“Bahrain Remittance Market” 2023-2032 The research report provides qualitative and quantitative insights into market growth factors, limitations, opportunities, and challenges. Provides comprehensive market data on key companies and revenue forecasts. The report includes revenue growth statistics for various regional and country-level markets, as well as competitive insights and detailed company analysis over the forecast period. The Bahrain Remittances Market report covers growth drivers till 2032, current market share, various types of adoption, technology, applications and regional trends.
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Market overview:
The Bahrain remittance market is currently moderately concentrated and in a growth phase. This includes both formal and informal payment service providers, such as banks, money transfer operators (MTOs), mobile wallets, and postal networks. This market has grown due to the increasing number of expatriates, digitization, e-wallets, internal migration, and significant government investment. Transaction value has shown steady growth, with a compound annual growth rate (CAGR) close to ~%. Increased remittances due to improved employment prospects and the impact of higher fuel prices contributed to this growth.
The growth of mobile-based payment channels, cross-border transactions, and reduction in transfer time and cost of remittances are the key drivers of the market. The adoption of digital remittances is expected to reduce dependence on cash agents, leading to lower transaction fees. His three largest immigrant groups in Bahrain are from India, Bangladesh, and Egypt.
Key trends by market segment:
By channel:
Inbound remittances make up the majority of the international remittance market and account for a significant portion of total transaction volume. An influx of remittances into Bahrain from other countries by expatriates seeking better employment prospects is contributing to the sector’s growth. In 2017, domestic remittances accounted for ~% (~USD million) of total transaction volume.
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By contact:
The inbound remittance market is mainly dominated by branch pickup and mobile and online transactions, followed by prepaid cards in terms of remittance transaction volume.
Competitive environment:
Bahrain’s remittance market is moderately concentrated, dominated by MTOs and banks. Major players include Western Union, MoneyGram, and Al Baraka Bank. Competitive parameters include fees charged, transfer speeds, services provided, reach, payment networks, trust value, technological advancements, promotional offers, and cost transparency.
Future prospects:
Inbound remittances are expected to exhibit a CAGR close to ~%, and outbound remittances are expected to exhibit a CAGR close to ~% in transaction value (USD ~Mn). Government infrastructure projects are likely to increase employment possibilities, lead to an increase in the number of expatriates, and subsequently affect remittance inflows and outflows. The domestic remittance sector is expected to grow with increasing adoption of digital remittance methods.
Market analysis:
Understanding trends in the Bahrain remittance industry requires a thorough market analysis. This includes examining various variables that influence consumer behavior, market trends, and overall business performance. Insights from both primary and secondary research sources provide valuable information to companies and investors.
This analysis includes current and future market value, including detailed competitive analysis based on application, type, and regional expansion. This study provides a dashboard review of the top-performing industries in the market, utilizing various strategies and analytical techniques to provide insightful information.
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The report aims to answer key questions regarding target market, competitors, product/service details, pricing strategies, distribution channels, marketing and advertising approaches, customer satisfaction, market size and growth forecasts.
(Note: Past years and forecast periods in the report are flexible and can be adjusted upon request. The scope of published reports can be tailored to meet specific requirements, and customized analysis based on specific regions or countries can be included as part of the customization.)
The report includes answers to the following key questions:
What are the current key trends that may impact product lifecycles and return on investment?
How will regulatory changes impact corporate, business, and functional strategies?
Which of the major companies’ efforts in micromarketing will lead to investment?
What are the best frameworks and methodologies for PESTLE analysis?
In which areas will new opportunities emerge?
What operational and tactical frameworks are adopted by different players to gain customer loyalty?
What is the expected level of market competition now and in the coming years?
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