Global Foreign Exchange Services Market Overview
Foreign exchange market is described as an OTC (Over the counter) market as there is no physical place where the participants meet to execute their deals. It is more an informal arrangement among the banks and brokers operating in a financing centre purchasing and selling currencies, connected to each other by telecommunications like telex, telephone and a satellite communication network, SWIFT. The term foreign exchange market is used to refer to the wholesale a segment of the market, where the dealings take place among the banks.
The global foreign exchange services market size is growing substantially, and is expected to expand as overseas travelers are on the rise and businesses are expanding across the globe. Forex services or foreign exchange services offer exchange of a foreign currency into regional or global currencies. Forex services also include transfer of currency to another currency through digital platforms. It also allows travelers to transfer small amount of money. In addition, it also allows multi-million dollar transfers handled by states, companies, and financial institutions.
Global Foreign Exchange Services Market Dynamics
Increase in demand
Increase in demand from individuals overseas for easy use of respective country's foreign currency and surge in international transactions are some of the factors that drive the market growth. However, higher competition from banks and FinTech firms and stringent regulations on cross-border transactions are some of the factors expected to hinder the market growth.
Key Growth drivers
- Innovation and security
- Reinventing the customer experience and omnichannel systems
- Personalisation of services
- Supporting customers beyond banking services
- Supporting the energy transition of our clients
Fluctuation in Currency
Currency fluctuations are a natural outcome of floating exchange rates, which is the norm for most major economies. Numerous factors influence exchange rates, including a country's economic performance, the outlook for inflation, interest rate differentials, capital flows and so on. A currency's exchange rate is typically determined by the strength or weakness of the underlying economy. As such, a currency's value can fluctuate from one moment to the next.
Global Foreign Exchange Services Market Segmentation
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Source: Prophecy Market Insights |
The Global Foreign Exchange Services Market is segmented based on Type, End-User and Region.
On the basis of Type, the Global Foreign Exchange Services Market is segmented into Professionally Managed Accounts Service, Currency Exchange & Remittance Service, Trading Programs & Advisory Service and Other. Based on End-User, the target market is segmented into Individuals, Retailers, Corporate Institutes, Government and Others.
Regional Insights:
On 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 to emerge as the fastest-growing regional market. The Japanese yen (JPY), despite volumes having recently fallen back from their 2013-14 Bank of Japan (BoJ) quantitative-easing (QE) peak, continues to dominate overall regional trade, with volumes rising 172 percent since 2004.
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Attribute |
Details |
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Base year for estimation |
2020 |
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Forecast period |
2020 – 2029 |
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Market representation |
Revenue in USD Million & CAGR from 2020 – 2029 |
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Market Segmentation |
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 |
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Regional scope |
North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
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Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
Segments Covered in the Report:
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2019 to 2029. For the purpose of this study, has segmented the Global Foreign Exchange Services Market report based on Type, End User, and region.
Global Foreign Exchange Services Market, By Region:
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- North America
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- U.S.
- Canada
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- Europe
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- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
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- Asia Pacific
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- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
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- Latin America
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- Brazil
- Mexico
- Rest of Latin America
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- Middle East & Africa
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- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
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- North America
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Global Foreign Exchange Services Market Key Players
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
Global Foreign Exchange Services Market Company Profile
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- American Express Company
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Business Strategies
- Western Union Holdings, Inc
- Bank of America Corporation
- Citibank
- Wells Fargo
- JPMorgan Chase & Co.
- BNP Paribas
- Barclays
- State Street Corporation
- Royal Bank of Scotland
- American Express Company
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“*” marked represents similar segmentation in other categories in the respective section
Global Foreign Exchange Services Market Table of Contents
- Research Objective and Assumption
- Preface
- Research Objectives
- Study Scope
- Years Considered for the study
- Assumptions
- Abbreviations
- Research Methodology
- Research data
- Primary Data
- Primary Interviews
- Primary Breakdown
- Key data from Primary Sources
- Key Thickness Insights
- Secondary Data
- Major Secondary Sources
- Secondary Sources
- Market Estimation
- Top-Down Approach
- Approach for estimating Market Share by Top-Down Analysis (Supply Side)
- Bottom-Up Approach
- Approach for estimating market share by Bottom-up Analysis (Demand Side)
- Market Breakdown and Data Triangulation
- Research Assumptions
- Market Purview
- Executive Summary
- Key Findings—Global Outlook for COVID-19 Foreign Exchange Services Strategies
- Key Questions this Study will Answer
- Market Snippet, By Type
- Market Snippet, By End-User
- Market Snippet, By Region
- Opportunity Map Analysis
- Executive Summary—3 Big Predictions
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Market Trends
- DR Impact Analysis
- PEST Analysis
- Porter’s Five Forces Analysis
- Opportunity Orbit
- Market Investment Feasibility Index
- Macroeconomic Factor Analysis
- Market Dynamics
- Global Foreign Exchange Services Market, By Type, 2020 – 2030, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Segment Trends
- Professionally managed accounts service
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Currency exchange & Remittance service
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Trading programmes & Advisory service
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Others
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Overview
- Global Foreign Exchange Services Market, By End-User, 2020 – 2030, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Segment Trends
- Individuals
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Retailers
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Corporate Institutes
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Government
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Others
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Overview
- Global Foreign Exchange Services Market, By Region, 2020 – 2030, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Regional Trends
- North America
- Market Size and Forecast (US$ Mn), By Type, 2020 – 2030
- Market Size and Forecast (US$ Mn), By End-User, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Country, 2020 – 2030
- U.S.
- Canada
- Europe
- Market Size and Forecast (US$ Mn), By Type, 2020 – 2030
- Market Size and Forecast (US$ Mn), By End-User, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Country, 2020 – 2030
- UK
- France
- Germany
- Russia
- Italy
- Rest of Europe
- Asia Pacific
- Market Size and Forecast (US$ Mn), By Type, 2020 – 2030
- Market Size and Forecast (US$ Mn), By End-User, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Country, 2020 – 2030
- India
- Japan
- South Korea
- China
- Rest of Asia Pacific
- Latin America
- Market Size and Forecast (US$ Mn), By Type, 2020 – 2030
- Market Size and Forecast (US$ Mn), By End-User, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Country, 2020 – 2030
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Market Size and Forecast (US$ Mn), By Type, 2020 – 2030
- Market Size and Forecast (US$ Mn), By End-User, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Country, 2020 – 2030
- GCC
- Israel
- South Africa
- Rest of Middle East
- Overview
- Competitive Landscape
- Heat Map Analysis
- Market Presence and Specificity Analysis
- Company Profiles
- American Express Company.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- 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 Last Word
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- Future Impact
- About Us
- Contact
FAQs
The Global Foreign Exchange Services Market is segmented based on Type, End-User, and region.
Increase in demand from individuals overseas for easy use of respective country's foreign currency and surge in international transactions are some of the factors that drive the market growth.
Europe regional market is projected to emerge as the fastest-growing regional market.
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.