Foreign Exchange Software Market To Reach USD 16.4 Billion By 2032 CAGR: 7.6%. Report By DataHorizzon Research

Fort Collins, Colorado, Sept. 28, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Foreign Exchange Software Market Size, Growth, Share, Statistics Report, By Component (Software and Services), By Deployment (On-premise and cloud-based), By Application (Large Enterprises, Small & Medium Enterprises), By Region Forecasts, 2023-2032."           

According to DataHorizzon Research, The foreign exchange software market size was valued at USD 7.9 Billion in 2022 and is expected to have a market size of USD 16.4 Billion by 2032 with a CAGR of 7.6%. Foreign exchange software, or forex software, is a computer program used to analyze and manage foreign currency investments to support the business in international operations. Real-time market data, news feeds, charting tools, etc., are some features of foreign exchange software. Since exchange rates were allowed to operate independently, many businesses have begun trading from various local and national markets. For example, a company’s supplier’s location could be in some different country, in that case, exchanging units of currencies is essential for any international transactions.

Cloud-based forex software allows users to access and manage their forex trading accounts from any device with an active internet connection. The features included in cloud-based forex software are charting tools, risk management capabilities, real-time market data, and automated trading strategies. Web-based forex software allows users to access foreign exchange markets and trade currencies online. The features included in web-based forex software are charting tools, analysis tools, news feeds, and real-time data.

Initially, foreign exchange software was meant to be used by governments and financial institutions, but now, with the help of the Internet, it has been made accessible to individual investors. This factor is increasing the customer database for Forex software. Moreover, with the rise in usability, the market is multiplying. The financial institutions with a high spending capacity possess the advantage over new traders.

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Report Snapshot:

Segmentation Overview:

The global foreign exchange software market has been segmented as component, deployment, application, and region. The cloud software segment holds the major foreign exchange software market share. The large organizations segment is dominating the forex market. The segment will likely hold more than 50% of the overall share in revenue.

North America is a leading region for the foreign exchange software market, and the early adoption of technology and major players dealing in currency exchange software make the region dominate the global market. Many businesses are in the area, including small money transfer firms, travel agencies, and forex-fixing companies.  

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Foreign Exchange Software Market Report Highlights:

• The global foreign exchange software market is projected to have a CAGR of 7.6% by 2032.

• Foreign exchange software market growth drivers include rising competition among the key players and high technological adoption. In addition, high spending on technology is expected to encourage the adoption.

• Large organizations dominate the foreign exchange software market due to high spending capacity.

• The cloud software segment accounts for a significant market share throughout the forecast period and is projected to retain a dominant share in the following years.

• Some prominent players in the foreign exchange software market report include Currency Exchange International, THOMSON REUTERS CORPORATION, Biz4x, CEBS by Calyx Solutions, OANDA, Canopus Money Transfer, Currenex, VinIT Solutions, Money Exchanger, Merkeleon, and Office Exchange.

Key Developments in the Industry:

• Recently in 2023, Daman Securities and Advanced Markets announced strategic collaboration with cutting-edge technology and a platform that offers a comprehensive product suite and high-end services to the clients.

• Trader’s hub participated in the Forex Expo 2023 held in Dubai and showcased its trading expertise. The company is projected to establish a stronger footprint in the financial market. 

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Foreign Exchange Software Market Report Segmentation:

Foreign Exchange Software Market, By Component (2023-2032)

• Software
• Services

Foreign Exchange Software Market, By Deployment (2023-2032)

• On-premise
• Cloud-Based

Foreign Exchange Software Market, By Application (2023-2032)

• Large Enterprises
• Small & Medium Enterprises

Foreign Exchange Software Market, By Region (2023-2032)

• North America

• • U.S.
  • Canada

• Europe

• • U.K.
  • Germany
  • France
  • Rest of Europe

• Asia Pacific

• • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific

• Latin America

• • Brazil
  • Mexico
  • Rest of Latin America

• Middle East & Africa

• • UAE
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa 

About DataHorizzon Research:

DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.

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