PRESS RELEASE
Published April 27, 2023
Foreign Exchange Services Market to reach over USD 17.93 billion by the year 2031 – Exclusive Report by InsightAce Analytic
InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global Foreign Exchange Services Market Size, Share & Trends Analysis Report By Services (Currency Exchange, Remittance Services, Foreign Currency Accounts, Others), by Providers (Banks, Money Transfer Operators, Others), by Application (Businesses, Individuals)- Market Outlook And Industry Analysis 2031″
The global Foreign Exchange Services market is estimated to reach over USD 17.93 billion by 2031, exhibiting a CAGR of 8.22% during the forecast period.
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The expansion of globalization and international trade primarily drives the market for foreign exchange services. International trade and the market for foreign exchange services are closely related. As businesses perform more transactions internationally, there are increasing opportunities for providers of foreign currency services due to the requirement for effective management tools for worldwide transactions.
Moreover, globalization has expanded international trade and investment, which has raised the demand for foreign exchange services. Foreign exchange service providers supply the tools and services required for cross-border transactions. However, due to cross-border investments, e-commerce businesses must convert one currency into another to perform cross-border transactions.
The foreign currency services market benefits from expanding international trade and investment. Foreign exchange services are more in demand as nations participate in greater international trade. Furthermore, these services enable cross-border transactions by allowing businesses and individuals to convert one currency into another. As a result, the expansion of international trade and investment presents new chances for suppliers of foreign exchange services to reach a wider clientele. For instance, the rise in cross-border e-commerce between the United States and Europe illustrates expanding global trade and investment. Several firms are now able to sell their goods and services to customers worldwide because of the rise of Internet shopping and improvements in logistics and delivery systems.
List of Prominent Players in the Foreign Exchange Services Market:
- Barclays,
- Citigroup Inc.,
- American Express Company,
- Standard Chartered,
- Deutsche Bank AG,
- JPMorgan Chase & Co.,
- Wells Fargo,
- Goldman Sachs,
- HSBC Group,
- Western Union Holdings
Market Dynamics:
Drivers-
The industry for foreign exchange services is expanding quickly and is very cutthroat. Many companies, such as banks, non-bank financial organizations, and online foreign exchange brokers, make up the market. Additionally, a number of factors, including the state of the world economy, current geopolitical affairs, and technological breakthroughs, have an impact on the market. On the other hand, the market for foreign exchange services has been revolutionized by the growth of fintech, making it simpler and easier for traders to access the market. Furthermore, online foreign exchange brokers have benefited from this development by providing advanced trading platforms and mobile apps that enable traders to transact at any time and from any location.
Challenges:
The market for foreign currency services is heavily regulated, and as a result, service providers find it challenging to grow their operations or enter new areas. Also, it takes a long time and money to get the required licenses and authorizations from regulatory agencies, and breaking the law might result in penalties or fines. Furthermore, because service providers are required to follow stringent laws and regulations for their operations, these regulatory hurdles impede innovation in the market for foreign exchange services. As a result, it becomes challenging for new competitors to compete with existing firms, thereby limiting market expansion. Thus, regulatory obstacles prevent the market for foreign exchange services from expanding.
Regional Trends:
North America dominated the foreign exchange services market position in 2022. The foreign exchange services market in North America is an integral aspect of the financial services sector, offering currency exchange and risk management solutions to both individuals and companies and is expected to continue developing at the fastest rate during the forecast period. Additionally, the presence of massive banks and financial organizations in North America dominates the market, in addition to specialized foreign exchange service providers.
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Recent Developments:
- In January 2023, The GS25 convenience store chain and GS The Fresh supermarket unit’s outlets will now have kiosks for exchanging foreign currencies, according to GS Retail Co. The company’s ten locations will test the use of the forex currency exchange kiosks. To meet the rising demand from travellers, the shop is installing kiosks to expand its financial service options.
Segmentation of Foreign Exchange Services Market-
By Services-
- Currency Exchange
- Remittance Services
- Foreign Currency Accounts
- Others
By Providers-
- Banks
- Money Transfer Operators
- Others
By Application-
By Region-
North America-
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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