Foreign Exchange Services Market to grow at a CAGR of 8.2 percent reaching USD 15.78 Bn by 2029
Foreign Exchange Services Market is segmented based on Service, Providers and Application. Bottom-up approach was used to estimate the Foreign Exchange Services Market size.
Pune, April 14, 2023 (GLOBE NEWSWIRE) -- Maximize Market research, a global Consumer Goods and Services market research firm has published a competitive intelligence market research report on the “*Foreign Exchange Services Market*”. The Foreign Exchange Services Market size was valued at USD 8.4 Bn in 2021. The total Foreign Exchange Services Market revenue is expected to grow at a CAGR of 8.2 percent from 2022 to 2029, reaching USD 15.78 Bn during the forecast period.*Market Size in 2021* USD 8.4 Bn
*Market Size in 2029* USD 15.78 Bn
*CAGR* 8.2 percent (2022-2029)
*Forecast Period* 2022-2029
*Base Year* 2021
*Number of Pages* 278
*No. of Tables* 124
*No. of Charts and Figures* 121
*Segment Covered* By Service, Providers and Application
*Regional Scope* North America, Europe, Asia Pacific, Middle East and Africa, South America
*Report Coverage* Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis.
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*Foreign Exchange Services Market Scope and Research Methodology*
The Foreign Exchange Services Market research report covers technology, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry. The report includes drivers, opportunities and restraints affecting the global market. It covers the impact of these drivers, trends and restraints on the demand of the market during the forecast period. The report also highlights opportunities in the market at the global level.
Regional analysis of the Foreign Exchange Services Market is conducted at the country, regional and global levels. The report covers the Foreign Exchange Services Market strategies followed by major players with their strategies and investment plans. The primary and secondary research method was used to collect the data from Foreign Exchange Services Market. Key players are identified through secondary research. Secondary research was used to collect information for the extensive, market-oriented, and commercial analysis of the Market.
*Foreign Exchange Services Market Overview*
The foreign exchange (forex) market is the largest financial market in the world, with an estimated daily turnover of over USD 5 trillion. Forex trading involves buying and selling currencies with the aim of making a profit from fluctuations in exchange rates. Forex trading takes place over-the-counter (OTC), which means that transactions occur through a decentralized network of banks, financial institutions, and individual traders.
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*Foreign Exchange Services Market Dynamics *
International trade plays a significant role in driving the foreign exchange services market. The demand for foreign currencies increases as businesses engage in cross-border trade transactions. The economic growth of a country also affects the foreign exchange market. As economies grow, there is an increase in demand for foreign currencies, which drives the market. Interest rates play a crucial role in the foreign exchange services market. Higher interest rates increase the demand for a country's currency as investors seek to take advantage of higher returns on investments. Major global events, such as economic crises, natural disasters, and pandemics, can also affect the foreign exchange market. These events can create uncertainty and volatility in the market, leading to fluctuations in exchange rates.
*North America region is expected to fuel the Foreign Exchange Services Market growth*
North American region is expected to dominate to regional Foreign Exchange Services Market during the forecast period. North America region is expected to fuel the growth of the foreign exchange services market. The foreign exchange services market in North America is already well-established and mature. This means that there is a high demand for these services, and the market is expected to continue to grow. North America is known for its technological advancements, and the foreign exchange services market is no exception. Many of the leading forex trading platforms and technologies are developed and based in North America, which gives the region a competitive advantage in the market.
*Foreign Exchange Services Market Segmentation*
*By Service: *
· Currency Exchange
· Remittance Service
· Foreign Currency Accounts
· Other
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*Based on Service, the Remittance Service is expected to dominate the Foreign Exchange Services Market during the forecast period. *The remittance service segment is a significant component of the foreign exchange services market and has been growing steadily in recent years.
*By Providers:*
· Banks
· Money Transfer Operators
· Other*By Application: *
· Businesses
· Individuals
*Foreign Exchange Services Market Key Players Include:*
· Western Union
· TransferWise
· PayPal
· MoneyGram
· OFX
· Travelex
· UAE Exchange
· Muthoot Foreign Exchange
· Japan Post Bank
· XE
· WorldFirst
· Currencies Direct
· TorFX
· HiFX
· Ria Money Transfer
· Continental Exchange Solutions Inc.
· Kantox
· CurrencyFair
· Revolut
· Airwallex
*Key questions answered in the Foreign Exchange Services Market are:*
· What is Foreign Exchange Services?
· What was the Foreign Exchange Services Market size in 2021?
· What is the expected Foreign Exchange Services Market size by 2029?
· What is the growth rate of the Foreign Exchange Services Market?
· Which are the factors expected to drive the Foreign Exchange Services Market growth?
· Which factors are expected to restrain the Foreign Exchange Services Market growth?
· Which segment dominated the Foreign Exchange Services Market growth?
· What is the demand pattern for the Foreign Exchange Services Market?
· Which region held the largest share in the Foreign Exchange Services Market?
· Who are the key players in the Foreign Exchange Services Market?
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*Key Offerings:*
· Past Market Size and Market Competitiveness (2018 to 2021)
· Past Pricing and price curve by region (2018 to 2021)
· Market Size, Share, Size & Forecast by different segment | 2022−2029
· Market Dynamics – Growth Drivers, Restraints, Opportunities, Challenges and Key Trends by region
· Market Segmentation – A detailed analysis by Service, Providers and Application
· Type Competitive Landscape –A detailed scenario of the competitive environment in the global market
· Competitive landscape – Market Leaders, Market Followers, Regional player
· Competitive benchmarking of key players by region based on product Portfolio, End-Users, Revenues, Manufacturing Locations, etc.
· Market Consolidations – Mergers, Acquisitions, Joint Ventures, Partnerships.
· Company Profiles – Business Overview, Financial Overview, Business Strategy, SWOT Analysis, Recent Development.
· PESTLE Analysis
· PORTER’s analysis
· Value chain and supply chain analysis
· Legal Aspects of business by region
· Key Takeaways
· Industry Recommendations
*Maximize Market Research is leading Consumer Goods and Services research firm, has also published the following reports:*
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*Currency Management Market*: The Currency Management Market size reached USD 332.5 billion in 2021 and is expected to reach USD 1,232.97 billion by 2029, growing at a CAGR of 17.8 percent during the forecast period. Growth in International trade to boost the market.
*Currency Exchange Software Market**:* Currency Exchange Software Market is expected to grow at a CAGR of 7.5 percent during the forecast period and market is expected to reach USD 4.07 Bn. by 2029.
The growing number of international transactions and rising investment in the Fin tech industry are key driving factors for the global currency exchange software market
*Core Banking Solutions Market*: The Core Banking Solutions Market size reached USD 12.77 billion in 2021 and is expected to reach USD 48 billion by 2029, growing at a CAGR of 18 percent during the forecast period. Growing adoption of new technologies by public and private sector banks to provide better service and security to the customers is major driving factor behind the growth of market.
*Crypto Payment Gateway Market*: Crypto Payment Gateway Market expected to hit USD 4.12 Bn by 2029 from USD 1.19 Bn. in 2021 at a CAGR of 16.8 percent during the forecast period. Crypto Payment Gateway Market is well known for its advantages in the financial sector such as the elimination of intermediaries such as lawyers, brokers and bankers.
*About Maximize Market Research:*
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