The Global Foreign Exchange Services Market Size is valued at 9.67 billion in 2023 and is predicted to reach 18.27 billion by the year 2031 at a 8.31% CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
Increasing urbanization and rising disposable income levels among people are major factors favoring the industry. Therefore, a substantial increase in international trade operations is driving up demand for foreign exchange (FX), which provides several benefits, such as low trading costs, strong liquidity and transactional transparency, round-the-clock trading opportunities, and significant trading volumes. In addition, there has been considerable growth in the number of international trade operations in recent years. In addition, the market is developing due to the growing trend of digitalization and the introduction of outright forward and currency options.
A positive market picture is also being produced by the development of improved electronics and numerous internet-based platforms that enable customers to exchange currencies effortlessly between nations while guaranteeing the delivery of products and services in a secure and controlled environment. Additionally, the advent of automated conversion technologies that allow stronger flexibility and comfort during currency swaps is driving the market. This is one of the factors that is driving the market.
However, businesses are concentrating on building the complete infrastructure to offer better security solutions for trading, fueling market expansion.
The Foreign Exchange Services market is segmented by services, providers, and applications. The market is segmented based on services: Currency Exchange, Remittance Services, Foreign Currency Accounts, and Others. By the providers, the market is segmented into Banks, Money Transfer Operators, and Others. By application, the market is segmented into Businesses and Individuals.
The remittance services segment experienced the most significant growth in terms of services. The need for remittance services has increased as a result of the growing population of migrant workers and their need to transfer money back to their home countries. Furthermore, the development of digital technology has made it simpler and more practical for people to move money across international borders through the internet and mobile platforms.
The sector for foreign currency accounts is anticipated to increase the fastest during the projection period, nevertheless. This is explained by the fact that there is a growing demand for practical foreign currency management solutions due to the rise in the number of international travelers and the expansion of the travel and tourism sector.
The increased use of digital technology has changed how foreign exchange services are provided and used, making them quicker, more practical, and available to a wider range of clients, which has contributed to the market's expansion. Furthermore, modern web platforms have made it simpler for companies to obtain foreign currency services, enabling them to compare exchange rates, start transactions, and follow the progress of payments in real time. Moreover, technology has advanced to the point that smartphone apps for using currency exchange services have been released. For instance, TransferWise is a smartphone app for currency conversion services. A mobile app from the fintech business TransferWise enables users to send money abroad swiftly and easily.
The market for foreign exchange services in North America, a crucial component of the financial services industry that offers solutions for risk management and currency exchange to both enterprises and people, experienced the largest increase in 2022.
Large banks, other financial institutions, and specialized foreign exchange service providers dominate the industry in North America. However, Asia-Pacific is anticipated to experience the quickest growth over the forecast period. This is due to the fact that the market is becoming more comfortable and accessible for both individuals and businesses to participate in, due to the shift towards electronic and online foreign exchange services.
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Report Attribute |
Specifications |
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Market size value in 2023 |
USD 9.67 Bn |
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Revenue forecast in 2031 |
USD 18.27 Bn |
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Growth rate CAGR |
CAGR of 8.31% from 2024 to 2031 |
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Quantitative units |
Representation of revenue in US$ Billion, and CAGR from 2024 to 2031 |
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Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
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Segments covered |
Services, Providers, And Applications |
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Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
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Competitive Landscape |
