Rise in number of travelers visiting abroad for various purposes and increase international business expansions, particularly in emerging economies, are expected to provide lucrative opportunities for the industry in the coming years.
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.
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.
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New platform launches to flourish the market:
In May 2020, PingPong Payments, a multinational payments and e-commerce service company, launched payment processing and currency conversion network for the UAE currency. In addition, with this launch, the company marked its position by making an open exposure to fast-growing foreign services & goods distributors in the Middle East and North Africa. Such launches by various key players provide opportunities for the market growth.
COVID-19 scenario analysis:
- Closure of international boundaries and resulting travel restrictions imposed by most countries, owing to the panic of catching the infectious disease of COVID-19 had seriously affected the foreign exchange sector.
- The circumstances left foreign exchange service providers to depend primarily on the money transfer businesses and on consumers reloading their cards for transactions.
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Key benefits of the report:
- This study presents analytical depiction of the global foreign exchange services market size along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global foreign exchange services market share.
- The current foreign exchange services market is quantitatively analyzed from 2020 to 2027 to highlight market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed foreign exchange services market analysis based on the present and future competitive intensity of the market.
Major players analyzed include American Express Company, Western Union Holdings, Inc., Capital One Financial Corporation, Bank of America Corporation, Citibank, Wells Fargo, JPMorgan Chase & Co., State Bank of India, Scotiabank, and GAIN Capital.
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|CHAPTER 1: INTRODUCTION|
|CHAPTER 2: EXECUTIVE SUMMARY|
|CHAPTER 3: MARKET LANDSCAPE|
|CHAPTER 4: Global MARKET BY TYPE|
|CHAPTER 5: Global MARKET BY APPLICATION|
|CHAPTER 6: Global MARKET BY REGION|
|CHAPTER 7: COMPANY PROFILES|
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