Global Foreign Exchange Services Market Is Expected to Reach $18.2 Billion by 2031: Allied Market Research

Increase in international trade, rise in usage of digital technologies, and increased trade and investment flows between countries drive the growth of the foreign exchange services market. By application, the individuals segment contributed to the major share in 2021. By region, Aisa-Pacific would showcase the fastest CAGR by 2031.

Portland, OR, March 10, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global foreign exchange services market generated $8.5 billion in 2021, and is estimated to reach $18.2 billion by 2031, witnessing a CAGR of 8.3% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market. 

Request PDF Brochure: http://www.alliedmarketresearch.com/request-sample/7759  

Report coverage & details: 

Covid-19 Scenario: 

• The COVID-19 pandemic has indeed had a significant impact on the foreign exchange services market. One of the most notable changes has been the increase in demand for digital currency services, as people have turned to online platforms for their financial transactions due to social distancing measures. This has resulted in greater use of digital wallets, mobile banking, and online currency exchange services. 
• Moreover, foreign exchange service providers have adapted to the pandemic by adopting automated currency hedging strategies. These strategies use algorithms and machine learning to optimize currency exposure and reduce losses. The use of such technologies has been on the rise, and this trend is likely to continue even after the pandemic. 
• The pandemic has also affected the overall trading volumes and market volatility in the foreign exchange market. However, despite the challenges posed by the pandemic, the foreign exchange market remains a key player in facilitating international trade and investment. As the global economy continues to recover, it is expected that the foreign exchange market will also recover, and the demand for foreign exchange services will increase. 
• Overall, the COVID-19 pandemic has had a moderate impact on the expansion of the foreign exchange services market. While there have been some changes in the way these services are provided, the market remains resilient and adaptable to changing circumstances. 

The report offers a detailed segmentation of the global foreign exchange services market based on services, providers, application, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years. 

By services, the remittance services segment contributed to nearly half of the global foreign exchange services market revenue and is projected to rule the roost by 2031. However, the foreign currency accounts segment would also showcase the fastest CAGR of 13.2% throughout the forecast period. The currency exchange and others segment are also studied in the report. 

Procure Complete Report (@389 Pages PDF with Insights, Charts, Tables, and Figures) @ http://bit.ly/3J8fGwJ  

By providers, the banks segment held the largest share in 2021, garnering more than half of the global foreign exchange services market revenue and is projected to maintain its dominance by 2031. The others segment, on the other hand, would also cite the fastest CAGR of 10.3% throughout the forecast period. Also, the money transfer operators segment is discussed in the report. 

By application, the individuals segment contributed to nearly two-thirds of the global foreign exchange services market revenue and is projected to rule the roost by 2031. However, the same segment would also display the fastest CAGR of 9.3% throughout the forecast period. The businesses segment is also assessed in the report. 

By region, North America held the major share in 2021, garnering nearly two-fifths of the global foreign exchange services market revenue and is projected to rule the roost by 2031. However, the Asia-Pacific region would also showcase the fastest CAGR of 11.2% throughout the forecast period. The other provinces studied through the report include Europe and LAMEA. 

The key market players analyzed in the global foreign exchange services market report include Citigroup Inc., Deutsche Bank AG, Barclays, Goldman Sachs, Standard Chartered, Wells Fargo, HSBC Group, American Express Company, Western Union Holdings, JPMorgan Chase & Co. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player. 

Key benefits for stakeholders 

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the foreign exchange services market forecast from 2022 to 2031 to identify the prevailing foreign exchange services market opportunity. 
• The market research is offered along with information related to key drivers, restraints, and opportunities. 
• Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network. 
• In-depth analysis of the foreign exchange services market outlook assists to determine the prevailing market opportunities. 
• Major countries in each region are mapped according to their revenue contribution to the global market. 
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players. 
• The report includes the analysis of the regional as well as global foreign exchange services market trends, key players, market segments, application areas, and market growth strategies. 

Foreign Exchange Services Market Report Highlights: 

Services  

• Currency Exchange 
• Remittance Services 
• Foreign Currency Accounts 
• Others 

Providers  

• Banks 
• Money Transfer Operators 
• Others 

Application  

• Businesses 
• Individuals 

By Region  

• North America  (U.S., Canada) 
• Europe  (UK, Germany, France, Italy, Spain, Rest of Europe) 
• Asia-Pacific  (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific) 
• LAMEA  (Latin America, Middle East, Africa) 

Key Market Players : Barclays, Citigroup Inc., American Express Company, Standard Chartered, Deutsche Bank AG, JPMorgan Chase & Co., Wells Fargo, Goldman Sachs, HSBC Group, Western Union Holdings 

Want to Access the Statistical Data & Graphs, and Key Players’ Strategies: http://www.alliedmarketresearch.com/foreign-exchange-services-market/purchase-options  

Trending Reports in BFSI Industry (Book Now 10% Discount + COVID-19 Scenario): 

Currency Management Market by Exchange Type (Floating Currency Exchange, Fixed Currency Exchange), by Hedge Type (Benchmark Hedging, Portfolio Hedging, Share class Hedging), by Application (Commercial and Investment Banks, Central Banks, Multinational Corporations, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031 

Cryptocurrency Hardware Wallet Market by Hardware Component (ASIC, GPU, FPGA, Others), by Security Method (Pin, Two-factor Authentication, Biometric Security, Others), by Type (USB Connectivity Type, Bluetooth Connectivity Type, NFC Connectivity, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031 

Cryptocurrency Market By Offering (Hardware [ASIC, GPU, FPGA, and Others] and Software), Process (Mining and Transaction), Type (Bitcoin [BTC], Ethereum [ETH], Tether [USDT], Binance Coin [BNB], Cardano [ADA], Ripple [XRP], and Others), and End User (Trading, Retail & E-commerce, Banking, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030 

Currency Sorter Market by Type (Small, Medium, and Large), Product (Bank Note Sorter and Coin Sorter), Technology (Magnetic, Watermark, Microprint, and Others), Industry Vertical (Retail, Banking, Gaming, and Transportation), Application (Self-checkout Machines, Vending Machines, Kiosk, Bank Note Counter, Automatic/Semiautomatic Fare Controllers, and Casinos) – Global Opportunity Analysis and Industry Forecast, 2023-2030 

Cryptocurrency Mining Hardware Market by Type (Central Processing Unit, Graphics Processing Unit, Field Programmable Gate Array, and Application-Specific Integrated Circuit), Application (Enterprise and Personal), and Coin (Bitcoin, Ethereum, Ripple, and Others): Global Opportunity Analysis and Industry Forecast, 2018-2025 

About Us: 

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. 

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry. 

Contact Us: 

David Correa 
5933 NE Win Sivers Drive 
#205, Portland, OR 97220 
United States 
USA/Canada (Toll Free): 
+1-800-792-5285, +1-503-894-6022 
UK: +44-845-528-1300 
Hong Kong: +852-301-84916 
India (Pune): +91-20-66346060 
Fax: +1(855)550-5975 
help@alliedmarketresearch.com 

Web: www.alliedmarketresearch.com