Foreign Exchange Services Market accounted for US$ 7,925.32 million in 2019 and is estimated to be US$ 11,390.96 million by 2025 and is anticipated to register a CAGR of 6.4%. Because there is no physical location where players meet to complete their agreements, the foreign exchange market is referred to as an OTC (over the counter) market. It is more of an informal agreement between banks and brokers who buy and sell currencies in a financing centre and are connected by telecommunications such as telex, telephone, and the SWIFT satellite communication network. The wholesale sector of the market, where transactions between banks take place, is referred to as the "foreign exchange market." All transactions between banks and their customers fall under the retail category.
The report " Global Foreign Exchange Services Market, By Type (Professionally Managed Accounts Service, Currency Exchange & Remittance Service, Trading Programs & Advisory Service and Other), By End-User (Individuals, Retailers, Corporate Institutes, Government and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Market Trends, Analysis, and Forecast till 2030”
Key Highlights:
· PingPong Payments, a global payments and e-commerce service provider, launched a payment processing and currency conversion network for the UAE currency in May 2020.
· InBev, a Belgian beer brewing firm, purchased Anheuser-Busch, a US beer firm, for $52 billion in 2008. In order to buy a company in the United States, InBev had to supply euros (the Belgian currency) to the foreign exchange market and demand dollars.
Analyst View:
The worldwide foreign exchange services market is developing rapidly and is likely to continue to develop as the number of international visitors and enterprises grows around the world. Some of the factors driving market expansion include an increase in demand from individuals living abroad for convenient access to their home country's foreign currency and an increase in international transactions. However, increased competition from banks and FinTech firms, as well as strict cross-border transaction rules, are projected to stifle market growth.
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Key Market Insights from the report:
The Global Foreign Exchange Services Market accounted for US$ 7,925.32 million in 2019 and is estimated to be US$ 11,390.96 million by 2025 and is anticipated to register a CAGR of 6.4%. The Global Foreign Exchange Services Market is segmented based on the type, end-user, and region.
· By Type, the Global Foreign Exchange Services Market is segmented into Professionally Managed Accounts Service, Currency Exchange & Remittance Service, Trading Programs & Advisory Service and Other.
· By End-User, the market is segmented in Individuals, Retailers, Corporate Institutes, Government and Others.
· By Region, the Global Foreign Exchange Services Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Europe regional market is projected emerge as the fastest-growing regional market.
Competitive Landscape:
The key players operating in the Global Foreign Exchange Services Market includes American Express Company, Western Union Holdings, Inc., Bank of America Corporation, Citibank, Wells Fargo, JPMorgan Chase & Co., BNP Paribas, Barclays, State Street Corporation, Royal Bank of Scotland.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
