Global foreign exchange services market is anticipated to grow at a considerable CAGR of 8.3% during the forecast period (2024-2031).A major factor supporting the growth of the market growth is the increasing trade between countries and the ease of doing business with other countries.The growth of globalization and international trade is a key driver of the foreign exchange services market. International trade and the foreign exchange services market are intricately linked. The growth of globalization has created new opportunities for foreign exchange service providers, as companies conducting more business across borders need efficient solutions for managing international transactions. Moreover, globalization has led to increased trade and investment flows between countries, which has driven demand for foreign exchange services. In addition, due to cross-border investments, e-commerce companies are required to convert one currency into another to conduct cross-border transactions, and foreign exchange service providers offer the tools and services, which is needed for cross-border transactions.
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Furthermore, globalization has been a major driver of growth in the foreign exchange services market, and these two trends of globalization and cross-border investments are likely to continue to be closely linked in the future. As globalization continues to expand, demand for foreign exchange services is expected to grow, creating new opportunities for service providers. Therefore, this leads to the growth of the foreign exchange services market in upcoming years.The rise in usage of digital technologies has transformed the way that foreign exchange services are delivered and consumed, making them faster, more convenient, and more accessible to a wider range of customers, which has helped to drive growth in the market. Moreover, nowadays online platforms have made it easier for businesses to access foreign exchange services, allowing them to compare exchange rates, initiate transactions, and track the status of the payments in real time. In addition, technology has developed so much that there has been the launch of mobile apps for the use of currency exchange services.
For instance, Transfer Wise is a fintech company that offers a mobile app that allows users to send money abroad quickly and easily. The app provides real-time exchange rates and low fees, making it a cost-effective solution for managing international payments. Therefore, this has increased the convenience and accessibility of foreign exchange services, allowing businesses to manage international payments from anywhere, at any time.
Market Coverage
- The market number available for – 2023-2031
- Base year- 2023
- Forecast period- 2024-2031
- Segment Covered-
o By Services
o By Providers
o By Application
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- Barclays, Goldman Sachs, HSBC Group, and JPMorgan Chase & Co., among others.
Key questions addressed by the report.
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- Who is the leader in the market?
- How are players addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Foreign Exchange Services Market Report Segment
By Services
- Currency Exchange
- Remittance Services
- Foreign Currency Accounts
By Providers
- Banks
- Money Transfer Operators
By Application
- Businesses
- Individuals
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Foreign Exchange Services Market Report Segment by Region
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Middle East & Africa
- Latin America
Company Profiles
- Airwallex
- American Express Co.
- Citigroup Inc.
- Currencies Direct
- CurrencyFair Ltd.
- Dandelion Payments, Inc.
- Deutsche Bank AG
- Japan Post Bank Co.,Ltd.
- MoneyGram
- Muthoot Foreign Exchange
- PayPal Payments Pvt. Ltd.
- Revolut Ltd.
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- We cover more than 15 major industries, further segmented into more than 90 sectors.
- More than 120 countries are for analysis.
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