Foreign Exchange Services Global Market Report 2023

Description

“Foreign Exchange Services Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on foreign exchange services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
Measure the impact of high global inflation on market growth.
Create regional and country strategies on the basis of local data and analysis.
Identify growth segments for investment.
Outperform competitors using forecast data and the drivers and trends shaping the market.
Understand customers based on the latest market shares.
Benchmark performance against key competitors.
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Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
All data from the report will also be delivered in an excel dashboard format.

Where is the largest and fastest growing market for foreign exchange services? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The foreign exchange services market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope

Markets Covered:

1) By Services: Currency Exchange; Remittance Services; Foreign Currency Accounts; Other Services
2) By Providers: Banks; Money Transfer Operators; Other Providers
3) By End-User: Individuals; Corporate Institutes; Government; Retailers; Other End Users
Companies Mentioned: American Express Company; Citibank N. A; Wells Fargo Bank N.A; JPMorgan Chase & Co.; Western Union Holdings.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

Major companies in the 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., 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 Horizon 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 from The Business Research Company 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.

Product Code: r6853

1. Executive Summary

2. Foreign Exchange Services Market Characteristics

3. Foreign Exchange Services Market Trends And Strategies

4. Foreign Exchange Services Market - Macro Economic Scenario

4.1. COVID-19 Impact On Foreign Exchange Services Market
4.2. Ukraine-Russia War Impact On Foreign Exchange Services Market
4.3. Impact Of High Inflation On Foreign Exchange Services Market

5. Foreign Exchange Services Market Size And Growth

5.1. Global Foreign Exchange Services Historic Market, 2017-2022, $ Billion
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints On The Market
5.2. Global Foreign Exchange Services Forecast Market, 2022-2027F, 2032F, $ Billion
- 5.2.1. Drivers Of The Market
- 5.2.2. Restraints On the Market

6. Foreign Exchange Services Market Segmentation

6.1. Global Foreign Exchange Services Market, Segmentation By Services, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Currency Exchange
Remittance Services
Foreign Currency Accounts
Other Services
6.2. Global Foreign Exchange Services Market, Segmentation By Providers, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Banks
Money Transfer Operators
Other Providers
6.3. Global Foreign Exchange Services Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Individuals
Corporate Institutes
Government
Retailers
Other End Users

7. Foreign Exchange Services Market Regional And Country Analysis

7.1. Global Foreign Exchange Services Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Foreign Exchange Services Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

8. Asia-Pacific Foreign Exchange Services Market

8.1. Asia-Pacific Foreign Exchange Services Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Foreign Exchange Services Market, Segmentation By Services, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
8.3. Asia-Pacific Foreign Exchange Services Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

9. China Foreign Exchange Services Market

9.1. China Foreign Exchange Services Market Overview
9.2. China Foreign Exchange Services Market, Segmentation By Services, Historic and Forecast, 2017-2022, 2022-2027F, 2032F,$ Billion
9.3. China Foreign Exchange Services Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F,$ Billion

10. India Foreign Exchange Services Market

10.1. India Foreign Exchange Services Market, Segmentation By Services, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
10.2. India Foreign Exchange Services Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

11. Japan Foreign Exchange Services Market

11.1. Japan Foreign Exchange Services Market, Segmentation By Services, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
11.2. Japan Foreign Exchange Services Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

12. Australia Foreign Exchange Services Market

12.1. Australia Foreign Exchange Services Market, Segmentation By Services, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
12.2. Australia Foreign Exchange Services Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

13. Indonesia Foreign Exchange Services Market

13.1. Indonesia Foreign Exchange Services Market, Segmentation By Services, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
13.2. Indonesia Foreign Exchange Services Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

14. South Korea Foreign Exchange Services Market

14.1. South Korea Foreign Exchange Services Market, Segmentation By Services, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
14.2. South Korea Foreign Exchange Services Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

15. Western Europe Foreign Exchange Services Market

15.1. Western Europe Foreign Exchange Services Market Overview
15.2. Western Europe Foreign Exchange Services Market, Segmentation By Services, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
15.3. Western Europe Foreign Exchange Services Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

