According to the latest report of the IMARC group, entitled “Foreign Exchange Market: Industry Trends, Share, Size, Growth, Opportunities and Forecast 2022-2027. The global forex market reached a value of US$702 billion in 2021. Looking ahead, IMARC Group expects the market to reach US$1,066.8 billion by 2027, with a CAGR of 7.3% during the period 2022-2027.
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Foreign exchange (FX), also known as forex, represents a systematic process that facilitates the conversion of currency from one particular country to another. It is backed by the use of several credit instruments, such as bank drafts, currency notes, wire transfers, etc. The transfer of funds works through financial institutions, electronic networks of banks, brokers, individual traders, etc. applications to facilitate the flow of money from international trade.
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Emerging levels of digitalization in international finance are among the major factors driving the forex market. Moreover, the widespread adoption of FX, owing to its various advantages including minimal trading costs, 24×7 trading opportunities, high transactional transparency, liquidity, vast trading volume, etc., is catalyzing further market growth. Apart from this, the advent of internet-based platforms that offer convenient and transparent foreign exchange services and guarantee the delivery of goods and services under a centralized framework acts as another important growth driver. Moreover, the growing need for enhanced security mechanisms for trade is also increasing the global market. Also, the introduction of many technological advancements including the availability of the forward contract, which allows the trader to lock in the current exchange rate and protects the exporter, investor and importer from future rate fluctuations, should fuel the forex market over the forecast period.
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List of key companies covered in this market report:
- BNP Paribas
- German Bank
- Goldman Sachs
- HSBC Holdings plc
- JPMorgan Chase & Co.
- The Royal Bank of Scotland
- UBS AG
- Standard Chartered PLC
- State Street Society
- XTX Markets Limited
The report has segmented the market on the basis of counterparty, instruments, and geography.
Breakdown by counterparty:
- Reporting Dealers
- Other financial institutions
- Non-financial customers
Breakdown by instruments:
- Currency swap
- Forward and foreign exchange direct exchanges
- Currency options
Geographical distribution :
- North America (USA, Canada)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Main highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market drivers and success factors
- SWOT analysis
- Value chain
- Complete mapping of the competitive landscape
If you need specific information that is not currently covered in the report, we can provide it to you as part of the customization.
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