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Bizwit Research & Consulting LLP is a global provider of business intelligence & consulting services. We have a strong primary base of key industry leaders along with the chain of industry analysts to analyze the market trends and its future impact in order to estimates and forecast different business segments and markets. 

Global Foreign Exchange Services Market to reach USD 18.87 billion by the end of 2030.

Global Foreign Exchange Services Market Size study & Forecast, by Services (Currency Exchange, Remittance Services, Foreign Currency Accounts, Others), by Providers (Banks, Money Transfer Operators, Others), by Application (Individuals, Businesses), and Regional Analysis, 2023-2030

Product Code: BFBFSI-67216768
Publish Date: 10-06-2023
Page: 200

Global Foreign Exchange Services Market is valued at approximately USD 9.97 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 8.30% over the forecast period 2023-2030. Foreign Exchange Services are the type of services that offer financial or business services for the conversion of one currency into another. The factor that drives the growth of the market is the rise in foreign trade between countries as globalization has led to international trade because of which trade has increased with the increase in the flow of investment between countries. As per trade outlook of World Trade Organization of April 2023, the world merchandise trade volume is expected to grow by 1.7% in 2023 which is anticipated to increase the demand of the foreign exchange services market. The other factor that drives the growth of the market is the ease of doing business as the rise in the use of digital technologies has altered that the way in which foreign exchange services are given and used which ultimately makes them more practical, makes them quicker and it is accessible to a larger number of clients, which had contributed to the development of market. However, the fluctuations in the economic stability of a country act as a restraining factor for the market.

The opportunity factor for the market is rising global trade and investment as the need for foreign exchange services rise as nations participate in greater global trade. Additionally, these kinds of services enable international trade by allowing individuals as well as companies to change one currency into another. The other opportunity factor is the rise of international money transfers as these remittances, business transactions and so on. Foreign exchange market can provide cost-effective and efficient money transfer services internationally. Thus, it is expected to create opportunities for the market.

The key regions considered for the Global Foreign Exchange Services Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the dominance of large banks and financial institutions in the region. North America also provides risk management and currency exchange solutions to individuals and businesses. Asia Pacific is expected to grow significantly during the forecast period, owing to factors such as the rise in usage of online foreign exchange services which make it accessible and convenient.

Major market player included in this report are:
Citigroup Inc.
JPMorgan Chase & Co.
HSBC Holdings PLC
American Express Company
Standard Chartered PLC
Deutsche Bank AG
Barclays Bank PLC
Wells Fargo Bank
Goldman Sachs Group Inc.
Western Union Company
Recent Developments in the Market:
Ø In July 2020, a partnership between Western Union and TrueMoney, a prominent provider of financial technologies in Southeast Asia, was recently revealed. The goal of this partnership was to increase the region’s access to Western Union’s digital money transfer services.
Ø In October 2020, PayPal stated that it can make it possible for Americans to purchase, trade, and store cryptocurrencies such as Bitcoin, Ethereum, and Litecoin using their PayPal accounts. PayPal’s foray into the cryptocurrency market was signalled by this action.
Global Foreign Exchange Services Battery Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Services, Providers, Application, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Services:
Currency Exchange
Remittance Services
Foreign Currency Accounts

By Providers:
Money Transfer Operators

By Application:

By Region:

