection period. Aside from this, market growth patterns will be fueled by the lowering of remittance prices and the shortening of the money transfer service duration in Japan. Furthermore, it is projected that the rapidly rising smartphone penetration rate in Japan and the rise in tech-savvy end consumers opting for online remittance services would facilitate the expansion of the remittance sector in Japan during the projection period. Furthermore, in 2024, remittances in Japan are anticipated to surpass 800 billion yen. However, the real amount of yen-selling in Japan is anticipated to be between 100 billion and 200 billion yen, as determined by deducting remittances sent to Japan from outside. The market in Japan is expanding as a result of the increasing number of remittance transactions. The market in Japan grows as more individuals use remittance services, drawing in more service providers and increasing competition, which benefits customers in Japan by lowering costs and improving services.

Restraining Factors

The decrease of remittance costs and the shortening of the money transfer service period will promote market expansion trends. Furthermore, it is projected that the remittance business would develop during the forecast period due to a sharp rise in smartphone penetration and a rise in tech-savvy end customers selecting online transfer services.

Market Segmentation

The Japan remittance market share is classified into type and platform.

• The outward remittance segment is expected to hold a significant market share through the forecast period.

The Japan remittance market is segmented by type into inward remittance and outward remittance. Among these, the outward remittance segment is expected to hold a significant market share through the forecast period. Migrants from nations including the Philippines, China, Brazil, and Indonesia are among the many foreign workers in Japan. Outward remittances are an essential component of their financial support system since these workers send money home to their families.

• The non–digital segment is expected to dominate the Japan remittance market during the forecast period.       

Based on the platform, the Japan remittance market is divided into digital and non-digital. Among these, the non–digital segment is expected to dominate the Japan remittance market during the forecast period. This is due to established confidence and familiarity, traditional (non-digital) transfer mechanisms like checks and ATMs continue to be widely used in Japan. Furthermore, some consumers could favor non-digital approaches due to their perceived dependability and security.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Japan remittance market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• KEYENCE
• Yokogawa
• Advantest
• Shionogi
• Citizen Watch
• Hi-Lex
• HORIBA
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at Japan, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Japan Remittance Market based on the below-mentioned segments:

Japan Remittance Market, By Type

• Inward Remittance
• Outward Remittance

Japan Remittance Market, By Platform

• Digital
• Non - digital