Foreign exchange services market is anticipated to grow at a considerable CAGR of 8.3% during the forecast period (2024-2031).Foreign exchange services means the provision of foreign exchangeservices to clients, including but not limited to selling, purchasing, and delivering currency transactions. These transactions may be spot or forward. It is the global market where different currencies are traded. It is used for conducting business transactions, investing, and hedging against currency fluctuations. In the foreign exchange services market, currency exchange rates are determined by supply and demand dynamics.
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The anticipated growth of the foreign exchange service market in the future is expected to be fueled by the increasing trend in tourism. Tourism involves individuals traveling to and staying in locations beyond their usual surroundings, whether for recreational, business, or other purposes. The influx of tourists into a country typically requires the conversion of their home currency to the local currency, leading to a surge in foreign exchange transactions at various points such as airports, banks, and other currency exchange facilities. For example, in May 2023, a report from the United Nations World Tourism Organization, a specialized agency based in Spain, highlighted a rebound in international tourist arrivals in the first quarter of 2023, reaching 80.0% of pre-pandemic levels with approximately 235.0 million travelers. This marked a more than twofold increase compared to the same period in 2022. The tourism sector demonstrated remarkable resilience, as revised data for 2022 indicated that over 960.0 million international tourists explored foreign destinations last year, achieving a recovery of two-thirds (66.0%) of pre-pandemic levels. Hence, the upsurge in tourism is a driving factor for the growth of the foreign exchange service market.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
Global Foreign Exchange ServicesMarket by Services
- Currency Exchange
- Remittance Services
- Foreign Currency Accounts
Global Foreign Exchange ServicesMarket by Providers
- Banks
- Money Transfer Operators
Global Foreign Exchange ServicesMarket by Application
- Businesses
- Individuals
Regional Analysis
- North America
- United States
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Latin America
- Middle East & Africa
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.
- Standard Chartered Bank
- Tor Currency Exchange Ltd.
- Travelex Foreign Coin Services Ltd.
- UAE Exchange Centre Co.
- Wells Fargo.
- Western Union Holdings, Inc.
- Wise Payments Ltd.
- WorldFirst
- com Inc.
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global foreign exchange servicemarket. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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