Barclays, Citigroup Inc., American Express Company, Standard Chartered, Deutsche Bank AG, JPMorgan Chase & Co., Wells Fargo, Goldman Sachs, HSBC Group, Western Union Holdings. |
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Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions
Chapter 2. Executive Summary
Chapter 3. Global Foreign Exchange Service Market Snapshot
Chapter 4. Global Foreign Exchange Service Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Industry Analysis – Porter’s Five Forces Analysis
4.7. Competitive Landscape & Market Share Analysis
4.8. Impact of Covid-19 Analysis
Chapter 5. Market Segmentation 1: by Services Estimates & Trend Analysis
5.1. by Services & Market Share, 2023 & 2031
5.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Services:
5.2.1. Currency Exchange
5.2.2. Remittance Services
5.2.3. Foreign Currency Accounts
5.2.4. Others
Chapter 6. Market Segmentation 2: by Providers Estimates & Trend Analysis
6.1. by Providers & Market Share, 2023 & 2031
6.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Providers:
6.2.1. Banks
6.2.2. Money Transfer Operators
6.2.3. Others
Chapter 7. Market Segmentation 3: by Application Estimates & Trend Analysis
7.1. by Application & Market Share, 2023 & 2031
7.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Application:
7.2.1. Businesses
7.2.2. Individuals
Chapter 8. Foreign Exchange Service Market Segmentation 4: Regional Estimates & Trend Analysis
8.1. North America
8.1.1. North America Foreign Exchange Service Market Revenue (US$ Million) Estimates and Forecasts by Services, 2024-2031
8.1.2. North America Foreign Exchange Service Market Revenue (US$ Million) Estimates and Forecasts by Providers, 2024-2031
8.1.3. North America Foreign Exchange Service Market Revenue (US$ Million) Estimates and Forecasts by Application, 2024-2031
8.1.4. North America Foreign Exchange Service Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031
8.2. Europe
8.2.1. Europe Foreign Exchange Service Market Revenue (US$ Million) Estimates and Forecasts by Services, 2024-2031
8.2.2. Europe Foreign Exchange Service Market Revenue (US$ Million) Estimates and Forecasts by Providers, 2024-2031
8.2.3. Europe Foreign Exchange Service Market Revenue (US$ Million) Estimates and Forecasts by Application, 2024-2031
8.2.4. Europe Foreign Exchange Service Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031
8.3. Asia Pacific
8.3.1. Asia Pacific Foreign Exchange Service Market Revenue (US$ Million) Estimates and Forecasts by Services, 2024-2031
8.3.2. Asia Pacific Foreign Exchange Service Market Revenue (US$ Million) Estimates and Forecasts by Providers, 2024-2031
8.3.3. Asia-Pacific Foreign Exchange Service Market Revenue (US$ Million) Estimates and Forecasts by Application, 2024-2031
8.3.4. Asia Pacific Foreign Exchange Service Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031
8.4. Latin America
8.4.1. Latin America Foreign Exchange Service Market Revenue (US$ Million) Estimates and Forecasts by Services, 2024-2031
8.4.2. Latin America Foreign Exchange Service Market Revenue (US$ Million) Estimates and Forecasts by Providers, 2024-2031
8.4.3. Latin America Foreign Exchange Service Market Revenue (US$ Million) Estimates and Forecasts by Application, 2024-2031
8.4.4. Latin America Foreign Exchange Service Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031
8.5. Middle East & Africa
8.5.1. Middle East & Africa Foreign Exchange Service Market Revenue (US$ Million) Estimates and Forecasts by Services, 2024-2031
8.5.2. Middle East & Africa Foreign Exchange Service Market Revenue (US$ Million) Estimates and Forecasts by Providers, 2024-2031
8.5.3. Middle East & Africa Foreign Exchange Service Market Revenue (US$ Million) Estimates and Forecasts by Application, 2024-2031
8.5.4. Middle East & Africa Foreign Exchange Service Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031
Chapter 9. Competitive Landscape
9.1. Major Mergers and Acquisitions/Strategic Alliances
9.2. Company Profiles
9.2.1. Barclays,
9.2.2. Citigroup Inc.,
9.2.3. American Express Company,
9.2.4. Standard Chartered,
9.2.5. Deutsche Bank AG,
9.2.6. JPMorgan Chase & Co.,
9.2.7. Wells Fargo,
9.2.8. Goldman Sachs,
9.2.9. HSBC Group,
9.2.10. Western Union Holdings
9.2.11. Other Prominent Players
Foreign Exchange Services Market By Services-
Foreign Exchange Services Market By Providers-
Foreign Exchange Services Market By Application-
Foreign Exchange Services Market By Region-
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.
Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.
Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.
Secondary research
The secondary research sources that are typically mentioned to include, but are not limited to:
The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista
Primary Research:
Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies
The contributors who typically take part in such a course include, but are not limited to:
Data Modeling and Analysis:
In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.
The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.
To know more about the research methodology used for this study, kindly contact us/click here.
