According to IMARC Group’s latest report, titled “Foreign Exchange Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026. Looking forward, the global foreign exchange market is expected to grow at a CAGR of 7.5% during 2021-2026.
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Foreign exchange (FX), or forex, stands for a system that facilitates the transaction of currencies from different countries. It is primarily performed through credit instruments, including bills of foreign currency, bank drafts, telephonic transfers, etc. The fund transfer functions through an electronic network of banks, brokers, financial institutions, and individual traders. Forex also finds extensive applications for transferring funds to support the exchange of various goods and services between nations.
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The rising penetration of digitalization trends in the BFSI sector, along with the increasing number of international tourism activities, is driving the market for foreign exchange. Additionally, the growing awareness towards numerous benefits of foreign exchange pertaining to minimal trading costs, 24x7 trading opportunities, high transactional transparency, and liquidity, etc., is further augmenting the market growth. Besides this, the wide availability of electronic platforms and the provision of improved security mechanisms for trading are also propelling the global market. In the coming years, several technological advancements in foreign exchange solutions providing advanced outright forward and currency options will continue to drive the market growth in the coming years.
List of Key Companies Covered in this Market Report:
The report has segmented the market on the basis of counterparty, instruments and geography.
Breakup by Counterparty:
Breakup by Instruments:
Breakup by Geography:
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