LONDON, May 08, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the foreign exchange market highlights that the growth of the foreign exchange market is being significantly driven by the surge in international transactions. These transactions involve two or more related businesses in which at least one party is a non-resident.
The foreign exchange market share is projected to experience significant growth. The market size is expected to increase from $715 billion in 2022 to $763.1 billion in 2023 at a compound annual growth rate (CAGR) of more than 6%. It is then expected to reach $972.1 billion in 2027 at a CAGR of more than 6%. In 2022, North America was the largest region in the foreign exchange market.
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The major players in the foreign exchange market include Barclays PLC, Deutsche Bank AG, HSBC Holdings PLC, JPMorgan Chase and Co., Royal Bank of Scotland PLC, Standard Chartered PLC, State Street Corporation, The Goldman Sachs Group Inc., UBS Group AG, Citibank, State Bank Of India, GAIN Capital, Scotiabank, BNP Paribas SA, Citigroup Inc., and Commonwealth Bank of Australia.
One of the key trends in the foreign exchange market is product innovation. Major companies operating in the market are focusing on launching new innovative foreign exchange platforms to attract customers.
For example, Innovecture LLC, a US-based technology services and products company, launched TradeVision 2020 in April 2020. This forex trading system for retail traders provides real-time trading indications that are secure, easy to understand, and help traders optimize their profits in the forex market.
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The global foreign exchange industry is segmented as:
1) By Counterparty: Reporting Dealers, Other Financial Institutions, Non-Financial Customers
2) By Trade Finance Instruments: Currency Swaps, FX Options
3) By End User: Individuals, Retailers, Corporate Institutes, Government, Other End Users
The Foreign Exchange Global Market Report provides a detailed analysis of the global market, highlighting key trends, challenges, and opportunities that are likely to shape the market's future. With ongoing advancements in technology and increasing regulatory scrutiny, the market is likely to evolve in the coming years, presenting both opportunities and challenges for market participants.
Foreign Exchange Global Market Report 2023 by The Business Research Company provides insights on the foreign exchange market size, foreign exchange market segments, foreign exchange market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 3,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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