Foreign exchange services refer to service of converting one currency into another at a specific foreign exchange rate. It facilitates worldwide commerce (across borders), which involves investments, trade of goods and services, and financial transactions. It also allows for currency conversion for international trade investments and settlements.
Sizing and Forecast
The foreign exchange services market size has grown strongly in recent years. It will grow from $7402.18 billion in 2023 to $7976.23 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to economic conditions, political stability and risk, regulatory changes, interest rate differentials, market speculation.
The foreign exchange services market size is expected to see strong growth in the next few years. It will grow to $10563.53 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to global economic outlook, trade policy changes, regulatory developments, global events and crises, central bank policies. Major trends in the forecast period include technology innovations, technological advances, digital transformation, cryptocurrency integration, algorithmic trading and AI.
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Segmentation & Regional Insights
The foreign exchange services market covered in this report is segmented –
1) By Services: Currency Exchange, Remittance Services, Foreign Currency Accounts, Other Services
2) By Providers: Banks, Money Transfer Operators, Other Providers
3) By End-User: Individuals, Corporate Institutes, Government, Retailers, Other End Users
North America was the largest region in the foreign exchange services market in 2023. The regions covered in the foreign exchange services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing international transactions are expected to propel the growth of the foreign exchange service market going forward. An international transaction is defined as a settlement in a foreign currency for a cross-border trade agreement or a credit operation. For any international transaction to be performed, it requires the exchange of foreign currency. Hence, an increasing number of international transactions will drive the growth of the foreign exchange service market. For instance, in May 2022, according to the World Bank, a US-based international financial institution, states in 2021, remittance inflows to Europe and Central Asia increased by 7.8%, hitting a new high of $74 billion. Therefore, the increasing international transactions are driving the foreign exchange market.
Key Industry Players
Major companies operating in the foreign exchange services market report are JPMorgan Chase & Co., Citibank N. A, Wells Fargo Bank Ltd., HSBC Holdings plc, BNP Paribas, American Express Company, Goldman Sachs Group Inc., UBS AG, Capital One Financial Corporation, Barclays plc, Deutsche Bank, The Royal Bank of Scotland plc, Standard Chartered PLC, State Street Corporation, Western Union Holdings, Inc., XTX Markets Limited, Coinbase Global, Inc., Revolut, BloomX Ltd., Wise, eToro, Gain Capital Group, LLC, Ripple, Rapyd, TransferMate, Capitolis Inc., Banxa Holdings Inc., Currensea, AZA Group, B Broker SRL, easyMarkets (CFD Trading), Ebury, EverEx, LMAX Exchange Group, Orfinex Technologies
The foreign exchange services market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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