The forecasted revenue for the global market for currency exchange bureau software is US$ 1.2 billion, growing at a 6.4% CAGR. In the upcoming years, market expansion is probably going to be fueled by the increasing backing from several governments. In 2022, the industry is anticipated to generate US$ 654.4 Million.
The market expands due to the availability of numerous internet-based platforms for currency exchange between nations while ensuring the delivery of products and services in a centralised, safe environment. The availability of outright forward and currency options, among other technological developments, give a good picture for the growth of the currency exchange bureau business.
As per the analysis, the software segment is anticipated to hold remunerative opportunities for the global currency exchange bureau software market. Various developing countries are making significant developments in their budgets, thereby, offering lucrative opportunities to players in the market.
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Key Takeaways:
- By component, the software segment is expected to record a 6.5% CAGR by 2032
- By enterprise size, the large enterprise segment to expand at a 6.6% growth rate during the forecast period
- The U.S market to garner US$ 432.6 Million and record a 6.1% CAGR from 2022-2032
- Market in China to procure US$ 86.8Million, expanding at a 5.7% growth rate during the assessment period
“Increasing use of currency exchange bureau software by various industry verticals such as travel agencies, BFSI, healthcare, resorts, hotels, and retail is expected to fuel the demand of currency exchange bureau software market over the forecast period” says an analyst at Future Market Insights
Competitive Landscape
Eminent players of the global currency exchange bureau software market include Currenex, OANDA, Currency Exchange International, Merkeleon, and Biz4x among others. Recent key developments among players include:
- In November 2021-OANDA partners with CONVRS to enhance the account opening process and better engage with clients. The partnership will allow prospective traders in the emerging markets to open a demo account directly from a wide range of messaging apps, making the process simpler than ever. The new integration also enables OANDA to converse with prospects and clients through Facebook Messenger, WhatsApp, LINE, Telegram, and SMS in 53 languages.
- In November 2021 – State Street Corporation announced its GlobalLink Division that will combine its Currenex and TradeNeXus into a single platform called GlobalLink FX. Bringing the three businesses together will result in significant benefits for clients including FXConnect Market Monitor, an improved price discovery tool for FXConnect buy-side clients. This enhancement will utilize Currenex streaming price feeds and market data in order to provide clients with a curated view of their liquidity providers, driving better decision-making and execution outcomes.
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More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global currency exchange bureau software market presenting a historical analysis from 2015 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of component (Software, Services) by enterprise size (Small and Medium Enterprise (SMEs), Large enterprises) by Application (Personal, business), and Region (North America, Europe, APAC, Middle East & Africa, and Latin America)
Key Segments Covered in the Currency Exchange Bureau Software Industry Survey
Currency Exchange Bureau Software Market by Component:
- Currency Exchange Bureau Software
- On-Premises
- Cloud
- Currency Exchange Bureau Services
- Managed Services
- Professional Services
Currency Exchange Bureau Software Market by Enterprise Size:
- Currency Exchange Bureau Software for Small and Medium Enterprise (SMEs)
- Currency Exchange Bureau Software for Large Enterprises
Currency Exchange Bureau Software Market by Application:
- Currency Exchange Bureau Software for Personal Applications
- Currency Exchange Bureau Software for Business Applications
Currency Exchange Bureau Software Market by Region:
- North America Currency Exchange Bureau Software Market
- Europe Currency Exchange Bureau Software Market
- APAC Currency Exchange Bureau Software Market
- The Middle East & Africa Currency Exchange Bureau Software Market
- Latin America Currency Exchange Bureau Software Market
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