Press release
Foreign Exchange Services Market Explores Trends, Growth, and Market Segments
Foreign Exchange Services Market
The Business Research Company offers in-depth market insights through Foreign Exchange Services Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth 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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Market Segmentation:
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
Major Driver - Global Surge In International Transactions Fuels Foreign Exchange Service 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.
Competitive Landscape:
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, LMAX Exchange Group, Orfinex Technologies
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Top Trend - Revolutionizing The Foreign Exchange Landscape With Innovative Technology
Major companies operating in the foreign exchange service market are developing advanced technologies, such as foreign exchange (FX) platforms, to meet larger customer bases, increase sales, and increase revenue. A foreign exchange (FX) platform, also known as a trading platform, is an online software interface provided by financial institutions and brokers that enables participants in the foreign exchange market to engage in currency trading. For instance, in October 2023, the Bank of New York Mellon Corporation (BNY Mellon), a US-based financial services company, launched the Universal FX. Universal FX stands out as a novel foreign exchange (FX) platform designed to fulfill clients' diverse needs in managing portfolio execution while providing unparalleled access to market-leading price transparency. Tailored to cater to BNY Mellon clients spanning various market segments, including investment managers, corporates, hedge funds, and wealth managers, Universal FX takes a lead role in guiding them through the industry-wide shift to T+1 settlement. This cutting-edge offering represents an expansion of BNY Mellon's OneFX suite, leveraging innovative solutions and banking capabilities for comprehensive coverage of FX trading, FX hedging, and cross-border payment activities. Notably, Universal FX seamlessly integrates into the entire FX spectrum, ensuring global clients can effortlessly access BNY Mellon's latest features and functionalities within the OneFX suite.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Foreign Exchange Services Market Characteristics
3. Foreign Exchange Services Market Trends And Strategies
4. Foreign Exchange Services Market - Macro Economic Scenario
5. Foreign Exchange Services Market Size And Growth
…..
27. Foreign Exchange Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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