North America


Asia Pacific
South Korea

Latin America

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1. Foreign Exchange Services Market, by Region, 2020-2030 (USD Billion)
1.2.2. Foreign Exchange Services Market, by Services, 2020-2030 (USD Billion)
1.2.3. Foreign Exchange Services Market, by Providers, 2020-2030 (USD Billion)
1.2.4. Foreign Exchange Services Market, by Application, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Foreign Exchange Services Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Providers Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Foreign Exchange Services Market Dynamics
3.1. Foreign Exchange Services Market Impact Analysis (2020-2030)
3.1.1. Market Drivers Rise in foreign trade between countries Ease of doing business
3.1.2. Market Challenges Fluctuations in the economic stability of a country
3.1.3. Market Opportunities Rising Global trade and investment Rise in International money transfers
Chapter 4. Global Foreign Exchange Services Market Providers Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Providers Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Foreign Exchange Services Market, by Services
5.1. Market Snapshot
5.2. Global Foreign Exchange Services Market by Services, Performance – Potential Analysis
5.3. Global Foreign Exchange Services Market Estimates & Forecasts by Services 2020-2030 (USD Billion)
5.4. Foreign Exchange Services Market, Sub Segment Analysis
5.4.1. Currency exchange
5.4.2. Remittance services
5.4.3. Foreign Currency Accounts
5.4.4. Others
Chapter 6. Global Foreign Exchange Services Market, by Providers
6.1. Market Snapshot
6.2. Global Foreign Exchange Services Market by Providers, Performance – Potential Analysis
6.3. Global Foreign Exchange Services Market Estimates & Forecasts by Providers 2020-2030 (USD Billion)
6.4. Foreign Exchange Services Market, Sub Segment Analysis
6.4.1. Banks
6.4.2. Money transfer Operators
6.4.3. Others
Chapter 7. Global Foreign Exchange Services Market, by Application
7.1. Market Snapshot
7.2. Global Foreign Exchange Services Market by Application, Performance – Potential Analysis
7.3. Global Foreign Exchange Services Market Estimates & Forecasts by Application 2020-2030 (USD Billion)
7.4. Foreign Exchange Services Market, Sub Segment Analysis
7.4.1. Individuals
7.4.2. Businesses
Chapter 8. Global Foreign Exchange Services Market, Regional Analysis
8.1. Top Leading Countries
8.2. Top Emerging Countries
8.3. Foreign Exchange Services Market, Regional Market Snapshot
8.4. North America Foreign Exchange Services Market
8.4.1. U.S. Foreign Exchange Services Market Service breakdown estimates & forecasts, 2020-2030 Providers breakdown estimates & forecasts, 2020-2030 Application breakdown estimates & forecasts, 2020-2030
8.4.2. Canada Foreign Exchange Services Market
8.5. Europe Foreign Exchange Services Market Snapshot
8.5.1. U.K. Foreign Exchange Services Market
8.5.2. Germany Foreign Exchange Services Market
8.5.3. France Foreign Exchange Services Market
8.5.4. Spain Foreign Exchange Services Market
8.5.5. Italy Foreign Exchange Services Market
8.5.6. Rest of Europe Foreign Exchange Services Market
8.6. Asia-Pacific Foreign Exchange Services Market Snapshot
8.6.1. China Foreign Exchange Services Market
8.6.2. India Foreign Exchange Services Market
8.6.3. Japan Foreign Exchange Services Market
8.6.4. Australia Foreign Exchange Services Market
8.6.5. South Korea Foreign Exchange Services Market
8.6.6. Rest of Asia Pacific Foreign Exchange Services Market
8.7. Latin America Foreign Exchange Services Market Snapshot
8.7.1. Brazil Foreign Exchange Services Market
8.7.2. Mexico Foreign Exchange Services Market
8.8. Middle East & Africa Foreign Exchange Services Market
8.8.1. Saudi Arabia Foreign Exchange Services Market
8.8.2. South Africa Foreign Exchange Services Market
8.8.3. Rest of Middle East & Africa Foreign Exchange Services Market

Chapter 9. Competitive Intelligence
9.1. Key Company SWOT Analysis
9.1.1. Company 1
9.1.2. Company 2
9.1.3. Company 3
9.2. Top Market Strategies
9.3. Company Profiles
9.3.1. Citigroup Inc. Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
9.3.2. JP Morgan Chase & Co.
9.3.3. HSBC Holdings PLC
9.3.4. American Express Company
9.3.5. Standard Chartered PLC
9.3.6. Deutsche Bank AG
9.3.7. Barclays Bank PLC
9.3.8. Wells Fargo Bank
9.3.9. Goldman Sachs Group Inc.
9.3.10. Western union Company
Chapter 10. Research Process
10.1. Research Process
10.1.1. Data Mining
10.1.2. Analysis
10.1.3. Market Estimation
10.1.4. Validation
10.1.5. Publishing
10.2. Research Attributes
10.3. Research Assumption

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Market Size Estimation:
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To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
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