16. UK Foreign Exchange Services Market

16.1. UK Foreign Exchange Services Market, Segmentation By Services, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
16.2. UK Foreign Exchange Services Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

17. Germany Foreign Exchange Services Market

17.1. Germany Foreign Exchange Services Market, Segmentation By Services, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
17.2. Germany Foreign Exchange Services Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

18. France Foreign Exchange Services Market

18.1. France Foreign Exchange Services Market, Segmentation By Services, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
18.2. France Foreign Exchange Services Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

19. Eastern Europe Foreign Exchange Services Market

19.1. Eastern Europe Foreign Exchange Services Market Overview
19.2. Eastern Europe Foreign Exchange Services Market, Segmentation By Services, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
19.3. Eastern Europe Foreign Exchange Services Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

20. Russia Foreign Exchange Services Market

20.1. Russia Foreign Exchange Services Market, Segmentation By Services, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
20.2. Russia Foreign Exchange Services Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

21. North America Foreign Exchange Services Market

21.1. North America Foreign Exchange Services Market Overview
21.2. North America Foreign Exchange Services Market, Segmentation By Services, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
21.3. North America Foreign Exchange Services Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

22. USA Foreign Exchange Services Market

22.1. USA Foreign Exchange Services Market Overview
22.2. USA Foreign Exchange Services Market, Segmentation By Services, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
22.3. USA Foreign Exchange Services Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

23. South America Foreign Exchange Services Market

23.1. South America Foreign Exchange Services Market Overview
23.2. South America Foreign Exchange Services Market, Segmentation By Services, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
23.3. South America Foreign Exchange Services Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

24. Brazil Foreign Exchange Services Market

24.1. Brazil Foreign Exchange Services Market, Segmentation By Services, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
24.2. Brazil Foreign Exchange Services Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

25. Middle East Foreign Exchange Services Market

25.1. Middle East Foreign Exchange Services Market Overview
25.2. Middle East Foreign Exchange Services Market, Segmentation By Services, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
25.3. Middle East Foreign Exchange Services Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

26. Africa Foreign Exchange Services Market

26.1. Africa Foreign Exchange Services Market Overview
26.2. Africa Foreign Exchange Services Market, Segmentation By Services, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
26.3. Africa Foreign Exchange Services Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

27. Foreign Exchange Services Market Competitive Landscape And Company Profiles

27.1. Foreign Exchange Services Market Competitive Landscape
27.2. Foreign Exchange Services Market Company Profiles
- 27.2.1. American Express Company
  - 27.2.1.1. Overview
  - 27.2.1.2. Products and Services
  - 27.2.1.3. Strategy
  - 27.2.1.4. Financial Performance
- 27.2.2. Citibank N. A
  - 27.2.2.1. Overview
  - 27.2.2.2. Products and Services
  - 27.2.2.3. Strategy
  - 27.2.2.4. Financial Performance
- 27.2.3. Wells Fargo Bank N.A
  - 27.2.3.1. Overview
  - 27.2.3.2. Products and Services
  - 27.2.3.3. Strategy
  - 27.2.3.4. Financial Performance
- 27.2.4. BNP Paribas
  - 27.2.4.1. Overview
  - 27.2.4.2. Products and Services
  - 27.2.4.3. Strategy
  - 27.2.4.4. Financial Performance
- 27.2.5. Goldman Sachs Group Inc
  - 27.2.5.1. Overview
  - 27.2.5.2. Products and Services
  - 27.2.5.3. Strategy
  - 27.2.5.4. Financial Performance

28. Key Mergers And Acquisitions In The Foreign Exchange Services Market

29. Foreign Exchange Services Market Future Outlook and Potential Analysis

30. Appendix

30.1. Abbreviations
30.2. Currencies
30.3. Historic And Forecast Inflation Rates
30.4. Research Inquiries
30.5. The Business Research Company
30.6. Copyright And Disclaimer