Foreign Exchange Services Global Market Report 2023
Major players in the foreign exchange services market are American Express Company, Citibank N. A, Wells Fargo Bank N.A, JPMorgan Chase & Co., Western Union Holdings., Barclays Bank PLC, BNP Paribas, Goldman Sachs Group Inc.
New York, June 21, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Foreign Exchange Services Global Market Report 2023" - https://www.reportlinker.com/p06464034/?utm_source=GNW
, HSBC Holdings Plc, Standard Chartered Bank, Bank of America Corporation, GAIN Capital Holdings Inc., State Street Corporation, Royal Bank of Scotland Plc, Deutsche Bank AG, Currency Exchange International Corporation, CurrencyWave, and First Horizo??n Bank.
The global foreign exchange services market is expected to grow from $6,793.01 billion in 2022 to $7,523.28 billion in 2023 at a compound annual growth rate (CAGR) of 10.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The foreign exchange services market is expected to reach $9,724.04 billion in 2027 at a CAGR of 6.6%.
The foreign exchange services market includes revenues earned by providing professionally managed accounts service and trading programs & advisory services.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Foreign exchange services refers to service of converting one currency into another at a specific foreign exchange rate.It facilitates worldwide commerce (across borders), which involves investments, trade of goods and services, and financial transactions.
It also allows for currency conversion for international trade investments and settlement.
North America was the largest region in the foreign exchange services market in 2022. The regions covered in foreign exchange services report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main services of foreign exchange services are currency exchange, remittance services, foreign currency accounts, and others.Currency exchange is a business activity allowing customers to exchange one currency for another in terms of physical money (coins and paper bills), over the counter at a teller station found in various places such as airports, resorts and others.
The various providers involved are banks, money transfer operators, and others that are used by individuals, corporate institutes, government, retailers and others.
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 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.
Technological advancements are a key trend gaining popularity in the foreign exchange service market.Major companies operating in the foreign exchange service market are adopting new technologies to sustain their position in the market.
For instance, in July 2022, EbixCash Limited, an India-based technology-enabled provider of digital products and services, launched the Self Booking Corporate tool for foreign exchange.Self-Booking Corporate tool offers a spectrum of digital foreign exchange services to business and corporate travellers, and other corporates enabling increased efficiency.
The tool will allow clients to avail of foreign exchange services digitally, through a hassle-free documentation process and provides corporate clients the ability to tailor the system by their corporate travel policies and generates customized reports.
In May 2022, OFX Group Limited, an Australia-based online foreign exchange and payments company acquired Firma Foreign Exchange Corporation (Firma) for an amount of CAD90m ($66.0 Million). Through this acquisition, OFX will become a leading Corporate cross-border payments provider in Canada. Firma Foreign Exchange Corporation is a Canada-based foreign exchange service company that deals with the activities of foreign exchange and remitting or transmitting money.
The countries covered in the foreign exchange services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The foreign exchange services market research report is one of a series of new reports that provides foreign exchange services market statistics, including foreign exchange services industry global market size, regional shares, competitors with foreign exchange services market share, detailed foreign exchange services market segments, market trends, and opportunities, and any further data you may need to thrive in the foreign exchange services industry. This foreign exchange services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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